BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Long-term goal
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Short-term goal
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Detailed explanation-1: -Short term business goals are ones that can be achieved in a quarter or less. Whilst you may think that creating short term goals is easy, it can be incredibly challenging – often businesses ask too much of themselves when creating their goals for that quarter.
Detailed explanation-2: -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.
Detailed explanation-3: -The biggest difference between short-term goals and long-term goals is their purpose. 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.