Why You Need To Set Long-Term Goals

Any well-run business will have clear and defined long term goals that set the direction of the company and short term objectives that drive those long term goals. These are important to the entrepreneur as they clarify the purpose of the business and help identify necessary actions. For entrepreneurs, your long-term goals must encompass not only the goals for the business but your personal long-term goals.

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

SocialGoals that focus on giving back to the community, through philanthropy or volunteer organizations, for example.

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