Today I’m excited to introduce a new series, Thursday Theories, on our blog. Thursday Theories will explore various philosophies and perspectives from financial, accounting, software, and business sources. I’ll offer my viewpoint and I hope you do the same! If you find anything intriguing, please leave me a comment.
In our first installment, I recently read an article from Business Insider that discusses 15 great approaches to business and life. What really resonated with me was the theory that you need to weigh short-term vs. long-term payouts. In my role as Leap the Pond’s Customer Account Manager, I am constantly speaking with our Sage Intacct customers that have a diverse set of needs; some are short-term and some are long-term. Sometimes seeing the big picture and knowing when to focus on the long-term vs. the short-term can be difficult. Improving your immediate needs is very tempting, and sometimes makes sense, however, your long-term goals might be more important. I know that in my case, I only have so many hours in the day and that leads to me prioritizing in three categories: today, tomorrow, and future growth. Do you find yourself focusing more on short-term or long-term payouts?
This article was full of so much information, here’s the full list of theories:
- Humans respond best to motivation theory
- Balance deliberate and emerging strategies
- Allocate your resources wisely
- Know what drives disruptive innovation
- Weigh short-term vs. long-term payouts
- Define good and bad capital
- Don’t sequence investments
- Beware of the traps of marginal thinking
- Figure out exactly what consumers want
- Test assumptions before taking action
- Never outsource the future
- There’s an invisible hand behind everything
- Commit 100 percent vs. 98 percent of the time
- Prevent mistakes with a statement of purpose
- Test theories by looking for anomalies
Click here to read the full article. I hope you enjoy these as much as I did, and let me know what stood out to you!