ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The main difference between short and long-term goals is that long-term goals tend to drive direction and strategy while short-term goals are tied to your current situation and tend to be easier to achieve. Of course, the most obvious difference is the amount of time and resources it takes to accomplish each.

Detailed explanation-2: -Long-term and short-term goals help visualize and shape the future-for yourself, your teams, and your business. They break down big ideas and aspirations to help you channel your focus and resources into what you can do now to achieve your desired outcome.

Detailed explanation-3: -Long-term goals and short-term objectives complement and support each other and are critical strategies for your business’ success. It’s impossible to achieve your long-term goals (what you want the future for the business to be) without achieving your short-term goals (the detailed actions behind the big plan).

Detailed explanation-4: -So, to create an effective strategy to achieve your long term goals, you set several short term goals. Short terms goals act as a milestone in your journey to reach the long term goal of your life. They help you gauge how far you have come and how long you still have to travel to reach your ultimate destination.