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.
- 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.
- 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 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.
- 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 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.
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