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How To Differentiate Between Long And Short Term Business Goals

January 25, 2018

To make your business grow the way you want it to, you need to understand the type of business that you are running and the kind of goals that would work best for that business. While some businesses thrive on short term goals, some businesses depend more on long term goals.

How do you differentiate between a long and short term business goal?

A short term goal needs constant renewal. If you are running a business that depends on internet services, then your data subscription is definitely a short term goal because you need to renew it every month, two or three months, depending on the kind of bundle you buy. This must be put in your budget, because you know your business wouldn’t thrive without it. Your laptops, phones and computers, however, are long term goals, because you can use your phone and laptops for a really long time, except if it crashes unexpectedly.

On the other hand, a long term goal is a desirable outcome of the smaller actions you are going to take. A short time goal is more or less a parameter of what you need to do on a daily basis in order to accomplish your long-term goals.

There is no way you can achieve your long term goals if the short term goals are not put in place. For example, if your long term goal is to harvest 10,000 baskets of maize by the end of the rainy season, then your short term goals will be to make a working irrigation system, weed the farm constantly, invest in good labour and many more.

A short term goal, will keep you constantly on your toes, but a long term goal, when accomplished, establishes your business well in the market sphere.

Get out your pen and paper. Write out some key long term goals for your business. Then set short term goals which will help you to achieve those long term goals.

Feel free to share some of your long term goals with us in the comment section.

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