According to entrepreneur Corey Shader, business strategies aren’t just about the long term
While this may run counter to conventional thinking, Corey Shader says leaders need to focus on more than just long-term vision if they are to identify opportunities.
FORT LAUDERDALE, FLORIDA, USA, June 9, 2022 /EINPresswire.com/ — Business leaders are often told to focus on the long term when creating strategies for success. While this approach has seemingly served business leaders well for years, key aspects of today’s business environment are prompting these leaders to take a broader view at the same time. As entrepreneur Corey Shader explains, simply looking long-term in strategic planning can leave a company open to threats and less open to short-term opportunities.
Taking a broad view when developing strategies means focusing on changes that could significantly alter the business environment. It could be a change in consumer habits or a trend in another industry that could potentially affect others.
Corey Shader also says that taking a broad view involves understanding that there are different time periods by which success can be measured. This will help businesses achieve smaller short-term successes while moving towards much larger long-term goals of success.
Finally, focusing on the big picture in strategic planning involves having a plan in place to immediately respond to changes in the business environment that come out of nowhere.
The effects of the COVID-19 pandemic are a perfect example. If a company only took a long-term view at the start of the pandemic, it risked missing out on significant threats and looming opportunities. Of course, few predicted in March 2020 that the pandemic would disrupt lives as much as it did more than two years later.
The point, however, is those business leaders who have taken a broad view when developing strategies were able to understand the current threats facing them and also identify potential opportunities for growth despite these threats.
So how can business leaders adapt their thinking to incorporate both a broad view and a long-term view?
Corey Shader says it starts by thinking outside of a narrow window into a particular industry or location. By looking at broader systems, business leaders can identify changes in the business environment that could potentially impact their own business.
An example in this area could be the changing buying habits of retail consumers. Much of retail shopping has shifted from traditional malls and retail centers to e-commerce.
Aside from the pandemic, then, it’s no surprise that online shopping habits eventually spread to other sectors such as restaurants and grocery stores. However, many of these companies weren’t quite ready to go that route. So when the pandemic hit, many rushed to set up e-commerce type services.
While there is no guarantee that a broad view would have prevented the disaster in the wake of the pandemic for these companies, it could at least have prepared them for changing consumer habits.
When business leaders take more than just a long-term view in strategic planning, they open their eyes to more short-term possibilities to improve their long-term prospects.
Mercury News Media
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