What is better short term or long term financial goals?

Question

With me setting up a small business i was thinking whether i should set for a long term or a short term financial goal for the company as a short term one would be quicker to achieve but a long term one would be a better solution for the company?

Answer 1

For a business, you need both.

Long-term goals
A normal business plan will cover three to five years, but you should also have a feel for general growth beyond that (i.e. do you want to expand nationally, internationally, etc)

Short term goals
You must have a detailed budget for your current year, and start one for next year when you are near the end of your current year. This should be as detailed as your accounts allow, but do not waste time analyzing every paperclip - a total monthly spend for stationery is sufficient.

Comments

Also, see the Freedly+ page at https://plus.google.com/u/0/b/115285477533052725573/115285477533052725573/posts/QStLsBgFRg5