Working on short-term growth objectives leads to better long-term success for several reasons.
There’s some talk these days about short-term goals being more important than long-term goals, and I tend to be a short-term advocate myself. But I still come across many firm owners who are doggedly focused on creating and attaining their long-term plan and goals.
To make sure I’m not missing something, I recently reviewed advisory clients I’ve had over the past 16 years with an eye toward the characteristics of the most successful firms, compared to the firms that haven’t done as well.
In this kind of analysis, it’s important to remember that, as a business consultant, I give advice to my owner-advisor clients, and they make the decisions about what they want to do in their businesses. Some owners take my suggestions, and others not so much.
Of the firms that grew substantially and quickly, most based their business decisions on short-term goals. This made sense to me, and here are the major reasons why short-term goals make a better roadmap for independent advisory firms.