MANAGEMENT

Detailed explanation-1: -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. Planning in this way helps you complete short-term tasks while keeping longer-term goals in mind.

Detailed explanation-2: -The most obvious difference between long-term and short-term planning is the amount of time each one takes; while short-term planning involves processes that take 12 months or less, long-term planning is, as the name suggests, longer – there’s no upper limit to the longevity of a long-term plan.

Detailed explanation-3: -Long-term goals for business are the high-level goals of your strategy that you aim to achieve in the next 3-5 years or even longer. They are the objectives that, once reached, bring you closer to your vision. They are the milestones for your vision.

Detailed explanation-4: -Short-term goals are usually those that take less than a year to achieve, while medium-term goals take between one and 10 years. Long-term goals may take more than a decade to achieve. You can use them to evaluate the success of your short-term goals and see how far you are from your long-term ones.