Long Term BusinessLong-term business
Below are some important hints for drawing up an effective long-term planning. First of all you will want to present a brief section about your company and your visions. Answering these frequently asked question can help determine your company's strategic objectives for the long term. If you know your business inside out, make sure you can make well-informed choices about directions and policies.
Understanding where you are doing well and where you can do better is very invaluable and can influence business decision making, such as where to re-invest and where to concentrate your time. It can be the move that many business owners are struggling with; consolidating concrete objectives from concepts of abstraction is not always a fast or simple job.
Dependent on how quickly the industry in which your company operates develops, you should consider what goals you want to reach in 1, 3 or 5 years or in all these steps. Their long-term goals are likely to be quite general, with little detail on how they can be achieved.
It' a good suggestion to make sure that your short-term objectives are actually the SMARTs, i.e. they are targeted, quantifiable, actionable, realizable and time-bound. That will help them to be well focussed and accessible. About 3-5 short-term goals/steps for each long-term goal should be enough and can be assigned to the appropriate members of your teams for realization.
Unless you monitor your targets periodically, you will not be able to see whether you are on the right path to achieve them or whether changes are necessary. In particular, when work on a goal has been outsourced, periodic check-ins about advances, development or issues can help make sure schedules remain meaningful and efficient.
Talk to the Murray & Lamb experts for expert assistance in developing an efficient long-term business strategy and clear, achievable and focused goals.