One of the more daunting challenges of management of a product line is ensuring your near-term and long-range business plans are in harmony . As Peter Drucker put it, “If a manger does not take care of the next one hundred days, there will be no next one hundred years.”
The goal is to put together long-range guidelines for your business growth. These guidelines give general guidance to the thought process for business and/or product line growth. If developed with sufficient rigor, they will provide a framework into which the shorter-term projects, initiatives, and promotions will fit.
There will always be a trade-off between or balancing of the long-term and short-term goals. One mustn’t forsake long-term and profitable growth for short-term or immediate gratification unless the business’ circumstances require it for near-term survival. Conversely, one should not be so “thoughtful” about the long-term business that current performance suffers. The manager’s individual personality and experience will have a great deal of impact on this balance between “then” and “now.”
This balance is something I struggle with at times in some of my endeavors. Only by forcing myself to look at the current business and asking “what should I be doing to make a difference now?” I bring the two realms back into a profitable balance.
How do you balance the short- and long-terms?
Are you more of a thinker/planner or a doer?
How can you better balance the two sides?