You must erect your business on a long-term perspective. Gestation-period may get longer, but you must be strategically prepared to invest it by creating a solid foundation. A step-by-step calculation of revenue and projection of customer-acquisition doesn’t help for sure. If you have a long-term vision, you will not be exasperated if you stumble during the daily course of your business. Not every plan of yours is going to click, failures are a part of the process.
1. Define your long-term vision: Your vision must contain the integral facets of the business specifically. How many kinds of products or services would make up your offerings, quality of the highest levels in them, their innovation-centricity, the geographical spread of your business, supreme customer-experience, the size of you work-force, revenue-projection, everything must be defined as a target for a longer period of time.
2. Time-based frequent appraisals: Your long-term vision must be backed up by a specific planning on appraisals. Appraisals continue to give you a fair idea about your business being on track or off it. Marketing of products or services, promotions, HR-functions, customer-acquisition, client-rapport, required innovational inputs in products or services etc. can be assessed completely in these timely appraisals and course of actions can be corrected or continued as per the assessments.
3. Splitting up of long-term goals: Long-term goals must be broken in smaller parts. Definitely, failures of short-term goals in business should not disturb you, but they give you a certain hint about its functioning. These short-term goals may comprise the degree of employee-engagement, employees’ skill-assessment, their individual productivity, employee-customer-relationship, robust feedback-mechanism, excellent recruitment etc. and all of them have the outcome in better revenues for the business.
Short-term goals keep you aligned with your long-term perspective, if you achieve them on a consistent basis, well and good, but if you do not realize them consistently, you must not be disappointed. Take learning and stay on the course which revolves around your bigger goals for a longer period of time!