An expert panel of authors – top recruiter Dennis Carey, award-winning editor Brian Dumaine, management professor Michael Useem and McKinsey managing partner Rodney Zemmel – assert that too many CEOs prioritize short-term profits over long-term gains. They argue convincingly that this myopic approach is unsustainable over the extended future of any business, and they say that it may undermine capitalism itself. In direct, economical prose, they detail and promote the merits of long-term business thinking, planning and strategizing. They believe all CEOs want to make their companies stronger, but their focus on short-term profits undermines that goal. The authors explain how to structure and fulfill long-term strategy, and they outline the steps CEOs should prioritize to achieve far-reaching value. getAbstract recommends their commonsense, innovative manual to executives who want to escape the destructive frenzy of short-term thinking so they can lead their organizations to growth and sustained profitability.
In this summary, you will learn
- How short-term strategies undermine long-term profits;
- How to follow the four primary principles of the “go-long” business philosophy; and
- Why companies need a greater purpose, including an environmental, social and governance (ESG) strategy.
About the Authors
Dennis Carey, a vice chairman of Korn Ferry, founded the CEO Academy. Brian Dumaine founded High Water Press. Michael Useem directs the McNulty Leadership Program at The Wharton School, University of Pennsylvania. Rodney Zemmel is a managing partner at McKinsey & Company.