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Short-term vs. Long-term

Updated: Jul 25, 2020

When weighing short-term gains versus long-term costs, itโ€™s tempting to decide quickly on a new opportunity. Leaders who embrace growth also quickly see benefits.


However, sometimes the long-terms costs are hidden and detrimental, even derailing. Here are some considerations.


Benefits:

* Will it open new external service or industry opportunities?

* Will workflow productivity or efficiency significantly increase?

* Will this potentially generate productive ideas?

* Is there a potential secondary benefit (e.g. a contractor can gauges for future full-time role)?


Costs:

* Does this opportunity not align with your Vision or Values?

* What is the cost over the full life (e.g. you need to buy ongoing maintenance software)?

* Although well-meaning, will the project divert attention from other important initiatives?

* Does this project appeal to your vanity more than business outcomes?


If the benefits do not exponentially outweigh the costs, pause to get some opinions from people who can be candid and contrary. Force yourself to weigh the pros and cons.


It's fun to decide quickly. Taking some time could save you money and time later. Future you will be thankful.


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