Definition: is the process of devising, putting together, improving and implementing a long term plan that serves the purpose of satisfying the future needs of the company (and its clients) that can be predicted by studying the current needs. This process begins with the examination of the company’s present status and ends with the projection of its future state, while typically including a list of short-term objectives and goals that assist in evaluating whether the business is on the right path.
In a Sentence:
Without performing long term planning, you can’t control how your business is going to evolve. As a manager, it’s your duty to put down together a cohesive, detailed plan and give your company a general direction.
The key to organizing proper long term planning is accounting for how much resources your business has available now and how you can increase that amount in the future. If you don’t consider those figures, there’s no way you can develop a realistic plan and objectives.
Synonyms and related words: short term planning, long-term plan, short term planning, strategic planning, medium-term plan