INTRODUCTION
There is an increasing demand for businesses to focus on a mixture of both short-term and long-term goals. The short-term goals focus on keeping up with the immediate operational needs of businesses and if needed, the resources are allocated as needed. Long-term goals focus on addressing the larger needs of the business, such as replenishing resources, technological advancement, business expansion and creating a sound long-term strategy for growth.
SHORT-TERM OBJECTIVES
Short-term objectives are the ones that are often set in the immediate future. It focuses mainly on tackling the current operational needs of the business. Some of the common short-term objectives that businesses set may include increasing the customer base, improving customer service, improving efficiencies, increasing revenues and reducing operational and overhead expenditures.
LONG-TERM OBJECTIVES
On the other hand, long-term objectives focus on developing a strategy that will ensure the success of the business in the long-term. Long-term objectives consider the larger aspects of the business and focus on rejuvenating resources, expanding the markets, developing superior management skills, introducing innovative technologies and products, and increasing the profits for both short-term and long-term impact.
BALANCING BOTH OBJECTIVES
Balancing the short and long-term objectives of the business is key to ensuring the success and continuity of the business. If businesses focus solely on short-term objectives, they risk running out of resources or simply running out of ideas to stay ahead of the competition. On the other hand, if businesses focus solely on long-term objectives and neglect the short term needs, then the long-term strategies may remain unrealized.
Both short-term and long-term objectives must be in balance in order to ensure the success and longevity of the business. Resources should be allocated to the short-term objectives that meet the immediate needs of the business, such as increasing customer base, improving customer service and improving efficiencies. At the same time, the long-term objectives should focus on introducing innovative technologies and products, developing superior management skills, and increasing revenues and profits, so that the goals over time are met.
CONCLUSION
To conclude, businesses cannot rely upon either short-term or long-term objectives alone. The balance of both types of objectives is essential to ensure the success and longevity of the business. The short-term objectives must focus on the immediate needs of the business such as customer service, increasing customer base and improving efficiency and the long-term objectives should focus on introducing innovative technologies and products, developing superior management skills and increasing revenues and profits. This balanced approach can ensure the secure and sustainable growth of a business.
