BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Short, long
|
|
|
Long, short
|
Detailed explanation-1: -What is strategic planning? Strategic planning is a long-term process (one plan can span five to ten years). It’s a continuous process that focuses on the overall organisational direction.
Detailed explanation-2: -Long-term goals are strategic-they’re a plan for the future of the business. Short-term goals contribute to business success but have more to do with your current performance.
Detailed explanation-3: -Short-term goals focus on what you can do right here, right now. They’re about working with what you have now or in the near future. Long-term goals are tied to who you want to be in the future. They require meticulous planning and should align with your life mission and purpose.
Detailed explanation-4: -Short-term business planning usually involves processes that show results within a year. Companies aim medium-term plans at results that take several years to achieve. Long-term plans include the overall goals of the company set four or five years in the future and usually are based on reaching the medium-term targets.