Short Term vs. Long Term Goals: When to Use Each
By Rachel Woods
In the current whipsaw environment of stock market measurements, evaluations, and executive compensation programs, it can be easy to forget that no product will last forever. No market share will remain unchallenged. Everyone will refine the process as time goes on. These are simple facts. We often lose ourselves in the effort to perfect the current situation which leads to the detriment of preparing for the next situation.
Executives need to remember their job is to think for the future not about the present; even board of directors need to be reminded to extend their focus on to a longer time frame. There are plenty of managers to hold kaizen events; executives need to be thinking about the next product, market, and focus should be. There is one question you need to ask which will help determine whether you are focusing on a short or long-term goal: Can you measure its effect quickly?