Thinking Long Term Business Your Key To Success
Thinking Long Term Business Your Key To Success (Story, Morals & Lessons).
Once upon a time there was this quaint little village. It was a great place to live except for one problem. The village had no water unless it rained. To solve this problem once and for all, the village elders asked contractors to submit bids to deliver water to the village on a daily basis. Two people volunteered to take on the task, and the elders awarded the contract to both of them. They felt that a little competition would keep price low and ensure backup supply of water.
“The first person who won the contract, Ed, immediately ran out bought two galvanized steel buckets and began running back and forth to the lake which was a mile away. He immediately began making money as he labored morning to dusk, hauling water from the lake with his two buckets. He would empty them into the large concrete holding tank the village had built. Each morning he had to get up before the rest of the village awoke to make sure there was enough water for the people. It was hard work, but he was very happy to be making money and for having one of the two exclusive contracts for this business.
“ the second winning contractor, Bill, disappeared for a while. He wasn’t seen for months, which made Dd very happy, since he had no competition.” Instead of buying two buckets to compete with Ed, Bill wrote a business plan, created a corporation, found four investors, employed a president to do the work, and returned six months later with construction crew. Within a year, his team had built a large-volume stainless-steel pipeline which connected the village to the lake.
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“at the grand-opening celebration, Bill announced that his water was cleaner than Ed’s water. Bill knew that the villagers had complained about the water’s lack of cleanliness. Bill also announced that he could supply the village with water 24 hours a day, 7 days a week. Ed couldn’t deliver water on weekdays because he didn’t want to work on weekends. Then Bill announced that he would charge 75 percent less than Ed did for this higher-quality, more-reliable water. The villages cheered and immediately ran for the faucet at the end of Bill’s pipeline.
“In order to compete, Ed immediately lowered his rate by 75 percent, bought two more buckets, added covers to his buckets and began hauling four buckets each trip, in order to provide better service, he hired his two sons to give him a hand on the night shift and on weekends. When his boys went off to college, he said to them, ‘Hurry back because someday this business will belong to you.’
“For some reason, his two sons never returned. Eventually, Ed had employees and union problems. The union demanded higher wages and better benefits and wanted it’ member to only haul one bucket at a time.
“Meanwhile, Bill realized that if this village needed water, then other village must meet water too. He rewrote his business plan and went off to sell his high-speed, high volume, low-cost, clean-water delivery system to villages throughout the world. He only makes a penny per bucket of water delivered, but he delivers billions of buckets of water every day. Whether he works or not, billions of people consume billions of buckets of water, and all that money pours into his bank account. Bill developed a pipeline to deliver money to himself, as well as water to the village.
“Bill lived happily ever after. Ed worked hard for the rest of his life and had financial problems forever after. The end.” This story has two parts to which I will talk about the business moral in the business section, and the positive party of a change in thinking on the inspire section.
Today, most people thinking are not different from Ed, and some are perfect idea igniters who consider long term to whatever business they may have to handle. So, what does change in thinking mean in business:
- Thinking Long-Term means, change your perspective about the business you do!
- Thinking Long-Term is about how you go about planning goals in long term.
- Thinking Long-Term means think to grow your business planning long term.
- Become an inventor if you consider to remain in the B quadrant, this begins by doing something different by:
1. Defining what long-term means for your organization. Companies may need to do a long-term plan that spans five to seven years because of the complex development steps involved in bringing new technologies to a marketable stage. Choose a time frame that represents the time required to take your company to the next level of success.
2. Develop a system for uncovering new opportunities. Take a systematic approach to gathering data about trends in your industry or trends in other industries you may want to enter over the long term. Make it an ongoing process.
3. Develop a long-term vision. Imagine it is five years in the future and you are visiting your company. Describe how large it has become in terms of generating revenues, how many people now work at the company, how the scope of its product line has changed and how it has expanded geographically.
4.Create long-term objectives. Convert your vision into numbers, such as what revenues are projected to be five years from now. The objectives don’t need to be as numerous as those in the annual plan. Think of them as strategic pillars for your company’s long-term future.
5. Select the long-term opportunities to concentrate on based on your data gathering and your long-term vision. Decide on the new markets you want to explore, and the new products or services you want to develop. These opportunities are your long-term projects. Assign responsibility for moving each project forward to members of your management team.
“You can’t build a long term future on short term thinking”. In conclusion, a person who thinks is consider to be a problem solver if they apply action to act upon an idea.