We hear a lot about the ill effects of focusing too heavily upon the short term. Successful endeavors often require a longer term effort. But, can there be too much emphasis on the long term?
A quote about the long term appeared on an inner cover page of the December 2021/January 2022 issue of Forbes, which is Forbes 30 Under 30 issue. The quote is from one of the thirty extremely successful young adults on the Forbes 30 Under 30 list. The quote said “Don’t focus on the short term, stay married to the long term vision.”
Based on my 25+ years researching business success and failure patterns, this quote does have some merit, but it is not always applicable. Yes, excess focus on the short term can be detrimental, however, we shouldn’t forget that excess long term focus can also have its downsides. Essentially, an excess in either direction, whether short term or long term, can become a problem.
How much to emphasize the long term can vary depending upon the company and its strategy. When the long term vision is for something the company is not in a position to accomplish, huge losses can easily occur that allegedly benefit the long term. But, the hoped for long term benefit may not ever materialize.
The important issue is whether or not the long term vision is likely to be doable by the company. The less the long term vision fits the company and its strengths, the longer it generally takes for success to happen, if it can happen at all. On the other hand, if the fit is good, the potential for eventual success is generally quite favorable and can be worth sticking with longer.
The lesson here is that staying married to the long term vision does not necessarily bring success. It can merely end up excessively prolonging large losses. What really matters is identifying a vision that is suitable for the company, sticking with what is suitable, and of course, monitoring whether what was suitable in the past still is suitable. This can entail staying with a suitable vision for the long term. And, it may entail identifying new areas that emerge as opportunities as the company gains more experience with its vision. But, having a vision suitable for the success of the business is far more important than whether or not that vision requires a shorter versus a longer term time horizon.
So, before staying married to a long term vision, it is important to ask some questions. Is the long term vision truly suitable for the business? Or, is long term merely a justification for a vision that fits poorly, is going nowhere, and likely never will? The answers to these kinds of questions can have a major impact on the success of the business and should guide decisions about long term versus short term focus.
