Long-term vs. Short-term Strategic Planning

In a Nutshell:

• Long-term planning defines your business vision and sets ambitious goals, such as BHAGs (Big Hairy Audacious Goals), to guide overall direction.
• Short-term planning focuses on breaking down these long-term goals into actionable, achievable steps.
• Both approaches are essential—long-term foresight sets the course, while short-term strategy ensures disciplined execution.

As an entrepreneur, it’s crucial to understand that long-term and short-term strategic planning are not the same discipline. Both are essential, but each serves a distinct purpose in driving your business toward success.

I remember recently having a conversation with a very experienced consultant, Mr. Francis Wade, we discussed the powerful concept of BHAGs—Big Hairy Audacious Goals. BHAGs represent those bold, transformative targets that stretch your business beyond the familiar. But Francis stressed an important point: while BHAGs are visionary, they can't stand alone. You need a solid strategy to make those ambitious dreams a reality.

Long-term strategic planning helps you define your ultimate vision—where you want your business to be 10 or 20 years down the line. It’s the ‘why’ that guides your overall direction. However, that vision is meaningless without short-term strategic planning. Short-term planning defines the actionable steps—the ‘how’—that get you closer to your BHAGs.

Successful entrepreneurs know that discipline is the bridge between ambition and execution. It’s not enough to dream big; you need to break those dreams into smaller, achievable goals that are aligned with your current resources and capabilities.

So as you set out to conquer your BHAGs, ensure you have both long-term foresight and short-term strategy in place. This balance is key to turning audacious goals into measurable, sustainable success. As an entrepreneur you may think you don't need this. Yes, maybe you don't but your brand, your company, your business needs this.

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