We are all very familiar with LTV when defined as Life Time Value of a customer, in fact, we can be overly obsessed with this metric and create all sorts of spam opportunities for the customer. However, that is a different story for another day.
Today, I like to discuss Long Term Vision and how it is important for the entire company and how it trickles down to every person in the company.
Before I do that, let's take a look at how parents nurture their kids. We teach to count, read, write, etc. We teach them to be independent. We teach them to empathetic. We teach them to be kind. All our efforts goes into nurturing a kid to excel.
Is it just so they can fend for themselves? Is it just to be rich? It is just to be happy?
I believe, most, if not all, parents do so because they want their kids in the long term to be able to contribute and do meaningful work, hence, be happy individuals. It's very intangible, but also very achievable vision for our kids. With that vision in mind, everything we do, every goal we set, every course we take, every activity we participate in then becomes a continuous, incremental building block that will shape the kids belief, actions and mindset towards achieving that Long Term Vision (LTV).
So, at the workplace, setting the right LTV is very important. This begins with the CEO of the company, the captain of the ship, and he/she must set the vision for the company. Whether it is to be top 3 brand in a market, most favourite brand, etc … this then can have extensions into every department and every personnel to ensure that everyone's KPIs are all working towards that LTV.
Another point to make about KPIs, is that most companies set short term KPIs that do not really work towards a longer LTV.
For example, when a parent gives a "star" for a kids good behaviour, the kid learns by association that good behaviour gives you a star. When the star disappears, the kid might not be so good anymore. So, parents perhaps should learn to inculcate long term good behaviour through other means (those that do not require short term gains)
In a company, are your KPIs setup with LTV in mind?
Do you even know what your company's LTV is?
Think about it, and perhaps, you can speak to your manager when Performance Review comes about this time of year.
Getting personal, think about your own personal LTV, what do you want to achieve, where do you want to go, what do you want to impact, who do you want to make a difference to?
#ParentingIsTheNewMBA #SucceedAtWork #CareerTips #ParentingSkills
"Parenting is the new MBA: Succeed at work by applying parenting skills” is a column that combines 2 distinct areas of my life: my professional view on workplace management & my personal experience as a parent.