What are long-term goals?

Long-term goals are designed to look three to five years into the future and while long term goals can vary, they generally fall into four categories – growth, profit, service or social mission:

  • Growth. Goals related to the expansion of the company, through new employees, for instance.
  • Profit. Goals set to increase profits by a certain percentage.
  • Service. Goals related to improving customer service satisfaction or customer retention.
  • Social. Goals that focus on giving back to the community, through philanthropy or volunteer organizations, for example.

“For entrepreneurs, your long-term goals must encompass not only the goals for the business but your personal long-term goals.”

Not all long term goals need to fit into these categories. Here are some other examples:

  • Increase Personal Wealth: A common long-term goal is for the new venture to eventually increase the business owner’s personal wealth. Increasing an entrepreneur’s personal wealth may mean different things to different people. While the common definition would be an increase in financial resources, other definitions may include a flexible work schedule, creating a company to meet social needs in society or improving the lives of individuals working in the business venture. These long-term goals help entrepreneurs stay on track when starting a business and creating plans for increasing the entrepreneur’s wealth.
  • Expand into New Opportunities: Entrepreneurs may start a business with the plan to grow and expand the business into new opportunities or business industries. This long-term goal allows entrepreneurs to focus on making their business the biggest and best in its industry. Entrepreneurs setting these types of goals often have a bigger plan in mind when starting a business. These plans may require the help of other individuals or economic resources to grow the business. Entrepreneurs may also look to expand the business quickly using whatever means possible.
  • Go Public: Taking a business public may be a long-term goal of entrepreneurs. This long-term goal may take several years to complete. Small businesses must usually have a strong history of financial performance in specific business operations and ensure future investors about the company’s long-term viability in the business environment. Entrepreneurs may also need to recruit other individuals to work in the business who have extensive experience or expertise in the business industry.
  • Lasting Legacy: Entrepreneurs may choose to start a business to create a lasting legacy for their family. Starting a business may allow individuals to recruit family members into the company and employ them for running the business. Many of today’s largest companies started as simple family businesses.

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