ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Planning is essential to achieving both short-and long-term business goals. It helps you align resources to meet organizational objectives in the most efficient manner possible. Short-and long-term planning also ensures you reach the highest levels of customer satisfaction and ROI.

Detailed explanation-2: -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-3: -Strategic Planning It starts at the highest level with defining a mission and casting a vision.” Strategic planning includes a high-level overview of the entire business. It’s the foundational basis of the organization and will dictate long-term decisions.

Detailed explanation-4: -Short-term planning evaluates your progress in the present and creates an action plan to improve performance daily. However, long-term planning is a comprehensive framework that comprises of goals to be met within a four-to five-year period.

Detailed explanation-5: -Short-term goals can be used to break down larger, more general goals. They don’t replace these big, overarching goals, but rather give you a path to achieve them. Setting and working on short-term goals helps you: Realize what you can accomplish today and take action.