long term prospects business plan

Strategic Plans for Long-Term Growth: Examples and Strategies

Small to midsize businesses (SMBs) make up the vast majority of businesses in the US, according to the US Chamber of Commerce, and they are widely considered to be engines of innovation in the overall economy. But for many founders of these organizations, creating and maintaining strategic plans to keep those ships sailing smoothly five, ten, or even twenty years into the future can be immensely difficult. Don’t worry, though: We’ve got you covered. In this article, we’ll guide you through strategic planning examples and approaches for small to midsize companies in all types of industries. With a little foresight, you can ensure the strategic planning process is an effective means of building a company you’ll love forever .

If you want to:

• Move your organization in the direction you intend for long-term success.
• Implement your plan smoothly for greater growth.
• Use a better platform for developing a truly effective strategic plan.

… then you’ll love this guide. Let’s get started.

What’s Covered in This Guide

Click on each to jump to that section.

What Is Strategic Planning?

How many types of business plans are there, what is the goal of strategic planning.

• How Do I Become a Strategic Leader?

4 Examples of Strategic Planning Strategies

The strategic planning process in 11 steps, what does strategic planning involve, how to implement your strategic plan, examples of strategic plans, get your strategic planning done on ninety.

Strategic planning is the process you use to:

• Establish and document a clear direction for your organization.
• Identify business goals and set priorities that create growth for your company.
• Formulate a long-term plan of action designed to achieve these objectives.
• Determine an internal system tracking and evaluating performance.

When organizations want to, they use a strategic plan to:

• Strengthen their operation.
• Focus on collective energy and resources.
• Enable leaders, teams, and other stakeholders to work toward common goals.
• Make agreements around desired results.
• Refresh direction and prevail over a changing or challenging environment.

Thinking strategically helps companies take the right action for more success and better outcomes. Some even call it an art.

Strategic plans are one of three essential business plans used to pursue important objectives for your company. When tackling challenges and determining action plans, you can think strategically, tactically, or operationally. These three thought processes often work in concert to help you create a framework that achieves your desired objectives.

• Strategic plans are designed for multilevel involvement throughout the entire organization. Leaders will look ahead to where they want to be in three, five, and ten years and develop a mission.
• Tactical plans support strategic plans. They outline the specific responsibilities and functionalities at the department level so team members know how to do their part to make the strategic plan successful.
• Operational plans focus on the highly detailed procedures, processes , and routine tasks that frontline team members must accomplish to achieve desired outcomes.

The goal of your strategic plan is to determine:

• Where your company stands in relation to the current business environment. Understand how your business operates, how you create value , and how you differentiate from your competitors.
• Where you want to take the business based on Focus Filters such as your company’s Vision, culture, Core Values, and goals . Envision how you see the company 5–10 years from now.
• What you need to do to get there. You come away from your planning sessions with a road map that helps deliver on your strategic objectives. Determine better ways to enable and implement change, schedule deadlines, and structure goals so they’re achievable .

The main purpose of your strategic plan is to create clearly defined goals for achieving the growth and success your organization needs. These goals are connected to your organization’s Vision .

How Do I Become a Strategic Leader? 

Strategic leadership, also known as strategy execution, is how you create, implement, and sustain your strategic plan so your organization moves in the direction you intend for long-term success. This usually involves establishing ongoing practices and benchmarks, allocating resources, and providing leadership that supports your Vision.

Strategic leadership can employ two different approaches:

• A prescriptive approach is analytical and focuses on how strategies are created to account for risks and opportunities.
• A descriptive approach is principle-driven and focuses on how strategies are implemented to account for risks and opportunities.

Most people agree that a strategic plan is only as good as the company’s ability to research, create, implement, evaluate, and adjust when needed. The benefits can be great when:

• Your entire organization supports the plan.
• Your business is set up to succeed.
• Your team members are more likely to stay on track without being distracted or derailed.
• You make better decisions based on metrics that facilitate course correction.
• Everyone in your company is involved and invested in better outcomes.
• Departments and teams are aligned across your company.
• People are committed to learning, leading, and coaching .
• Productivity increases, and performance improves.
• Creativity is encouraged and rewarded.

What are the four main points of strategic planning? You engage in strategic thinking so you can create effective company goals that are:

1. Purpose-driven

Align your strategic plan with the Vision as you understand it.

2. Actionable

Actionable strategic goals are worth spending your time and resources on to reach organizational objectives.

3. Measurable

It’s critical for you to track your strategy's progress and success, enabling your teams to take action and meet the goals more effectively.

4. Focused Long-term

A long-term focus distinguishes a strategic plan from operational goals, which involve daily activities and milestones required for success. When planning strategically, you’re looking ahead to the company’s future.

A strategic plan isn’t written in a day: Critical thinking evolves over several months. Those involved in the strategic planning are usually a Senior Leadership Team and team members from your company and possibly other stakeholders.

When should strategic planning be done?

You should plan strategically for startups and newer organizations from the start. But even if your company is a more established small or midsize business, it’s not too late to start working on strategy.

Flexible timing that’s tailored to the needs of your organization is smart. Although the frequency of strategy sessions is up to you, many leaders use these milestones as a guide:

• When the economy, your market, and industry trends change, or a global event occurs (like the onset of a pandemic)
• Following a change in senior leadership
• Before a product launch or when a new division is added to your business
• After your company merges with another organization
• During a convenient time frame such as a quarterly and annual review

Many organizations opt to schedule regular strategic reviews either quarterly or annually. Especially when crafting a plan, your strategic planning team should meet regularly. They will often follow predetermined steps in the development of your long-term plan.

What are the 11 steps of strategic planning?

1. identify your company’s strategic position in the marketplace..

Gather market data and research information from both internal and external sources. You may want to conduct a comprehensive SWOT analysis . Your strengths and weaknesses are directly related to your current competitive advantage within your industry. They're what you use to balance challenges to your success. They also influence the likelihood of increased market share in the future.

2. Define your unique Vision.

What would success look like for you in three years? Five years? Ten years? Articulate that in your Vision. Formulating purpose-driven strategic goals articulates why your company does what it does. Your organizational values inform your Vision and connect them to specific objectives.

3. Determine your company’s value.

Many companies use financial forecasting for this purpose. A forecast can assign anticipated measurable results, return on investment, or profits and cost of investment.

4. Set your organizational direction.

Defining the impact you want to have and the time frame for achieving it helps focus a too-broad or over-ambitious first draft. This way, your plan will have objectives that will have the most impact. 

5. Create specific strategic objectives.

Your strategic objectives identify the conditions for your success. For instance, they may cover:

• Value: Increasing revenue and shareholder value, budgeting cost, allocating resources aligned with the strategic plan, forecasting profitability, and ensuring financial stability. 
• Customer Experience: Identifying target audiences, solution-based products and services, value for the cost, better service, and increased market share.
• Operational Efficiency: Streamlining internal processes, investing in research and development, total quality and performance priorities, reducing cost, and improving workplace safety.
• Learning and Growth: Training leaders and teams to address change and sustain growth, improving employee productivity and retention, and building high-performing teams.

6. Set specific strategic initiatives.

Strategic initiatives are your company's actions to reach your strategic objectives, such as raising brand awareness, a commitment to product development, purpose-driven employee training, and more.

7. Develop cascading goals.

Cascading goals are like cascading messages : They filter your strategy throughout the company from top to bottom. The highest-level goals align with both mid-level goals and the individual goals team members must accomplish to achieve overall outcomes. This helps everyone see how their performance will influence overall success, which improves engagement and productivity.

8. Create alignment across the entire company.

The success of your strategy is directly impacted by your commitment to inform and engage your entire workforce in strategy implementation. This involves ensuring everyone is connected and working together to achieve your goals. Overall decision-making becomes easier and more aligned.

9. Consider strategy mapping.

A strategy map is an easy-to-understand diagram, graphic, or illustration that shows the logical, cause-and-effect relationship among various strategic objectives. They are used to quickly communicate how your organization creates value. It will help you communicate the details of your strategic plan better to people by tapping into their visual learning abilities.

10. Use metrics to measure performance.

When your strategy informs the creation of SMART organizational goals , benchmarks can be established and metrics can be assigned to evaluate performance within specific time frames. Key performance indicators align performance and productivity with long-term strategic objectives. 

11. Evaluate the performance of your plan regularly.

You write a strategic plan to improve your company’s overall performance. Evaluating your progress at regular intervals will tell you whether you’re on your way to achieving your objectives or whether your plan needs an adjustment.

Effective strategic planning involves creating a company culture of good communication and accountability. It involves creating and embracing the opportunity for positive change.

Consider these statistics:

• In many companies, only 42% of leaders and 27% of employees have access to a strategic plan.
• Even if they have access, 95% of employees do not understand their organization's strategy.
• 5.2% of a strategy’s potential is lost to poor communication.
• What leaders care about makes up at least 80% of the content of their communications. But those messages do not tap into around 80% of their employees’ primary motivators for putting extra energy into a change program.
• 28% of leaders say one of the main reasons strategic initiatives succeed is the ability to attract skilled personnel; 25% say it’s good communication; 25% say it’s the ability to manage organizational change.

Here’s what you can do to embrace a culture of good communication and accountability:

Make your strategic plan visible. Talk about what's working and what isn't. People want to know where and how they fit into the organization and why their contribution is valuable — even if they don't understand every element of the plan.

Build accountability. If you've agreed on a plan with clear objectives and priorities, your leaders have to take responsibility for what's in it. They must own the objectives and activities in your plan.

Create an environment for change. It’s much more difficult to implement a strategy if you think there will be no support or collaboration from your team members. Addressing their concerns will help build a culture that understands how to champion change.

• 98% of leaders think strategy implementation takes more time than strategy formulation.
• 61% of leaders acknowledge that their organizations often struggle to bridge the gap between strategy formulation and its day-to-day implementation.
• 45% of leaders say ensuring team members take different actions or demonstrate different behaviors is the toughest implementation challenge; 37% of leaders say it’s gaining support across the whole organization.
• 39% of leaders say one of the main reasons strategic plans succeed is skilled implementation.

The reality for so many is that it’s harder to implement a strategic plan than to craft one. Great strategic ideas and a clear direction are key to success, no matter what. But so is:

• Turning strategic ideas into an easy-to-implement framework that enables meaningful managing, tracking, and adapting
• Getting everyone in the organization on the same strategic page, from creation to execution

When your plan is structured to support implementation, you're more likely to get it done.

What are examples of good strategic planning? If you prefer a more traditional approach, there's lots of templates out there to help you create a plan document with pen and paper whether you're a for-profit or nonprofit entity .

But Ninety has a better way.

The Vision planner is essentially a strategic planning template on Ninety’s cloud-based platform that allows you to:

• Set goals, establish how you will meet them, and share them with those who need to know.
• Gain visibility around your company's Core Values .
• Create Core Values, a niche, and long-term goals that are accessible to everyone in your company.
• Create a Vision that lets you know what needs to happen now.
• Easily update and track changes.
• Bring alignment to your entire organization.

And you can do all this with only two digitized pages.

In your Vision tool inside Ninety, you can easily access all the things that make strategic plans effective by either using our default categories or making custom ones that meet your company’s specific needs. While you can include information about your Vision, goals, SWOT analysis, and key performance indicators from the start, here are some examples of custom options you could add to help more effectively implement your strategic plan: 

• Executive Summary
• Elevator Pitch
• Compelling Why
• Industry Analysis
• Marketing Strategy
• Operations Plan
• Financial Projections

Your Vision and goals are also completely integrated with all other features on Ninety, such as Scorecards, Rocks, To-Dos, Issues, Org Chart , Meetings, 1-on-1s, and more:

• Create a clear game plan for each team.
• Determine one- and three-year goals.
• Reference past versions in a Vision archive.
• Share your Vision with all teams, or keep it private if it's still in progress.

Now that you’ve learned how to grow your company using strategic planning, it’s time to put your knowledge into practice:

Build your strategic plan on Ninety now .

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How to set up and achieve long term goals for a business

What are long-term goals for business?

Long-term goals for business are the high-level goals of your strategy that you aim to achieve in the next 3-5 years or even longer. They are the objectives that, once reached, bring you closer to your vision.

They are the milestones for your vision.

They tend to be resilient to environmental changes like technological, political and others. Long-term goals determine the direction of your company and solidify your strategy regarding your position in the market and the industry. In other words, they outline the high-level objectives you choose to accomplish to bring your vision to life.

Why it’s important to set long-term goals

They provide clarity ..

A business with weak or non-existent long-term goals is like a leaf in the wind.

It moves in no particular direction and is subject to every and any change in the environment. It jumps from trend to trend without understanding what causes them, trying to get as much benefit out of them as possible. Sometimes it succeeds, others not so much. As a result, its performance is a roller coaster and its future unpredictable and uncertain. These kinds of businesses move fast towards nowhere.

A business with no long-term goals is in reactive mode .

On the other hand , organizations with long-term goals deriving from their vision have a more steady course. They have clarity on what they wish to become in the next 3-5 years, which guides their decisions. It’s easier for them to spot meaningful trends and take advantage of them in the short term to succeed in the longer term.

Clarity in the organization’s future state, when combined with a concise view of its current state , is a powerful tool. It enables an accurate gap analysis and the grounding of the strategy in reality.

A business with solid and aligned long-term goals is in proactive mode .

How short-term and long-term goals differ

Long-term goals differ from short-term goals in four key traits:

• Short-term goals are malleable .
• Short-term goals are specific .
• Short-term goals are measurable .
• Short-term goals are sacrificable .

Short-term goals change often. As they should. They correlate to the tactics you choose to pursue your strategic objectives. And your tactics change when the environmental circumstances change, e.g., your competitors launched a new product, a global pandemic came out of nowhere, your country leaves a state union , or a new tech disrupts your industry. All of these changes force you to adapt your short-term expectations and tactics. Your long-term goals are more resilient to these changes.

Short-term goals love specificity. This is goal setting 101. Remove ambiguity and make sure that everybody interprets the goals the same way. Make your language simple and your description longer if you have to. Clarity in goals informs decisions. Of course, long-term goals should be clear, as well, but they don’t have to be so specific. 

Short-term goals have numbers in them. They are not metrics or KPIs because they’re lagging indicators of your progress. But they are indicators nonetheless. They inform you whether you and your people did a good job to achieve them. Long-term goals don’t need numbers if they don’t make sense. For example, “Dominate our category” could be accompanied by a number like “Own 70% of the market”, but that doesn’t exactly sum up what “dominating a category” really is.

Short-term goals are sacrificed for the company’s greater good. We’re past the time where quarterly numbers are the holy grail of strategy. Leadership with a clear vision recognizes that sometimes you have to make short-term sacrifices to achieve long-term success. It’s how you build sustainable and stable growth. The reverse is what creates soaring short-term results but destroys the culture and leads to ethical fading.

How long are short-term and long-term goals

The scale is relative.

A colossus like Amazon can’t really keep up and survive with a strategy shorter than 3 years . The bigger the organization (and its market cap), the longer the span of its long-term goals. Planning for so long ahead allows the company to manage its resources efficiently and direct its effort towards the most promising big move.

In his book “Invent & Wander: The Collected Writings of Jeff Bezos,” Jeff Bezos says that each quarter is baked three years earlier .  Not three months. Not three quarters. Three years. Which means that the numbers of the latest quarter indicate the quality of the company’s 3- year-old strategy. And it makes sense. It’s impossible to coordinate over a million employees if you change the company's direction with every small trend you spot.

Of course, that doesn’t mean the strategy doesn’t adapt to environmental changes.

Complacency is the enterprise killer . Large organizations might be more resilient to threats, but they can become irrelevant very fast, remember Blockbuster and Kodak. However, with size comes one huge advantage. Data. Large organizations have access to huge amounts of data that can generate market insights, spot trends and almost “predict the future.”

Short-term and medium-term goals are decided based on those findings. Due to their dependence on environmental conditions, short-term goals can’t be yearly . Even longer than quarterly is stretching them. In a time of a crisis, short-term goals could be as short as daily and in more peaceful circumstances as long as quarterly.

Long-term goals examples

The further you look into the future, the more uncertain it becomes. The closer your milestones are to your vision, the less specific they become.

Let’s take, for example, The Walt Disney Company . Disney’s vision statement is:

“To be one of the world’s leading producers and providers of entertainment and information.” When Bob Iger took over as Disney’s CEO, his strategy was summed up in three priorities, 3 long-term goals :

• Create content of the highest quality
• Adopt cutting-edge technology to create content & connect with the customers
• Expand globally

These goals are specific enough to guide the decisions of everyone inside the company and are vague enough for everyone to interpret them differently. In other words, they are contextualizing the content of the rest of the strategy.

Other long-term goals examples are:

• Dominate our category
• Create a community-like culture
• Lead the sustainability transformation in our industry
• Create the most comfortable/cheapest/easiest to use [product]
• Digitize our processes

Short-term goals examples

Short-term goals are very specific.

Each department, team and individual has its own short-term goals to meet. What’s important is to have all of them aligned, some shared between teams and people and none isolated. Choosing short-term goals is the last step of your strategy’s implementation and should derive naturally from your strategic priorities.

Here is a list of short-term goals:

• Increase our revenue by 15% by the end of Q1 owned by Jane Doe.
• Reduce safety incidents by 70% by the end of Q1 owned by John Doe.
• Increase customer retention by 30% by the end of Q2 owned by John Doe.
• Hire 5 new salespeople by the end of the month owned by Jane Doe.
• Increase ad conversion by 10% by the end of the next month owned by Jane Doe.

How to set long-term goals

Long-term goals have 3 important components:

• Duration (NOT deadline)
• Specificity to dictate choices
• They are memorable

They don’t have a specific deadline. They have an estimated duration. You don’t “Dominate your category” by Dec 31, 2025. You “Dominate your category” in the next 3 years. If in 3 years you haven’t achieved your goal, then something went wrong. That’s how you should think of your long-term deadline, not as a hard date but as an estimated duration.

They dictate choices. Long-term goals outline the company’s strategy and inform every employee’s decision-making process. Ideally, when a team leader needs to make a decision, crucial or not, they can easily align it with the company’s strategy simply by visiting the long-term goals. That’s why they can’t be overly specific because they will only inform certain types of decisions and be useful to only a limited part of the organization. Thus, creating a big risk of internal misalignment.

They are easy to remember. If your people need to check the company’s long-term priorities every time they make a decision, they won’t. Make sure everyone understands and is on board with your priorities by simply making them memorable. In the end, you want the priorities to provide context, not represent all of your strategy’s details.

Benchmark the duration of your goals externally

Take as much guessing as possible out of the process. Have a hard look at your industry’s history and how long it took certain players to achieve their long-term aspirations. Find out what were their strengths, weaknesses and mistakes . Contrast them to yours and then make an educated estimation of your goal’s duration.

Do better than “best”

Shy away from generic goals like “be the best/first/most innovative.” Nobody perceives these the same way. For example, specify your ideal customer so your people know who NOT to target. Specify your product’s niche , e.g., “perfect scale models” instead of “just toys.” In essence, provide a context to decisions that will dictate a clear set of choices on every organizational level.

Write them for 5-year-olds

If a young child can’t understand your long-term goals, chances are your people will have a hard time remembering them. Simplify the language, avoid jargon, use verbs and be specific in your adjectives . Go beyond 3 goals and you risk giving your people contradicting priorities. Clarity unifies collective effort towards one direction .

How to achieve long-term goals in business

With shorter-term goals.

When you write your strategic plan , start from the end and work your way backward from your vision towards your current state. Here’s how to think about your plan:

• Your vision is your destination.
• Your long-term goals are your milestones.
• Your shorter-term goals are your odometer.

Your strategic plan also contains your Focus Areas and your strategic objectives . They break down your direction even further. 

Starting with the end in mind gives your shorter-term goals a predictive power

So basically, your strategic plan works like a roadmap towards your long-term goals. Here’s how to think about tracking your progress: if you complete all of your strategic objectives, will you have achieved your long-term goals? If you haven’t achieved at least an 80% progress towards them, your tracking is off. You need to revisit your strategic objectives.

This tracking process cascades from the top of the strategic plan to the bottom. Check out how Cascade brings this strategic model to life and aligns your people’s day-to-day work with your company’s vision as a goal management software .

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Creating a Long-Term Business Plan: What Should You Consider?

• By Lynne Pratt
• on 28th June, 2023

71% of the fastest growing companies have a written business plan, and those who actually complete their business plan are twice as likely to succeed in growing their business (compared to those with no plans). Over time and with experience, you’ll find yourself having more things to plan for, and aren’t just looking at having one single long-term business plan to last your business a lifetime.

When creating business plans, you’re going to need to look at the short, mid, and long-term objectives of the company, and determine where you want to go, what you want to do – and how you plan on getting there to do it.

The long-term business plan can be one of the most daunting to piece together, as it often involves objectives and goals rather than specific timeframes or immediate actions that can be completed.

When putting together your long-term plan, there are a number of elements you need to carefully consider, and areas that need to be covered to make the plan useful, useable, and flexible enough to adapt over time.

Define Your Vision

Whether this is a plan for the entire company, or a single project – you need to start at the beginning. What is the vision for this plan? What are the big goals that you want to achieve with the plan?

At this stage, they don’t necessarily need to be data-driven or realistic, these are the best-case scenario and ultimate objectives that you’re identifying here, later on you may need to streamline them or remove them from the plan if they prove to be unobtainable, but for now you want to create your wish list of results.

Identify and Agree on Your Goals

Now is when you shortlist your goals and look at what is achievable – you need to evaluate what is going to have the biggest benefits, what will take the most time (and the least) and what are the priorities for success.

Determine a Preliminary Budget

It is unlikely that your budget will remain static throughout the process, but you need to at least have a general idea of what you are prepared to spend, and how much of the budget will be allocated to each part of the process.

Determining your budget may also see you returning to your goals and making changes to the priorities and whether you intend to go ahead with parts of the plan.

Create an Outline Strategy

Once you have the goals and tasks agreed, you need to work out how they’re going to be done – what needs to be done first, what is reliant on other parts of the process to proceed, and what needs to be implemented to ensure accurate monitoring and evaluation of the strategy as it rolls out.

Set Up Communication and KPIs

Long-term strategies often rely on other tasks being completed over time, or certain actions being taken at certain periods. You must set up a system to monitor the activities and actions and ensure that regular reports contain the right data – you need the right KPIs to ensure you know exactly what the current standing of the project is, and whether any changes need to be made. You also need to ensure you have a robust communication network ready, so action can be taken when needed, whenever it’s needed.

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Assign Responsibilities

You might be planning on a company wide task, where everyone is involved – but there should always be a main point of contact, and someone who has the responsibility of overseeing the project. This will help to make sure goals and milestones are met, that the right tasks are being done in the right order, and that the long-term goal is still obtainable.

When you create a long-term strategy, you need to think about the present and the future of the company – it is essential that you monitor the industry and your competitors and are flexible in your approach to achieving the best results.

The longer period of time you stretch your plan across, the more likely it is that there will be changes or alterations needed along the way, and it is also important to recognise that some plans, through no reason other than industry change, are not going to reach completion – knowing when to stop, and being able to absorb the risk involved in starting the plan is equally important.

Your business will grow, evolve, and change as time goes by – you need to ensure your goals within your long-term business plan remain accurate and relevant to your business needs.

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The Ultimate Guide to Successful Long-Term Planning

Long-term planning is a crucial aspect of any successful business or organization. It involves creating a roadmap for the future, setting goals and objectives, and implementing strategies to achieve them. In this article, we will explore the importance of long-term planning, define what it entails, and discuss the benefits it can bring.

What is Long-Term Planning?

Long-term planning refers to the process of setting goals and objectives that extend beyond the immediate future. It involves analyzing current market trends, identifying key milestones, and developing strategies to achieve sustainable growth over an extended period. This type of planning takes into account various factors such as market dynamics, customer needs , and internal capabilities.

The Importance of Long-Term Planning Strategies

Long-term planning is essential because it provides direction and purpose for an organization. It allows businesses to anticipate challenges, identify opportunities, and make informed decisions aligning with their vision. By taking a proactive approach to the future, organizations can stay ahead of the competition and adapt to changing market conditions.

Benefits of Successful Long-Term Planning

Successful long-term planning offers numerous benefits for businesses. Firstly, it provides a sense of direction and purpose that guides decision-making at all levels of the organization. Secondly, it helps align resources effectively by identifying priorities and allocating them accordingly. Additionally, long-term planning enables businesses to build resilience by anticipating risks and developing contingency plans.

Long-term planning strategies are crucial in ensuring an organization's success in today's dynamic business environment. By adopting these strategies, businesses can navigate uncertainties while capitalizing on emerging opportunities.

Remember: Successful long-term planning starts with understanding its importance and what it entails.

Understanding Long-Term Planning

Long-term planning is a crucial aspect of business success, as it allows organizations to set clear goals and objectives for the future. By understanding the fundamentals of long-term planning, companies can develop effective strategies to navigate the ever-changing market landscape and achieve sustainable growth.

Defining Long-Term Goals and Objectives

Defining long-term goals and objectives is the foundation of any successful long-term plan. These goals provide a clear direction for the organization and serve as a roadmap for decision-making. Long-term goals should be specific, measurable, achievable, relevant, and time-bound (SMART). They should align with the company's vision and values while considering external factors such as market trends and customer demands.

Identifying Key Milestones and Benchmarks

To track progress towards long-term goals, it is essential to identify key milestones and benchmarks along the way. Milestones are significant achievements that mark important stages in the plan's execution. Benchmarks, on the other hand, are measurable indicators used to assess performance against predetermined targets. By regularly monitoring these milestones and benchmarks, businesses can ensure they stay on track towards their long-term objectives.

Assessing the Current Market Landscape

Understanding the current market landscape is critical for effective long-term planning. This involves conducting thorough research and analysis of industry trends, competitor strategies, customer preferences, technological advancements, and regulatory changes. By gaining insights into these factors, organizations can identify potential opportunities or threats that may impact their long-term plan. This assessment helps businesses make informed decisions about resource allocation, product development, marketing strategies, and more.

By defining long-term goals and objectives, identifying key milestones and benchmarks along the way, as well as assessing the current market landscape, businesses can lay a strong foundation for their long-term planning strategies. This comprehensive understanding sets the stage for developing an effective long-term plan that aligns with organizational aspirations and maximizes opportunities for success.

Developing a Long-Term Plan

Developing a long-term plan is crucial for the success and sustainability of any organization. It provides a roadmap for achieving goals and objectives over an extended period of time. In this section, we will explore the key steps involved in developing a comprehensive long-term plan.

Creating a Vision Statement

A vision statement serves as the foundation for a long-term plan. It outlines the organization's desired future state and clarifies its purpose and direction. A well-crafted vision statement inspires and motivates employees, stakeholders, and customers alike.

To create an effective vision statement, it is important to consider the organization's values, mission, and unique selling proposition. It should be concise, memorable, and reflective of the organization's aspirations. By clearly articulating where the organization wants to be in the long run, a vision statement sets the stage for strategic decision-making.

Setting SMART Goals

Setting SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals is essential in long-term planning. These goals provide clear targets that can be tracked and evaluated over time.

Specific goals outline precisely what needs to be achieved, while measurable goals allow progress to be quantified objectively. Achievable goals ensure that they are within reach considering available resources and capabilities. Relevant goals align with the overall objectives of the organization.

Time-bound goals establish deadlines or milestones to keep progress on track. By setting SMART goals during long-term planning, organizations can effectively allocate resources and prioritize initiatives that contribute to their desired future state.

Conducting a SWOT Analysis

A SWOT analysis is an important tool in developing a long-term plan as it helps identify internal strengths and weaknesses as well as external opportunities and threats facing an organization.

By thoroughly assessing these factors, organizations gain valuable insights into their current position in relation to market conditions and competition. This analysis enables them to capitalize on their strengths, address weaknesses, seize opportunities, and mitigate potential threats.

A SWOT analysis provides a holistic view of the organization's internal and external environment, which is essential for making informed decisions and formulating effective strategies in the long term.

Strategies for Successful Long-Term Planning

Building a Strong Team

To ensure the success of long-term planning, it is crucial to build a strong team aligned with the company's vision. This team should consist of individuals with diverse skills and expertise, allowing for comprehensive analysis and decision-making. Different perspectives can be considered by fostering collaboration and open communication within the team, leading to well-rounded long-term strategies.

Utilizing Data and Analytics

Data and analytics play a pivotal role in effective long-term planning. Organizations can gain valuable insights into their target market's needs and preferences by leveraging data from various sources, such as market research, customer insights, and industry trends. Analyzing this data enables businesses to make informed decisions about resource allocation, product development, and marketing strategies. By utilizing data-driven approaches in long-term planning, companies can increase their chances of achieving their goals.

Adapting to Changing Market Conditions

In today's dynamic business landscape, market conditions are constantly evolving. Successful long-term planning requires organizations to stay agile and adaptable. It is essential to continuously monitor market trends and competitor activities to identify potential threats or opportunities that may arise. By proactively adapting their strategies based on changing market conditions, businesses can position themselves for long-term success.

By incorporating these strategies into the long-term plan, businesses can enhance their chances of achieving sustained success in an ever-changing marketplace.

Implementing the Long-Term Plan

Implementing the long-term plan is a crucial step in ensuring its success. It effectively allocates resources, establishes clear roles and responsibilities, and monitors and evaluates progress.

Allocating Resources Effectively

Allocating resources effectively is essential for the successful execution of a long-term plan. This involves carefully determining how to distribute resources such as finances, manpower, and technology to achieve the desired goals. Organizations can optimize their efficiency and productivity by strategically allocating resources based on priority and need.

Establishing Clear Roles and Responsibilities

Establishing clear roles and responsibilities is key to avoiding confusion and ensuring everyone understands their part in executing the long-term plan. By clearly defining who is responsible for what tasks, teams can work collaboratively toward achieving common objectives. Effective communication of roles helps streamline processes, minimizes duplication of efforts, and fosters accountability among team members.

Monitoring and Evaluating Progress

Monitoring and evaluating progress is vital to track the implementation of the long-term plan and make necessary adjustments along the way. Regularly measuring key performance indicators (KPIs) allows organizations to assess whether they are on track toward achieving their goals or if any modifications are required. By analyzing progress, organizations can identify areas of improvement or potential challenges that need addressing.

Implementing a long-term plan requires effective resource allocation, clear role establishment, and continuous progress monitoring. By following these strategies diligently, organizations can enhance their chances of successfully executing their long-term plans while maximizing their growth potential.

Overcoming Challenges in Long-Term Planning

Dealing with Uncertainty and Risk. In long-term planning, one of the major challenges is dealing with uncertainty and risk. The future is unpredictable; factors can always derail even the most well-thought-out plans. However, instead of being overwhelmed by uncertainty, successful long-term planners embrace it as an opportunity for growth and innovation. They develop contingency plans to mitigate risks and adapt their strategies based on changing circumstances. By acknowledging and addressing uncertainty head-on, they are better equipped to navigate the unknown and achieve long-term goals.

Managing Stakeholder Expectations. Another challenge in long-term planning is managing stakeholder expectations. Stakeholders may have varying priorities, timelines, and expectations for the plan's outcome. It is crucial to engage all stakeholders early on in the planning process to ensure alignment and avoid conflicts. Effective communication plays a vital role in managing stakeholder expectations throughout the implementation of the long-term plan. Planners can build trust and maintain support from all parties involved by informing stakeholders about progress, proactively addressing concerns, and seeking feedback regularly.

Maintaining Flexibility in the Plan. Flexibility is key when it comes to long-term planning strategies. As circumstances change over time, it is essential to remain adaptable and open to adjustments in the plan. A rigid plan that does not account for unexpected events or new opportunities can quickly become obsolete or ineffective. Successful long-term planners regularly review their strategies and reassess their goals based on market conditions, technology advancements, or other relevant factors. Maintaining flexibility within their plan allows them to seize emerging opportunities or pivot when necessary without compromising their overall vision.

Long-term planning is crucial for organizations to achieve sustained success. Planners can navigate these obstacles by understanding the challenges that may arise, such as dealing with uncertainty and risk, managing stakeholder expectations, and maintaining flexibility in the plan. Organizations can overcome hurdles and achieve long-term goals by carefully considering these challenges and implementing appropriate strategies. Let's embrace the power of long-term thinking and take action for a successful future.

Long-term planning is a crucial aspect of achieving success in any endeavor. By carefully considering the future and developing a comprehensive long-term plan, individuals and organizations can set themselves up for sustainable growth and prosperity.

Strikingly and Your Long-Term Planning Strategy

Strikingly is a website builder that can be used to create a professional website for your business. It offers a variety of features that can be helpful for long-term planning, such as:

• Analytics. Strikingly provides detailed analytics about your website traffic so you can track your progress over time and make necessary adjustments to your long-term plan.
• Goal tracking . You can set goals for your website, such as increasing traffic or generating leads, and Strikingly will help you track your progress toward those goals.

Image taken from Strikingly

• Reporting. Strikingly provides reports that you can use to analyze your website traffic and performance. This information can help you make decisions about your long-term plan.
• Integrations. Strikingly integrates with various other tools, such as email marketing platforms and CRM software. This can help you automate tasks and streamline your long-term planning process.

In addition to these features, Strikingly can also help you with long-term planning by providing you with a platform to:

• Create a strong online presence. Your website is your online storefront, and ensuring it's well-designed and informative is important. Strikingly can help you create a website to impress your customers and help you grow your business .

Image taken from Strikingly  

• Reach a wider audience. Strikingly makes it easy to promote your website through social media, email marketing, and other channels. This can help you reach a wider audience and grow your business .
• Stay ahead of the competition. The business landscape is constantly changing, and staying ahead of the competition is important. Strikingly can help you track your competitors' websites and make sure yours is always up-to-date.

Overall, Strikingly can be a valuable tool for businesses that are looking to create a long-term plan. The platform's features and integrations can help you track your progress, set goals, and make informed decisions about your future.

Here are some specific ways that Strikingly can be used for long-term planning for businesses:

• Set goals. You can use Strikingly's goal-tracking features to set specific goals for your website, such as increasing traffic or generating leads. This will help you stay focused and motivated as you work towards your long-term plan.

• Track progress. Strikingly's analytics features can help you track your website traffic and performance over time. This information can be used to measure your progress toward your goals and make necessary adjustments to your long-term plan.
• Identify opportunities. Strikingly's reporting features can help you identify opportunities to improve your website and grow your business. For example, you could use the reports to see which pages on your website are most popular or which keywords drive traffic.

If you're looking for a website builder that can help you with long-term planning for your business, Strikingly is a good option to consider. The platform's features and integrations can help you track your progress, set goals, and make informed decisions about your future.

The Power of Long-Term Thinking

Long-term thinking allows individuals and organizations to see beyond the immediate challenges and focus on the bigger picture. It enables them to anticipate future trends , identify potential obstacles, and make informed decisions that will benefit them in the long run.

While planning is essential, taking action on those plans is equally important. Implementation is key to turning dreams into reality. By executing their long-term plans effectively and adapting as needed, individuals and organizations can pave the way for a successful future.

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How to Plan for Long-Term Business Growth and Success

Three considerations for small-business owners looking to grow their business..

Small-business owners have met the past two years with greater resiliency than ever before. Since the start of the pandemic , many small businesses have pivoted operations and shifted decision-making to meet the moment on a day-to-day basis. With stability beginning to make a return, now is the time for businesses to remember that a long-term business plan is essential to growth and success . Here are three things to consider when mapping out the future of your business: 

1. How Is Technology Evolving?

Technology is a business necessity. Businesses can use technology to engage with customers via digital marketing, analyze data to predict customer habits and spending patterns, and enhance the customer experience through online ordering and delivery capabilities. The one commonality between all these benefits is the customer. As the consumer landscape evolves, technology finds itself playing a two-pronged role.

Technology first has the power to identify and captivate an audience. With technology deeply embedded within our culture, the ability to show up where consumers are and engage with them digitally is a critical component in reaching and maintaining your audience.

Once technology helps connect business to consumer, it can create a positive experience capable of turning leads into transactions. Customers have more options than ever before. If your technology is not meeting customers' expectations, they will find somewhere else that does. 

While my job growing The UPS Store franchise network may differ from the traditional small business selling a product or service, I am constantly reminded of the importance of meeting the technology expectations of consumers. With the Great Resignation resulting in an increased number of workers from the corporate world entering our applicant pool, we are seeing a greater demand for digital capabilities. At the store level, we are implementing technology -- including an application that moves customers through lines more quickly when they come in with simple "scan and go" type returns -- to better the customer experience.

2. How Are People Spending Money?

A successful business makes money. While that may sound simple, it can be tricky when the way that people spend their money is constantly changing. There are a handful of considerations businesses should account for regarding consumer spending.

Ask yourself: How are people spending their money? If you're a business owner, this isn't a new question. However, it may have been a while since you've considered it. Business owners should constantly evaluate how consumers spend money, as people spend money on different things when spending habits change. The answer will inform whether the products or services you sell are still relevant or require change.

There are more forms of payment than ever before. While paying in cash, writing a check, or swiping a credit card was once sufficient, consumers have expanded their preferred forms of payment to include digital wallets such as Apple Pay. Businesses thrive when they anticipate and prepare for the future. That's why at The UPS Store we're keeping a close eye on digital currency to determine if this is a space consumers will begin to expect and desire from businesses.

3. How Are Consumer Trends Shifting? 

Consumer trends represent a consumer's mentality when it comes to purchasing products or services. These trends are constantly changing due to shifts in consumer behaviors, attitudes, opinions, and expectations. 

Consider the intersection between business and society. Customers are now basing their purchasing decisions on the social causes they are passionate about, like diversity, equity, and inclusion. As a result, businesses must consider what actions they are taking to support social causes.

Resisting change in consumer trends will result in a loss of customers and cause your business to be left behind. As a small-business owner, you can keep up to date on consumer trends by reading market research, networking with industry peers, and observing your competitors.

Successful businesses do not follow a fixed formula but instead embrace the art of adaptation. The key to growth and success is the ability to stay relevant. Relevancy is determined by how well you respond to the ever-changing business landscape, whether that be emerging technologies, new forms of payment, or shifts in consumer mentality.

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Writing a Business Growth Plan

Look ahead and plan for business growth and revenue increases.

Table of Contents

When you run a business, it’s easy to get caught in the moment and focus only on the day in front of you. However, to be truly successful, you must look ahead and plan for growth. Many business owners create a business growth plan to map out the next one or two years and pinpoint how and when revenues will increase. 

We’ll explain more about business growth plans and share strategies for writing a business growth plan that can set you on a path to success. 

What is a business growth plan?

A business growth plan outlines where a company sees itself in the next one to two years. Business owners and leaders apply a growth mindset to create plans for expansion and increased revenues.

Business growth plans should be formatted quarterly. At the end of each quarter, the company can review the business goals it achieved and missed during that period. At this point, management can revise the business growth plan to reflect the current market standing.

What to include in a business growth plan

A business growth plan focuses specifically on expansion and how you’ll achieve it. Creating a useful plan takes time, but keeping your growth efforts on track can pay off substantially.

You should include the following elements in your growth plan:

• A description of expansion opportunities
• Financial goals broken down by quarter and year
• A marketing plan that details how you’ll achieve growth
• A financial plan to determine what capital is accessible during growth
• A breakdown of your company’s staffing needs and responsibilities

How to write a business growth plan

To successfully write a business growth plan, you must do some forward-thinking and research. Here are some key steps to follow when writing your business growth plan.

1. Think ahead.

The future is always unpredictable. However, if you study your target market, your competition and your company’s past growth, you can plan for future expansion. The Small Business Administration (SBA) features a comprehensive guide to writing a business plan for growth.

2. Study other growth plans.

Before you start writing, review models from successful companies.

3. Discover opportunities for growth.

With some homework, you can determine if your expansion opportunities lie in creating new products , adding more services, targeting a new market, opening new business locations or going global, to name a few examples. Once you’ve identified your best options for growth, include them in your plan.

4. Evaluate your team.

Your plan should include an assessment of your employees and a look at staffing requirements to meet your growth objectives. By assessing your own skills and those of your employees, you can determine how much growth can be accomplished with your present team. You’ll also know when to ramp up the hiring process and what skill sets to look for in those new hires.

5. Find the capital.

Include detailed information on how you will fund expansion. Business.gov offers a guide on how to prepare funding requests and how to connect with SBA lenders.

6. Get the word out.

Growing your business requires a targeted marketing effort. Be sure to outline how you will effectively market your business to encourage growth and how your marketing efforts will evolve as you grow.

7. Ask for help.

Advice from other business owners who have enjoyed successful growth can be the ultimate tool in writing your growth plan.

8. Start writing.

Business plan software has streamlined the process of writing growth plans by providing templates you can fill in with information specific to your company and industry. Most software programs are geared toward general business plans; however, you can easily modify them to create a plan that focuses on growth. 

If you don’t have business plan software, don’t worry. You can create a business growth plan using Microsoft Word, Google Docs or a similar tool. For each growth opportunity, create the following sections: 

• What is the opportunity? Is your growth opportunity a new geographic expansion, a new product or a new customer segment? How do you know there’s an opportunity? Include your market research to demonstrate the idea’s viability.
• What factors make this opportunity valuable at this time? For example, your growth opportunity could utilize new technology, take advantage of a strategic partnership or capitalize on a consumer trend.
• What are the risk factors for this opportunity? Identify factors that may make this growth opportunity challenging to execute. For example, challenges may include the state of the overall economy, intense competition or supply chain distribution issues. What is your plan for dealing with these challenges?
• What is your marketing and sales plan? Identify the marketing efforts and sales processes that can help you seize this growth opportunity. Detail the marketing channel you’ll use ( social media marketing , print marketing), your message and promising sales ideas. For example, you could hire sales reps for a new geographic area or set up distribution deals with relevant brick-and-mortar or online retailers .
• What are the costs involved in this growth area? For example, if you add a new product, you may need to buy new manufacturing equipment and raw materials. While marketing costs are a given, remember to include incremental sales costs like commissions. Outline any economies of scale or places where your existing operations make the new growth area less expensive than a stand-alone initiative.
• How will your income, expenses and cash flow look? Project your income and expenses, and prepare a cash flow statement for the new growth area for the next three to five years. Include a break-even analysis, a sales forecast and all projected expenses to see how much the new initiative will add to the bottom line. Include how the new growth area will positively (or negatively) impact existing sales. For example, if you sell bathing suits and you decide to grow by adding cover-ups and sunglasses, you will likely sell more bathing suits. 

After completing this exercise for each growth opportunity:

• Create a summary that accounts for all growth areas for the period.
• Include summarized financial statements to see the entire picture and its impact on the company. 
• Evaluate the financing you’ll need to implement the plan, and include various options and rates. 

Why are business growth plans important?

These are some of the many reasons why business growth plans are essential:

• Market share and penetration: If your market share remains constant in a world where costs consistently increase, you’ll inevitably start recording losses instead of profits. Business growth plans help you avoid this scenario.
• Recouping early losses: Most companies lose far more than they earn in their early years. To recoup these losses, you’ll need to grow your company to a point where it can make enough revenue to pay off your debts.
• Future risk minimization: Growth plans also matter for established businesses. These companies can always stand to make their sales more efficient and become more liquid. Liquidity can come in handy if you need money to cover unexpected problems.
• Appealing to investors: For most businesses, a business growth plan’s primary purpose is to find investors . Investors want to outline your company’s plans to build sales in the coming months.
• Concrete revenue plans: Growth plans are customizable to each business and don’t have to follow a set template. However, all business growth plans must focus heavily on revenue. The plan should answer a simple question: How does your company plan to make money each quarter?

What factors impact business growth?

Consider the following crucial factors that can impact business growth:

• Leadership: To achieve your goals, you must know the ins and outs of your business processes and how external forces impact them. Without this knowledge, you can’t direct and train your team to drive your revenue, and you will experience stagnation instead of growth.
• Management: As a small business owner, you’re innately involved in management – obtaining funding, resources, and physical and digital infrastructure. Ineffective management will impact your ability to perform these duties and could hamstring your growth.
• Customer loyalty: Acquiring new customers can be five times as expensive as retaining current ones, and a 5 percent boost in customer retention can increase profits by 25 percent to 95 percent. These statistics demonstrate that customer loyalty is fundamental to business growth.

What are the four major growth strategies?

There are countless growth strategies for businesses, but only four primary types. With these growth strategies, you can determine how to build on your brand.

• Market strategy: A market strategy refers to how you plan to penetrate your target audience . This strategy isn’t intended for entering a new market or creating new products and services to boost your market share; it’s about leveraging your current offerings. For instance, can you adjust your pricing? Should you launch a new marketing campaign?
• Development strategy: This strategy means looking into ways to break your products and services into a new market. If you can’t find the growth you want in the current market, a goal could be to expand to a new market.
• Product strategy: Also known as “product development,” this strategy focuses on what new products and services you can target to your current market. How can you grow your business without entering new markets? What are your customers asking for?
• Diversification strategy: Diversification means expanding both your products and target markets. This strategy is usually best for smaller companies that have the means to be versatile with the products or services they offer and what new markets they attempt to penetrate.

Max Freedman contributed to this article.

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10 Examples of Long-Term Business Goals to Set Now

December 15, 2023, identify, set, and achieve long-term business goals for success.

Today I want to share examples of long-term business goals with you. Because thinking long-term about your business is key to its success.

One of my former bosses had a good saying. And I think it applies to long-term goals for a business.

My boss used to tell us this. “In the long run, we are only limited by our thoughts. Don’t hold back. Think big!”

So, let’s dive in and think big about our businesses…

Disclosure: At no cost to you, I may get commissions for purchases made through links in this post.

Examples Of Long-Term Business Goals

First of all, here you will find today’s examples of long-term business goals list for your consideration:

• Expand into a new geographic market
• Market through a new channel
• Penetrate a new demographic
• Broaden product and service offerings
• Acquire a competitor
• Expand personnel and facilities
• Migrate to a new technology platform
• Put financing sources in place
• Increase earnings
• Improve profit margins

Next, let’s make sure we are completely aligned on today’s topic.  Identifying, setting, and achieving these 10 examples of long-term goals for a business.

Long-Term Business Goals Definition

First of all, a goal is an outcome you want to achieve. That a person envisions, plans for, and commits to achieve.

Furthermore, goals can relate to many aspects of our lives. For example, self-development, career, health, fitness, and personal finance outcomes .

But today, we are talking about goals related to your business.

More specifically, we are talking about long-term goals for a small business . Or, larger businesses too.

Typically, long-term goals take more planning. And more time to achieve. Normally, it takes 5 years or more to accomplish a long-term goal.

Furthermore, long-term goals are more strategic. And they require a vision of what your business will look like in the distant future.

While ensuring its long-term success, growth, and profitability. As you make the journey.

Finally, business goals can be non-financial . Or, they can be tied to a specific financial outcome.

Long-Term Goals For A Business Versus Other Types Of Goals

Businesses also have short-term goals and medium-term goals. Let’s compare and contrast…

Short-Term Business Goals

Short-term business goals are to be accomplished within 1 year.

Their focus is on solving today’s problems. Or, activities in the near term. That creates a foundation for long-term success.

Examples of short-term business goals include:

• Increase on-time delivery from 95% to 99%
• Reduce overhead costs by 3%
• Prepare a business plan

Medium-Term Business Goals

Medium-term goals should be set and completed within a 1-5 year time horizon.

These goals are intended to move your business forward in a meaningful way. But, are too involved to complete within a year.

Examples of good medium-term goals for business include:

• Increase market share by 5%
• Develop and bring to market a product line extension
• Increase shareholder value by $1 million

Next, before we touch on the examples. A little more talk about long-term goals for a business…

The Big Picture View Of Long-Term Business Goals

Today’s examples of long-term business goals are more strategic. Versus short and medium-term goals.

They are not about solving today’s problems. Or, about improving your business on the margins in the next few years.

They are for taking big steps forward. And transforming your business into something bigger and better in the future. Versus what it is today.

These goals take more than 2-3 years to accomplish without causing business instability.

They require careful thought about the direction you wish your business to take. Then planning, resources, and careful execution.

For more on these strategic topics…

consider this excellent course on business strategy and leadership .

But for now, I think about long-term goals for a business in one of three categories:

1. Extending market reach. Specifically, growing business revenue in different and dramatic ways.

2. Ensuring the ability to scale. Having success with growth means being able to handle it. In other words, scaling operations to service the new markets and customers you are reaching.

3 . Balancing growth and profits. Substantial business growth is good. It certainly beats the alternative.

But rapid growth is hard to execute. And it must be done profitably.

Thus, all 10 of today’s examples of long-term business goals fall into one of these categories.

Now, let’s go through each of the 10 goals on our list. All of them can be good investments to make in your business .

1. Expand Into A New Geographic Market

Plan for and expand into new geographic markets. For example, if you operate in Utah. Expand into the high business growth state of Colorado .

If your business services the Western portion of the country. Extend it throughout the United States.

Finally, consider foreign expansion. But, understand that these are big steps. Require careful thought and planning.

Up next in the long-term goals examples for business: channel strategy…

2. Go To Market Through A New Channel

Identify all the possible channels through which your products and services can be sold. Then delivered to your customers.

Utilize one or more marketing channels that have not yet been tapped.

For example, consider a targeted social media strategy. That drives traffic to an online store on your website.

3. Penetrate A New Demographic

Your current products and services are likely popular with a certain demographic.

So, evaluate your marketing plan. To tap into demand from a different segment of the population .

4. Broaden Product And Service Offerings

Enhance and broaden your product lines. Innovate and develop new products and services.

But, be sure they fit within your company’s mission. And customer service value proposition.

So, don’t stray too far. From your business’s core strengths.

Okay.  It’s time for the 5th in our series of long-term goals for business examples: mergers and acquisitions…

5. Acquire A Competitor

Acquiring a competitor can be the quickest way to extend your business’s market reach. And this brings us to the “buy or build” dilemma.

You have to decide if it’s more effective to extend your market reach on your own. In other words, building out those capabilities internally.

Or doing so. by buying a competitor. Specifically, a competitor that has accomplished what your business has not. This is the reasoning behind strategic acquisitions.

When it comes to the buy or build decisions. There is no right or wrong answer.

Each situation will be different. And every business will be different. Including yours.

Okay. So the first 5 examples of long-term business goals relate to extending your business’s market reach.

Accomplish any one or more of these goals. And your business will experience revenue growth. Sometimes, rapid revenue growth.

And rapid growth requires the ability to scale. This leads us to the next few long-term goals for business…

6. Expand Personnel And Facilities

Ensure you have the team in place to handle the influx of business. Including the quantity and quality of staff. Also, management personnel.

Develop and put a personnel plan in place. Including an employee professional development and onboarding program.

Then make sure you have the appropriate facilities. That solves for the right locations, footprint, and space.

This includes production, warehouse, distribution, and office space. Depending on your specific business needs.

Also, consider business outsourcing. Another buy or build decision. As part of scaling up to meet demand.

7. Migrate To A New Technology Platform

Don’t forget about technology. Because most successful businesses run on an enterprise-wide system.

If your business does not have the appropriate technology in place. Or, its capacity is limited.

Then make improving your technology infrastructure a long-term business goal.

8. Put Financing Sources In Place

If you have one, your CFO should be in charge of this goal.

Because growth by extending market reach. And putting the people, facilities, and technology in place to service it. Requires one very important thing.

What’s that? It is cash.

Because it takes money to make money. And investing in growth doesn’t come for free.

Where your cash comes from . Be it debt financing, equity financing, or internally generated funds. Don’t let access to capital derail your long-term business plans.

Okay now. Our final 2 examples of long-term business goals fall in the third category.

Specifically, balancing growth versus business profit goals . Since growth without profit, or at the very least, profit potential. Is no fun when operating a business.

9. Increase Earnings

So, set a long-term earnings goal. And first, put it into dollar terms.

For example, increase pre-tax income from $250,000 to $750,000. That’s a big jump in profit. And why it’s a long-term goal for a business.

But, make sure you have accurate financial information. To do so, consider outsourcing your financial management. Assuming you aren’t up to doing it yourself.

Now, it’s time for our last example of long-term goals in business. Then I will wrap up…

10. Maintain or Improve Profit Margins

Then, make sure your business’s profit margin is stable or even increasing. When I say profit margin, I’m talking about pre-tax income divided by revenue.

Continuing the example from above. Let’s say you did $250,000 in pre-tax profit on $1 million in revenue. So, your profit margin is 25%

Your long-term goal should be to at least maintain that margin. Therefore the new income target of $750,000. Should be generated from no more than $3,000,000 in revenue.

Your profit goals should be part of your financial planning . And, included in pro-forma financial statements.

Make sure the financials encompass all of the economics. Of whatever goals you choose to set.

Finally, I always recommend that business owners keep their personal finances. Separate from their business finances.

I use Personal Capital to track all of my spending and investments. And keep them separate from my business.

Best of all, Personal Capital is free to sign up and use. You can learn more about Personal Capital here .

Next, a few words about setting business goals. Here’s the best way to go about it…

How To Set Long-Term Business Goals

Business long-term goals should be set using SMART . A SMART goal includes the following 5 attributes…

Specific. Make your goals as detailed as possible. Outlining exactly what you want to accomplish.

Measurable. Determine how you will measure success. Both the interim steps and the completion of the goal.

Achievable. Stretch yourself and your organization. But don’t waste time with goals that can’t be achieved.

Realistic. A goal may be achievable. But it may not be realistic. Determine this by looking at your constraints.

For example, a goal may be achievable. But if it requires an amount of capital that you are unable to obtain. Then it’s not realistic.

In this case, access to capital is the constraint. Other constraints include the ability to attract employees and overall market conditions.

Time-bound. Set a deadline for when the goal will be accomplished. A long-term business goal should be out at least 4-5 years from now.

Finally, be sure to align your goals from short to long term . As a result, they will complement each other.

Since the complexity of long-term goals leads to long time horizons. Achieving these goals is challenging.

So, set yourself up for success…

How To Achieve Long-Term Business Goals

Students of goal-setting use three more steps. After setting goals using the SMART system.

Specifically, businesses that achieve these examples of long-term goals for business do 3 more things.

Specifically, they plan, act, and monitor (PAM) to successfully achieve goals .

Plan. Long-run goals require a plan. Those step-by-step actions, deliverables, and accountability that must be completed on the path to success.

Action. This should speak for itself. But it’s important. Get the planning done. Then, act. Furthermore, involve your employees in goal-setting processes.

Because people tend to delay working on long-term goals in a business. Thus, time management is critical for success.

Monitor. Finally, it’s important to monitor progress against the plan. Every 3-6 months.

Work through the SMART and PAM goal systems. Document as you go. Commit to all your goals and plans in writing.

Research shows that a written goal. Has a much higher success rate. Versus a goal that is not.

Then appoint a person who has the overall task to see the goal through to the end. And give them the resources required to be successful.

Lack of focus and lack of accountability diminishes the chances of success. When pursuing your organization’s goals over a long period.

Okay. Let’s wrap today’s article up with a summary…

Summary: Examples Of Long-Term Business Goals

10 Examples Of Long-Term Business Goals include:

In my opinion, any of these 10 objectives are good examples of long-term goals for a new business. Or, a mature business that has been operating for a while.

They are perfect complements to this…

course I really like about business strategy

…it’s full of great lessons on how to take your business to the next level.

Categories Of Long-Term Business Goals

These business goal examples fall into 1 of the 3 broad categories:

• Extending market reach
• Ensuring the ability to scale
• Balancing growth and profit

In the case of the first two categories. A business owner will be confronted with the options to buy, build, or outsource.

Finally, all goals should be set with an eye on the third category. That is balancing growth and profit.

Setting Long-Term Business Goals

Make SMART goals for your company . They should be:

Achieve Your Long-Term Business Goals

Achieve your goals with PAM:

Document your goals and your plan. By committing to them in writing. Then get to work on your long-term goals for a business.

More Reading About Setting And Achieving Goals

• Level up your money game with these articles
• Move your business to this low-tax state
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Author Bio : Tom Scott founded the consulting and coaching firm Dividends Diversify, LLC. He leverages his expertise and decades of experience in goal setting, relocation assistance, and investing for long-term wealth to help clients reach their full potential.

Short-Term, Medium-Term & Long-Term Planning in Business

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• Business Planning & Strategy
• Business Plans
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Aggregate Planning Concepts

Issues to discuss at safety committee meetings, the difference between operations & strategic human resources.

• Primary Responsibilities of a Human Resource Manager
• What Is the Meaning of Organizational Strategy?

Business owners develop plans to reach their overall goals, and they usually find it useful to separate planning into phases. This allows you to track immediate improvements while evaluating progress toward eventual goals and targets. The different time frames of the planning process place the focus on time-sensitive aspects of the company's structure and environment. You can differentiate planning based on the time frames of the inputs and expected outcomes.

Strategic Planning Characteristics

Many businesses develop strategic planning within a short-term, medium-term and long-term framework. Short-term usually involves processes that show results within a year. Companies aim medium-term plans at results that take several years to achieve. Long-term plans include the overall goals of the company set four or five years in the future and usually are based on reaching the medium-term targets. Planning in this way helps you complete short-term tasks while keeping longer-term goals in mind.

Short-Term Planning

Short-term planning looks at the characteristics of the company in the present and develops strategies for improving them. Examples are the skills of the employees and their attitudes. The condition of production equipment or product quality problems are also short-term concerns.

To address these issues, you put in place short-term solutions to address problems. Employee training courses, equipment servicing and quality fixes are short-term solutions. These solutions set the stage for addressing problems more comprehensively in the longer term.

Medium-Term Planning

Medium-term planning applies more permanent solutions to short-term problems. If training courses for employees solved problems in the short term, companies schedule training programs for the medium term. If there are quality issues, the medium-term response is to revise and strengthen the company's quality control program.

Where a short-term response to equipment failure is to repair the machine, a medium-term solution is to arrange for a service contract. Medium-term planning implements policies and procedures to ensure that short-term problems don't recur.

Long-Term Planning

In the long term, companies want to solve problems permanently and to reach their overall targets. Long-term planning reacts to the competitive situation of the company in its social, economic and political environment and develops strategies for adapting and influencing its position to achieve long-term goals. It examines major capital expenditures such as purchasing equipment and facilities, and implements policies and procedures that shape the company's profile to match top management's ideas.

When short-term and medium-term planning is successful, long-term planning builds on those achievements to preserve accomplishments and ensure continued progress.

• Small Business: Business planning: Short, medium and long-term objectives
• Info Entrepreneurs: Strategic Planning
• Board Effect: The Difference Between Short-Term and Long-Term Goal Planning

Bert Markgraf is a freelance writer with a strong science and engineering background. He started writing technical papers while working as an engineer in the 1980s. More recently, after starting his own business in IT, he helped organize an online community for which he wrote and edited articles as managing editor, business and economics. He holds a Bachelor of Science degree from McGill University.

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Where Will Nvidia Stock Be in 5 Years?

• Nvidia stock has soared to new highs thanks to continued euphoria among artificial intelligence (AI) investors.
• Competition in the chip realm remains high, begging the question of how long can Nvidia's dominance really last.
• While the stock will likely remain a solid buy for many years, I see reasons for more protracted gains on the horizon.
• Motley Fool Issues Rare “All In” Buy Alert

NASDAQ: NVDA

Nvidia stock has soared over 125% in 2024.

Over the last 18 months or so the capital markets have kicked into a new gear thanks in large part to the technology sector's interest in artificial intelligence (AI).

Among AI's hottest opportunities are the " Magnificent Seven " -- a moniker used to collectively describe mega cap tech businesses Microsoft , Meta , Apple , Tesla , Amazon , Alphabet , and Nvidia ( NVDA 4.08% ) .

At the moment, Nvidia is arguably playing the most important role in the AI revolution as the company's graphics processing units ( GPU ) remain in high demand and are a key feature of countless generative AI applications.

But with shares of Nvidia soaring over 125% in just the last 12 months, it's reasonable to wonder how much higher the stock can go.

Let's explore the current state of Nvidia's business to get an understanding of why the stock has moved up so sharply. Moreover, a thorough analysis of the competitive landscape in the chip and data center space will help shed light on where Nvidia shares could be headed.

Nvidia dominates the chip market, but...

Right now, Nvidia's H100 GPUs are used by some of the world's largest companies to help train sophisticated large language models (LLMs) and even help develop autonomous driving software. The company augments the H100 chip line with sibling GPUs known as the A100 and Blackwell series, and are currently developing successor chips known as Rubin.

Given this rapid pace of innovation, it's not surprising to see Nvidia's revenue soar to new heights.

NVDA Revenue (Quarterly) data by YCharts

What is a little bit unique, however, is that it's not just sales that are soaring for Nvidia. The company's impressive roster of chips and data center services has given it an edge over the competition. For this reason, Nvidia has attained strong pricing power , which is directly leading to meaningful margin expansion and accelerating profits.

How long can Nvidia keep the lead?

While the financial profile above looks great, smart investors understand the dynamics of supply and demand .

Considering Nvidia outsources heavily to Taiwan Semiconductor to actually manufacture its GPUs, there is some underlying execution risk. In other words, if Taiwan Semiconductor's capabilities cannot keep pace with demand trends, Nvidia could face an unwanted backlog jam.

This dynamic creates an opportunity for competitors to emerge and offer alternative solutions to customers that were waiting in line for Nvidia products.

As far as direct competition is concerned, both Advanced Micro Devices and Intel are seen as emerging forces in the GPU realm . With that said, I think it will take some time for AMD's MI300X chip and Intel's Gaudi 3 GPU to gain significant traction in the market and start to eat away at Nvidia's dominating performance.

My contrarian take on Nvidia's future is that the company will face significant competition outside of traditional semiconductor businesses. Namely, over the last year Amazon has poured billions of dollars into its AI endeavors -- many of which revolve around chip development.

Amazon invested $4 billion into an AI start-up called Anthropic to help accelerate growth in its cloud computing business. As part of the deal, Anthropic is training its AI models on Amazon's homegrown Trainium and Inferentia chips . Moreover, earlier this year Amazon revealed its plan to invest $11 billion into data centers in Indiana .

Another Magnificent Seven company looking to make waves in the chip space is Meta. Interestingly, Meta is currently a customer of Nvidia.

However, the company has been hard at work developing its own chip, called the Meta Training and Inference Accelerator (MTIA), as a way to keep most of its tech stack in house and migrate away from external sources.

Image source: Getty Images.

Where could Nvidia stock be five years from now?

The chart below shows Nvidia's stock trend over the last 10 years. While it's historically been a good stock to own, clearly there have been some outsized gains in just the last two years.

NVDA data by YCharts

While I do not think Nvidia is facing an existential crisis by any means, I do think investors need to be considering the long-term implications of rising competition as well as the dynamics of the chip industry.

Demand for semiconductors tends to be cyclical . Although Nvidia does have other opportunities in AI-powered software , these products are meant to be used in tandem with its GPUs. For these reasons, I would not be surprised to see a slowdown in Nvidia's business at some point. This could lead to compressed margins and decelerating cash flow growth.

By contrast, I think big tech businesses such as Amazon and Meta have an interesting opportunity to enter the chip space and gain ground on Nvidia all while being diversified enough to generate growth from other business segments as well.

As Nvidia continues to mature as a business, I think it's natural that its growth will eventually become more protracted. For these reasons, I think there is a good chance Nvidia stock's returns will normalize over the coming years and could be outmatched by other opportunities among mega-cap tech.

John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Adam Spatacco has positions in Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, Taiwan Semiconductor Manufacturing, and Tesla. The Motley Fool recommends Intel and recommends the following options: long January 2025 $45 calls on Intel, long January 2026 $395 calls on Microsoft, short August 2024 $35 calls on Intel, and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy .

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Why Does Vinod Modi Of Sharekhan Have A Positive View On ONGC From A Long-Term Perspective?

• Aug 13, 2024,
• Updated Aug 13, 2024, 1:43 PM IST

The impact of crude oil prices on ONGC is undeniable, but as Vinod Modi of Sharekhan emphasizes, the company’s long-term prospects remain strong. ONGC’s strategic initiatives, solid fundamentals, and efforts to diversify its portfolio make it a promising investment for those with a long-term view. While crude oil prices will continue to influence its short-term performance, ONGC’s ability to adapt and grow in a changing energy market is likely to drive sustained value for shareholders.

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Council Confirms Options And Projects In Its Long-term Plan

Press Release – Taupo District Council

After a huge amount of public feedback and two full days of deliberating, Taup District councillors have made a range of decisions in relation to the councils Long-term Plan.

After a huge amount of public feedback and two full days of deliberating, Taupō District councillors have made a range of decisions in relation to the council’s Long-term Plan.

The Long-term Plan sets out the council’s projects and priorities for the next 10 years. In all, 1418 submissions were received, and all were considered carefully. Councillors spent two days hearing verbal submissions and two days deliberating before making a series of key decisions.

The draft Long-term Plan consultation document asked four key questions of the community; about council’s proposed approach, about whether to switch to wheelie bins, whether to provide first-home buyer options on council-owned land, and how to resolve wastewater issues in Taupō and Tūrangi.

Community feedback was in favour of sticking with rubbish bags rather than switching to rates-funded wheelie bins, and councillors agreed. The current kerbside rubbish and recycling service will remain.

The draft Long-term Plan proposed to focus on doing the essentials well, defined as continuing to invest in water and transport infrastructure to keep these assets in good shape. Most feedback agreed with this approach. The Council also confirmed the short to medium-term options for managing wastewater that were set out in the draft plan. In regard to its East Urban Lands, the Council has decided it will partner with a consortium to provide 42 quality first home options. The consortium will build and sell these houses. The majority of submitter feedback agreed with this proposal.

While rates will be rising in the current financial year, the amount differs depending on where a property is and what it is used for. Most of the increase is to targeted rates for water and sewerage, which reflects the fact that three waters infrastructure is now remaining with councils. Council also had to add extra money into the Long-term Plan to budget for preparing a Water Services Delivery Plan, which is anticipated to be required by central government in the next one to two years.

Many fees for things like pool entry and using council facilities and venues are partly subsidised by rates. The draft Long-term Plan proposed shifting the balance so that more of this cost is borne by the person using the service, rather than the ratepayer. The only change to the draft schedule of fees and charges was to adjust the building site inspection minimum fee down from $245 an hour to a 45-minute minimum which will cost $181, with extra time being charged in 15-minute increments.

Projects that were not in the draft Long-term Plan but added in as a result of feedback include projects to connect the toilets at the Waipāhīhī Botanical Reserve to the Taupō sewerage system and to address odour at the Taupō Wastewater Treatment Plant, bringing forward some playground funding to year one of the plan, shifting some footpath funding to Wairākei Drive in response to a community request. Council also adopted a new Community Funding Policy and Community Funding Eligibility and Assessment Framework, but made a few changes based on feedback, including shifting one-off funds to two rounds per year.

Taupō District Mayor David Trewavas says councillors and council staff put a lot of thought and time into preparing the plan, and the response from the community was extremely helpful in confirming that the general thrust of the plan to focus on the essentials was the correct one.

“We received many insightful and thoughtful submissions on the plan which influenced our thinking,” Mr Trewavas says. “Probably the most significant piece of feedback was that the proposed switch to wheelie bins would have been difficult for some of our residents and ratepayers in our diverse district.

“Many of the costs in this plan are driven by factors outside council’s control. Inflation has pushed up the cost of infrastructure projects; and changes from central government, such as bringing waters services back under council control, have also had a big impact.

“Councils around the country have grappled with similar issues and many have had little option but to increase rates. We have worked hard to keep the rates increases in this plan as low as we can.

“Thank you for having your say and helping shape the Taupō District for the next decade.”

The next step is for the plan to be audited. Council expects to adopt the Long-term Plan by 30 September.

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More From Forbes

Constructing a plan for long-term business success.

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Nouriel Gino Yazdinian is the CEO of  NY Elizabeth , a luxury online auction house with offices in the United States and United Kingdom.

The consistent, long-term success of a company hedges on a number of components that factor into the success or failure of a startup looking to reach the next level. Above everything else, the most underrated form of capital that you will ever possess is your mind and sheer willpower.

As the CEO of NY Elizabeth, I have been able to be methodic and apply laser focus in order to realize the success that we have achieved today. But initially, I was armed only with a dream and a few wishful goals that were designed to take me five years into the future. Every step of the way, I found I had to reconfigure expectations and execute in unforeseen ways in order to properly set the direction of the business and utilize short-term objectives to achieve long-term goals. To get to where I am today, I had to have a goal in mind, and I used some methods that can also help others succeed long term.

Your primary focus should be on clients.

Offering customers the best solutions that are tailored to their specific needs is one of the best ways to ensure growth. Satisfied customers are more likely to remain loyal and bring a business repeat business as well as invaluable word-of-mouth marketing that generates revenue in the long term. My primary objective is to always provide quality customer support and utilize effective data that breaks down exactly what our customers need and pinpoint areas where we can improve the services we extend to our clients. In my experience, placing customers first impacts every area of the business and creates an environment that is inviting and easier to lay a foundation to build upon in the future.

Never be afraid to expand into new opportunities.

The plan I initially had in mind served as a blueprint for the future, and by using the economic resources available to me as well as the advice of those that came before me, I was able to quickly ascend to the next level by staying true to my vision while also keeping an eye on future trends that have impacted the art world. As one of their primary missions, an entrepreneur should always be broadening the scope and scale of their products and services over time in ways that play to the core strengths of the company.

Be willing to take the plunge toward a new demographic.

What you offer your clients today may not be what they want in the future, and who your clients are today may not be the best type of client for your company in the future. Any business that wishes to succeed long term must recognize this and act accordingly in order to alleviate any problems as the business ages. For example, the art industry has traditionally been regarded as a place for only the rich and older generations, but at NY Elizabeth, we tapped into younger generations that want to invest in art, presenting them with the opportunity in an industry that has by and large been denied to them. A firm marketing plan that researched their desires enabled us access to this growing market in ways that will benefit us in the future as the world moves toward a more digitized business model.

Put a winning team in place.

No successful business ever makes it on the strength of just one person. A bonafide team that can meet the demands of the industry is what it takes to make a long-term run that reaps the rewards of diligence. It is crucial to assemble a team capable of handling the influx of business at the level expected for true growth and expansion. Depending on the nature of the company, a specialized development and employee onboarding program may be necessary in order to fulfill the needs of consumers.

Never fear the advent of new technology.

With my previous career in tech, I have always been a huge proponent of advocating for the incorporation of whatever programs that can enhance and expand my business and take it to the next level. Businesses that lack the proper technology are doomed before they even really get started, and in the best-case scenario, their capacity to reach the intended audience is limited. There is no reason in the current era to settle for diminished returns with so much useful technology at your fingertips.

Maintain or increase profit margins steadily over time.

Of course, every business wants to be successful and report increases in revenue, and it is crucial that the profit margin of your business remain stable or increase incrementally in order to be deemed a success. The long-term goal of an entity should be maintaining the margin with profit goals as a part of intricate financial planning. Incremental increases allow businesses to ramp up productivity along with motivating the entire team to strive for bigger and better goals to reach.

There is no shame in starting small.

The adage "go big or go home" is not one that business owners should necessarily ascribe to as it is not always as simple as that for many companies. No matter what your particular goals may be or their magnitude, the fact is that starting up any initiative is empowering, and the right ingredients in place can lead to success.

Ask yourself some key questions.

Imagine and plan now for the future success of your business and be prepared to ask yourself the questions that will enable you to achieve what you envision.

• Where would you like to see yourself in five years? Ten years?

• What policies are you setting in place to realize your vision?

• How are you creating solutions for tomorrow's issues facing your industry?

• What steps are being executed to stay connected to your client base?

• How do you feel about the future of your business, both personally and professionally?

Ultimately, your long-term goals now are the early building blocks to creating a successful plan that yields the results you desire.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?

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Where Tim Walz Stands on the Issues

As governor of Minnesota, he has enacted policies to secure abortion protections, provide free meals for schoolchildren, allow recreational marijuana and set renewable energy goals.

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By Maggie Astor

• Aug. 6, 2024

Gov. Tim Walz of Minnesota, the newly announced running mate to Vice President Kamala Harris, has worked with his state’s Democratic-controlled Legislature to enact an ambitious agenda of liberal policies: free college tuition for low-income students, free meals for schoolchildren, legal recreational marijuana and protections for transgender people.

“You don’t win elections to bank political capital,” Mr. Walz wrote last year about his approach to governing. “You win elections to burn political capital and improve lives.”

Republicans have slammed these policies as big-government liberalism and accused Mr. Walz of taking a hard left turn since he represented a politically divided district in Congress years ago.

Here is an overview of where Mr. Walz stands on some key issues.

Mr. Walz signed a bill last year that guaranteed Minnesotans a “fundamental right to make autonomous decisions” about reproductive health care on issues such as abortion, contraception and fertility treatments.

Abortion was already protected by a Minnesota Supreme Court decision, but the new law guarded against a future court reversing that precedent as the U.S. Supreme Court did with Roe v. Wade, and Mr. Walz said this year that he was also open to an amendment to the state’s Constitution that would codify abortion rights.

Another bill he signed legally shields patients, and their medical providers, if they receive an abortion in Minnesota after traveling from a state where abortion is banned.

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