“A dollar today is worth more than a dollar tomorrow.” The Time Value of Money is a popular concept that is used to explain compound interest and investing. But when starting a business, does the same concept hold water? Some will disagree, but personally I do not agree with the concept. The reason for me is simple and one that I feel has allowed us to achieve long term success in our industry.

When working for my previous employer one of the many lessons I learned was goal setting. We would sit down with our supervisors and discuss our short term as well as our long term goals, both personally and professionally. We would then hold each other accountable to those goals, but more importantly our short term success would lead us down a path to long term success. Brittany and I have taken that same philosophy here.

When you have long term goals I like to think of them as our north star. Decisions we make on a daily, weekly, and evenly monthly basis are all leading us down a path towards that star. Now what does that all mean for your business? For us it means a lot of things. Sometimes it means to slow down or even take time off of social media. Other times it means strategically deciding where to invest our time and resources in regards to what platforms we want to focus on. It also means means declining opportunities that while financially would be nice in the short term, might impact future opportunities. These could be trends or partnerships that would benefit the company in the short term but could potentially impact the long term brand vision. The discipline it takes to say “no” is difficult, but if saying “no” is what allows you to say yes to your future goals, I believe that is a fair trade off.

I fully understand we live in an age of instant gratification. Technology has allowed us to get what we want almost on an immediate basis. I am absolutely guilty of using this to my advantage. Between prime shipping, Door Dash, and countless other apps, my life has personally become easier. However, when it comes to business success, the ability to say “no”, the practice of goal setting, and maintaining of the brand vision have allowed us to build what we have today.

So what would I do if I was getting started with a new business? First, develop my Brand Vision and what I want the brand to be, but in the short and long term. Second, I would write out my long term goals (3 years, 5 years, 10 years) and short term goals (6 weeks, 6 months, 18 months) and would put them in a place that I see it regularly. If you have employees, have them do the same. This alignment will only strengthen the steps you take to achieve long term success while maintaining the brand vision. The last step is just get out there and start hustling!

Business Resources

If you’re looking to dive deeper into the mindset of long-term success, Chris pulled together a few of his favorite business reads that have shaped his mindset and leadership over the years. From strategy to culture to personal growth, these reads are his go-tos for anyone building or running a business with the long game in mind.

With years of experience leading and managing the financial growth of Loverly Grey, Chris has seen firsthand what makes a business thrive long term. In this downloadable guide, he shares eight key financial habits that help build strong, sustainable businesses, offering insight to help you avoid common pitfalls and make smarter financial decisions from the start.