About Short & Long Term Goals of Business Planning

All modern-era organizations initiate business planning in order to develop business strategies, conduct business operations, develop human resource pools, execute organizational goals and meet shareholders' expectations. Short and long-term goals are wedded to corporate objectives and are key to ensuring employee performance, sustaining production and sales operations, and achieving profitability.

Short-Term Goals

1. Attracting new talent and meeting quarterly performance targets are key and measurable short-term goals. Identifying and establishing fruitful relationships with suppliers, vendors, and business partners are continuous short-term goals.

Day-to-Day Business Operations

2. Ensuring that IT systems, networks and other mission-critical services are available for employees to work efficiently and execute daily tasks are vitally important short-term planning processes. Arranging for working capital and short-term loans are also part of short-term planning.

Long-Term Goals

3. Long-term goals of business planning are vital to sustain organizational success in the marketplace, develop customer relations and maintain corporate reputation. It involves drawing up a set of plans following a formal, structured approach with the necessary flexibility to account for business environment changes.

Spurring Innovation

4. Creating innovations, investing in research and development efforts, and developing out-of-the-box customer loyalty programs are important long-term goals in order to stay competitive.

Employee Relations

5. Employee development and retention initiatives are vital to maintaining consistent organizational growth and success. Regular training programs, performance reviews, and incentives and promotions are inextricably linked to long-term corporate goals.