business plan long term

Strategic Plans for Long-Term Growth: Examples and Strategies

This is a comprehensive guide on strategic planning for small to midsize companies.

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?

What does strategic planning mean, what is the goal of strategic planning.

• What is Strategic Leadership?

4 Strategic Planning Strategies

The strategic planning process [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 planning is one of three essential ways 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 employees 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 employees 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 long-term objectives such as your company’s vision, mission, culture, values, and goals. Envision how you see the company five or ten years from now.
• What you need to do to get there. You come away from your planning sessions with a roadmap 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 of your organization. These goals are connected to your organization’s mission and long-term vision.

What is Strategic Leadership? 

Strategic leadership 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 strategic mission and vision statement.

Strategic leadership, also known as strategy execution, 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 employees 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 and training.
• 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:

Purpose-driven

Align your strategic plan with the company’s purpose and values as you understand them.

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

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.

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 team of leaders and employees from your company and possibly other stakeholders.

When should strategic planning be done?

You should plan strategically for start-ups and newer organizations from the start. But even if your company is more established, 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 such as 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?

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 to determine your company’s Strengths, Weaknesses, Opportunities, and Threats against success. Your strengths and weaknesses are directly related to your current competitive advantage within your industry. They are what you use to balance challenges to your success. They also influence the likelihood of increased market share in the future.

Define your unique vision and mission. 

What would success look like for you in three years? Five years? Ten years? Articulate that in a vision statement. How do you intend to realize your vision? That’s articulated in your mission statement. Formulating purpose-driven strategic goals articulates why your company does what it does. Your organizational values inform your mission and vision and connect them to specific objectives.

Determine your company’s value.

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

Set your organizational direction.

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

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.

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.

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 mid-level goals to individual goals employees must accomplish to achieve overall outcomes. This helps everyone see how their performance will influence overall success, which improves engagement and productivity.

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.

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.

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 time frames. Key performance indicators (KPIs) align performance and productivity with long-term strategic objectives. 

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 coworkers. Addressing their concerns will help build a culture that understands how to champion change.

Implementing Your Strategic Plan

• 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 employees 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? There are lots of templates out there to help you create a plan document with pen and paper.

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 values.
• Create core values, a niche, and long-term goals that are accessible to everyone in your company.
• Create a vision of the future that lets you know what needs to happen now.
• Streamline and organize your processes.
• 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:

• Executive Summary
• Elevator Pitch
• Mission Statement
• Vision Statement
• SWOT Analysis
• Key Performance Indicators (KPIs)
• Industry Analysis
• Marketing Plan
• Operations Plan
• Financial Projections

Vision + Goals is also completely integrated with all other features on Ninety, such as Scorecards, 90-Day Goals, To-Dos, Issues, Roles & Responsibilities Chart, Meetings, One-on-Ones, and more:

• Create a clear vision 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.

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.

Do you want more step-by-step guides on strategy, strategic planning, and creating actionable strategic plans?  Subscribe to our blog!

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11 Tips for Creating a Long-Term Strategic Plan

7 min. read

Updated October 29, 2023

Strategic planning is a management tool that guides your business to better performance and long-term success.

Working with a plan will focus your efforts, unify your team in a single direction, and help guide you through tough business decisions. A strategic plan requires you to define your goals, and in defining them, enables you to achieve them—a huge competitive advantage.

In this article, we’ll discuss 11 essentials for creating a thorough and effective strategic plan. Each tip is a critical stepping stone in leading your business toward your goals.

• 1. Define your company vision

You should be able to define your company vision in 100 words. Develop this statement and make it publically available to both employees and customers.

This statement should answer the key questions that drive your business: Where is your company headed? What do you want your company to be? If you don’t know the answer to these questions off the top of your head, then you have some thinking to do! If you have the answers in your head, but not on paper—get writing.

If you have them written down, congrats! You’ve completed the first and most critical step in creating a long-term strategic plan.

• 2. Define your personal vision

While your personal vision is just as important to your strategic plan, it does not need to be shared with your team and customers.

Your personal vision should incorporate what you want your business to bring to your life—whether that’s enormous growth, early retirement, or simply more time to spend with family and friends.

Aligning your personal vision with your company vision is key to achieving your personal and professional goals. Just as with your company vision, have your personal vision written down in a 100-word statement. Know that statement inside and out and keep it at the forefront of your decision making.

• 3. Know your business

Conduct a SWOT (strengths, weaknesses, opportunities, and threats) analysis. By knowing where your business is now, you can make more informed predictions for how it can grow.

Questions such as “Why is this business important?” and “What does this business do best?” are a great place to start. A SWOT analysis can also help you plan for making improvements.

Questions such as “What needs improvement?” and “What more could the business be doing?” can help guide your strategic plan in a way that closes gaps and opens up opportunities.

For more on completing a SWOT analysis, see our SWOT analysis guide.

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• 4. Establish short-term goals

Short-term goals should include everything you (realistically) want to achieve over the next 36 months.

Goals should be “S.M.A.R.T.” (specific, measurable, actionable, reasonable, and timely).

An example of S.M.A.R.T. goals include “building out a new product or service within the next year” or “increasing net profit by 2 percent in ten months.” If you’ve already conducted a SWOT analysis, you should have an idea of what your business can reasonably achieve over a specified period of time.

• 5. Outline strategies

Strategies are the steps you’ll take to meet your short-term goals. If the short term goal is “build out a new product or service,” the strategies might be:

• Researching competitor offerings
• Getting in touch with vendors and suppliers
• Formulating a development plan
• Outlining a marketing and sales plan for the new offering
• 6. Create an action plan

An action plan is an essential part of the business planning and strategy development process. The best analysis, in-depth market research, and creative strategizing are pointless unless they lead to action.

An action plan needs to be a working document; it must be easy to change and update. But, must also be specific about what you’re doing, when you will do it, who will be accountable, what resources will be needed, and how that action will be measured.

Action plans put a process to your strategies. Using the previous example, an action plan might be: “CMO develops competitor research packet for new offerings by 9/1. Review packet with the executive team by 9/15.”

When The Alternative Board, Bradford West  Director Andrew Hartley was responsible for designing and delivering a three year, $10m environmental business support program, a full and detailed action plan was required for funding.

“That action plan allowed me to 1.) manage and measure the evolving program, 2.) ensure resources and staff were where they needed to be, and 3.) track whether the design of the program was working and delivering the level of results we were contracted to deliver,” says Hartley.

“Even I was surprised about how helpful that action plan was,” he says. “I cannot image approaching any significant project or business without one.”

• 7. Foster strategic communication

To align your team, you must communicate strategically. Results-driven communication focuses conversations and cuts out excessive meetings. Every communication should be rooted in a specific goal.

Include the how, where, when, and most importantly why every time you deliver instructions, feedback, updates, and so on.

• 8. Review and modify regularly

Check in regularly to make sure you’re progressing toward your goals. A weekly review of your goals, strategies, and action plans can help you see if you need to make any modifications.

Schedule time in your calendar for this. Weekly check-ins allow you to reassess your plan in light of any progress, setbacks, or changes.

• 9. Hold yourself accountable

Having a business coach or mentor is great for this. If you have a hard time sticking to your plans, you’ll have an equally hard time meeting your goals.

According to The Alternative Board’s September 2015 Business Pulse Survey, the number one reason business owners choose to work with mentors is accountability.

“Having a close—but not too close—space for advice and accountability is really valuable,” says TAB Member Scott Lininger, CEO of Bitsbox. “Someone who is too close to your business (such as board members) often have a perspective that’s too similar to your own. Over time, your coach comes to know your team, your product, and your business, and they help you work through all kinds of challenges in a way that’s unique.”

“All too often I find that leaders accept underperformance against their strategic plan too easily,” adds Hartley. “A coach can rekindle the resolve and ambition of the leader, resulting in a recovery of lost margins, sales, or output.”

According to Hartley, a coach can build accountability by questioning what’s working, making sure everything’s on track, pointing out areas of underperformance, and asking what corrective action needs to be pursued.

• 10. Be adaptable

Remember: You can’t plan for everything. Just as challenges will arrive, so too will opportunities, and you must be ready at a moment’s notice to amend your plan. Weekly reviews will help enormously with this.

“A strategic plan will likely need to be changed very soon after approval because nobody can accurately predict anything but the very near term future,” says Jim Morris, owner and President of The Alternative Board, Tennessee Valley. “You stay adaptable by monitoring the plan every day. The wise leader will be constantly looking for opportunities to exceed the strategic plan by being opportunistic, creative, and by exploiting weaknesses in the competitive market.”

By doing this, Morris was able to exceed forecast results of every strategic plan he ever approved. “The times when I needed to be flexible were when we met strategic plan goals ahead of time and had to rewrite the plan to keep it current and relevant.”

It’s important to be adaptable because nothing stays the same. “It’s more important to be agile and take advantage of opportunities that weren’t foreseen and make adjustments,” says Morris. “This and a continuous improvement mindset is the best way to exceed plan goals.”

• 11. Create a strategic planning team

As a business owner, you should never feel like you have to do everything alone.

A strategic planning team can help with every phase of the process, from creating a company vision to adapting your strategy week-to-week. Compose your team of key management staff and employees—some visionaries and some executors.

If you think you’re “too busy” for start strategic planning, then you need strategic planning more than you know. Having a focused plan allows you to focus your energies, so you’re working on your business, rather than in it. As a business owner, it is your responsibility to steer the ship, not put out day-to-day fires.

Yes, creating a strategic plan is challenging, and it’s certainly time-consuming, but it will make all the difference in achieving your long term goals. You’ll avoid making bad decisions and expending more effort than you need.

Try these 11 tips to get started, and then be flexible in your ongoing approach. You’ll be amazed at how much more streamlined your business processes will become when you are working with a long-term strategic plan.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Jodie Shaw is The Alternative Board (TAB)’s Chief Marketing Officer. She brings over 20 years of B2B marketing and 10 years in franchising to the role. Prior to to her work with TAB, Jodie served as the CEO and Global Chief Marketing Officer of an international business coaching franchise, serving more than 50 countries.

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, how often should a business plan be updated, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups and well-established companies. For startups, a business plan can be essential for winning over potential lenders and investors. Established businesses can find one useful for staying on track and not losing sight of their goals. This article explains what an effective business plan needs to include and how to write one.

Key Takeaways

• A business plan is a document describing a company's business activities and how it plans to achieve its goals.
• Startup companies use business plans to get off the ground and attract outside investors.
• For established companies, a business plan can help keep the executive team focused on and working toward the company's short- and long-term objectives.
• There is no single format that a business plan must follow, but there are certain key elements that most companies will want to include.

Investopedia / Ryan Oakley

Any new business should have a business plan in place prior to beginning operations. In fact, banks and venture capital firms often want to see a business plan before they'll consider making a loan or providing capital to new businesses.

Even if a business isn't looking to raise additional money, a business plan can help it focus on its goals. A 2017 Harvard Business Review article reported that, "Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs."

Ideally, a business plan should be reviewed and updated periodically to reflect any goals that have been achieved or that may have changed. An established business that has decided to move in a new direction might create an entirely new business plan for itself.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. These include being able to think through ideas before investing too much money in them and highlighting any potential obstacles to success. A company might also share its business plan with trusted outsiders to get their objective feedback. In addition, a business plan can help keep a company's executive team on the same page about strategic action items and priorities.

Business plans, even among competitors in the same industry, are rarely identical. However, they often have some of the same basic elements, as we describe below.

While it's a good idea to provide as much detail as necessary, it's also important that a business plan be concise enough to hold a reader's attention to the end.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, it's best to fit the basic information into a 15- to 25-page document. Other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and attached as appendices.

These are some of the most common elements in many business plans:

• Executive summary: This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
• Products and services: Here, the company should describe the products and services it offers or plans to introduce. That might include details on pricing, product lifespan, and unique benefits to the consumer. Other factors that could go into this section include production and manufacturing processes, any relevant patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
• Market analysis: A company needs to have a good handle on the current state of its industry and the existing competition. This section should explain where the company fits in, what types of customers it plans to target, and how easy or difficult it may be to take market share from incumbents.
• Marketing strategy: This section can describe how the company plans to attract and keep customers, including any anticipated advertising and marketing campaigns. It should also describe the distribution channel or channels it will use to get its products or services to consumers.
• Financial plans and projections: Established businesses can include financial statements, balance sheets, and other relevant financial information. New businesses can provide financial targets and estimates for the first few years. Your plan might also include any funding requests you're making.

The best business plans aren't generic ones created from easily accessed templates. A company should aim to entice readers with a plan that demonstrates its uniqueness and potential for success.

2 Types of Business Plans

Business plans can take many forms, but they are sometimes divided into two basic categories: traditional and lean startup. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

• Traditional business plans : These plans tend to be much longer than lean startup plans and contain considerably more detail. As a result they require more work on the part of the business, but they can also be more persuasive (and reassuring) to potential investors.
• Lean startup business plans : These use an abbreviated structure that highlights key elements. These business plans are short—as short as one page—and provide only the most basic detail. If a company wants to use this kind of plan, it should be prepared to provide more detail if an investor or a lender requests it.

Why Do Business Plans Fail?

A business plan is not a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections to begin with. Markets and the overall economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All of this calls for building some flexibility into your plan, so you can pivot to a new course if needed.

How frequently a business plan needs to be revised will depend on the nature of the business. A well-established business might want to review its plan once a year and make changes if necessary. A new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is an option when a company prefers to give a quick explanation of its business. For example, a brand-new company may feel that it doesn't have a lot of information to provide yet.

Sections can include: a value proposition ; the company's major activities and advantages; resources such as staff, intellectual property, and capital; a list of partnerships; customer segments; and revenue sources.

A business plan can be useful to companies of all kinds. But as a company grows and the world around it changes, so too should its business plan. So don't think of your business plan as carved in granite but as a living document designed to evolve with your business.

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

U.S. Small Business Administration. " Write Your Business Plan ."

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Navigating the dynamic B2B landscape requires a clear vision and a well-defined roadmap. Building a long-term business strategy is the cornerstone of sustainable growth, guiding your organization toward its ultimate goals. This guide explores a 7-step framework to help you chart a course for long-term B2B success.

Step 1: Articulate Your Vision – Crafting a Compelling Vision Statement

A robust vision statement serves as the guiding star for your organization. It encapsulates your aspirations, core values, and the impact you aim to make within the B2B ecosystem. Consider these prompts to ignite your vision crafting:

• What specific problem are you addressing within the B2B landscape?
• Who are your ideal clients, and how do you empower their success?
• What unique value proposition sets you apart from competitors?
• What lasting legacy do you aspire to leave on the B2B world?

An effective vision statement is clear, concise, and inspiring, resonates with your team and stakeholders, and propels them toward a shared future.

Step 2: Conduct a SWOT Analysis – Gaining Strategic Self-Awareness

Before embarking on your journey, a thorough SWOT analysis is essential. This exercise provides a realistic assessment of your organization’s strengths, weaknesses, opportunities, and threats (SWOT) within the B2B market.

• Strengths : Identify your organization’s unique skills, resources, or competitive advantages that position you for success.
• Weaknesses : Acknowledge internal limitations that hinder your growth and areas requiring improvement.
• Opportunities : Explore external trends, emerging market gaps, or potential partnerships that can be leveraged for your benefit.
• Threats : Analyze potential obstacles, competitive pressures, or economic factors that could pose risks to your organization.

By honestly evaluating the state of your business, you gain valuable insights to capitalize on strengths, address weaknesses, seize opportunities, and mitigate potential threats.

Step 3: Setting SMART Goals – Transforming Vision into Actionable Objectives

Your vision provides the ultimate destination, but achieving it requires a defined roadmap. SMART goals – Specific, Measurable, Achievable, Relevant, and Time-bound – bridge the gap between your vision and actionable steps. These goals translate your long-term aspirations into tangible objectives for different departments and timeframes.

For instance, instead of aiming for “increased brand awareness,” a SMART goal for your B2B marketing team could be: “Enhance website traffic by 20% within the next quarter through targeted LinkedIn advertising campaigns.”  This goal is specific, measurable (20% increase in website traffic), achievable within a realistic timeframe (next quarter), relevant to the department’s responsibilities, and time-bound.

To create effective SMART goals, start by clearly defining the objective. What do you want to achieve? Then, consider how you will measure success. Is it through increased sales? Website traffic? Customer satisfaction ratings? Next, assess if the goal is achievable within a certain timeframe and whether it aligns with your overall vision and objectives. Be realistic about what can specifically contribute to the goal and set a specific deadline.

By setting SMART goals, you provide your team with clear direction and focus. It also allows for tracking progress and celebrating accomplishments along the way. Additionally, it helps identify potential roadblocks or areas that may need additional attention.

Step 4: Develop Strategic Initiatives – Translating Goals into Action

Now, let’s move into the execution phase. Based on your SWOT analysis and SMART goals, brainstorm strategic initiatives that act as the building blocks for achieving your desired outcomes. These initiatives should be specific actions or projects undertaken by various departments to drive progress toward your goals.

Consider these questions to guide your brainstorming:

• What resources are required to execute each initiative effectively?
• Who will be responsible for leading and implementing these initiatives?
• How will you measure the success of each initiative using relevant KPIs?

Remember, strategic initiatives should be aligned with your overall vision and goals, have a clear timeline, and possess the necessary resources for successful execution.

Once you have identified your strategic initiatives, it’s time to assign roles and responsibilities. This step is crucial in ensuring that each initiative has a designated leader who will drive its progress and hold team members accountable. Consider the skills and strengths of your team members when assigning roles, as well as their availability and workload.

With roles assigned, it’s important to create a detailed action plan for each strategic initiative. This should include specific tasks, timelines, and deadlines for completion. Be sure to involve all relevant departments or team members in the planning process to ensure alignment and collaboration.

As you begin executing your strategic initiatives, make sure to regularly track and measure progress using key performance indicators (KPIs). These metrics will help you assess the effectiveness of your initiatives and make any necessary adjustments to ensure their success.

Step 5: Foster a Winning Team – Aligning and Empowering Your People

The success of your long-term strategy hinges on the capabilities and dedication of your team. Effective communication and team alignment are crucial for seamless implementation. Ensure everyone understands the company’s vision, goals, and their individual roles in achieving them.

• Organize regular team meetings to discuss progress, address challenges, and celebrate successes.
• Invest in training and development opportunities to equip your team with the necessary skills and knowledge to excel in their roles.
• Cultivate a culture of open communication and encourage feedback to ensure everyone feels valued and heard.

A motivated and empowered team is the driving force behind any successful long-term B2B strategy.

Listen to The Strategy Gap

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Step 6: Embrace Continuous Improvement – Monitoring, Adapting, and Evolving

The B2B landscape is inherently dynamic. Therefore, your strategy shouldn’t be static. Regularly monitor your progress, analyze results, and be prepared to adapt as needed. This continuous improvement mindset will ensure your strategy remains relevant and effective in the ever-changing business landscape.

One way to monitor your progress is by setting measurable goals and tracking key performance indicators (KPIs). These could include metrics such as lead generation, sales conversion rates, customer satisfaction, and revenue growth. By regularly reviewing these KPIs, you can identify areas that need improvement and make necessary changes to your strategy.

In addition to monitoring progress, it’s also important to stay up-to-date with industry trends and advancements. This will allow you to identify new opportunities or potential challenges that may impact your B2B strategy. Stay informed through industry publications, attending conferences and networking events, and keeping an eye on what your competitors are doing.

• Track your KPIs and assess the effectiveness of your strategic initiatives.
• Conduct periodic reviews to evaluate overall progress towards your vision and goals.
• Remain receptive to feedback and be willing to adjust your approach based on market shifts or unforeseen circumstances.

Also read: You Shouldn’t Spend More Than a Few Days on Your Strategic Reporting

Agility and adaptability are key to ensuring your long-term strategy remains effective and relevant in the ever-changing B2B landscape. Embrace continuous improvement to stay ahead of the curve and maintain a competitive edge.

Step 7: Celebrate Milestones and Sustain the Momentum

Building a successful B2B organization is a marathon, not a sprint. Take time to acknowledge and celebrate milestones along the way. Recognizing achievements boosts morale, reinforces team spirit, and maintains the momentum required to achieve your long-term goals.

Additionally, it’s important to sustain the momentum once you’ve reached a milestone. Use these moments as opportunities to reflect on what has worked well and where there is room for improvement. Keep communication channels open with both your team and clients to continue building strong relationships and ensure continued success. By fostering a culture of recognition and appreciation, you can sustain the motivation and commitment necessary to navigate the long-term journey toward B2B success.

Remember, this 7-step framework is a starting point. The specific details of your long-term business strategy will depend on your unique industry, company goals, and market dynamics. But by following these core principles and adapting them to your specific context, you can chart a course for sustainable growth and long-term achievement.

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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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Step-by-Step Guide to Writing a Simple Business Plan

By Joe Weller | October 11, 2021

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A business plan is the cornerstone of any successful company, regardless of size or industry. This step-by-step guide provides information on writing a business plan for organizations at any stage, complete with free templates and expert advice. 

Included on this page, you’ll find a step-by-step guide to writing a business plan and a chart to identify which type of business plan you should write . Plus, find information on how a business plan can help grow a business and expert tips on writing one .

What Is a Business Plan?

A business plan is a document that communicates a company’s goals and ambitions, along with the timeline, finances, and methods needed to achieve them. Additionally, it may include a mission statement and details about the specific products or services offered.

A business plan can highlight varying time periods, depending on the stage of your company and its goals. That said, a typical business plan will include the following benchmarks:

• Product goals and deadlines for each month
• Monthly financials for the first two years
• Profit and loss statements for the first three to five years
• Balance sheet projections for the first three to five years

Startups, entrepreneurs, and small businesses all create business plans to use as a guide as their new company progresses. Larger organizations may also create (and update) a business plan to keep high-level goals, financials, and timelines in check.

While you certainly need to have a formalized outline of your business’s goals and finances, creating a business plan can also help you determine a company’s viability, its profitability (including when it will first turn a profit), and how much money you will need from investors. In turn, a business plan has functional value as well: Not only does outlining goals help keep you accountable on a timeline, it can also attract investors in and of itself and, therefore, act as an effective strategy for growth.

For more information, visit our comprehensive guide to writing a strategic plan or download free strategic plan templates . This page focuses on for-profit business plans, but you can read our article with nonprofit business plan templates .

Business Plan Steps

The specific information in your business plan will vary, depending on the needs and goals of your venture, but a typical plan includes the following ordered elements:

• Executive summary
• Description of business
• Market analysis
• Competitive analysis
• Description of organizational management
• Description of product or services
• Marketing plan
• Sales strategy
• Funding details (or request for funding)
• Financial projections

If your plan is particularly long or complicated, consider adding a table of contents or an appendix for reference. For an in-depth description of each step listed above, read “ How to Write a Business Plan Step by Step ” below.

Broadly speaking, your audience includes anyone with a vested interest in your organization. They can include potential and existing investors, as well as customers, internal team members, suppliers, and vendors.

Do I Need a Simple or Detailed Plan?

Your business’s stage and intended audience dictates the level of detail your plan needs. Corporations require a thorough business plan — up to 100 pages. Small businesses or startups should have a concise plan focusing on financials and strategy.

How to Choose the Right Plan for Your Business

In order to identify which type of business plan you need to create, ask: “What do we want the plan to do?” Identify function first, and form will follow.

Use the chart below as a guide for what type of business plan to create:

Is the Order of Your Business Plan Important?

There is no set order for a business plan, with the exception of the executive summary, which should always come first. Beyond that, simply ensure that you organize the plan in a way that makes sense and flows naturally.

The Difference Between Traditional and Lean Business Plans

A traditional business plan follows the standard structure — because these plans encourage detail, they tend to require more work upfront and can run dozens of pages. A Lean business plan is less common and focuses on summarizing critical points for each section. These plans take much less work and typically run one page in length.

In general, you should use a traditional model for a legacy company, a large company, or any business that does not adhere to Lean (or another Agile method ). Use Lean if you expect the company to pivot quickly or if you already employ a Lean strategy with other business operations. Additionally, a Lean business plan can suffice if the document is for internal use only. Stick to a traditional version for investors, as they may be more sensitive to sudden changes or a high degree of built-in flexibility in the plan.

How to Write a Business Plan Step by Step

Writing a strong business plan requires research and attention to detail for each section. Below, you’ll find a 10-step guide to researching and defining each element in the plan.

Step 1: Executive Summary

The executive summary will always be the first section of your business plan. The goal is to answer the following questions:

• What is the vision and mission of the company?
• What are the company’s short- and long-term goals?

See our  roundup of executive summary examples and templates for samples. Read our executive summary guide to learn more about writing one.

Step 2: Description of Business

The goal of this section is to define the realm, scope, and intent of your venture. To do so, answer the following questions as clearly and concisely as possible:

• What business are we in?
• What does our business do?

Step 3: Market Analysis

In this section, provide evidence that you have surveyed and understand the current marketplace, and that your product or service satisfies a niche in the market. To do so, answer these questions:

• Who is our customer? 
• What does that customer value?

Step 4: Competitive Analysis

In many cases, a business plan proposes not a brand-new (or even market-disrupting) venture, but a more competitive version — whether via features, pricing, integrations, etc. — than what is currently available. In this section, answer the following questions to show that your product or service stands to outpace competitors:

• Who is the competition? 
• What do they do best? 
• What is our unique value proposition?

Step 5: Description of Organizational Management

In this section, write an overview of the team members and other key personnel who are integral to success. List roles and responsibilities, and if possible, note the hierarchy or team structure.

Step 6: Description of Products or Services

In this section, clearly define your product or service, as well as all the effort and resources that go into producing it. The strength of your product largely defines the success of your business, so it’s imperative that you take time to test and refine the product before launching into marketing, sales, or funding details.

Questions to answer in this section are as follows:

• What is the product or service?
• How do we produce it, and what resources are necessary for production?

Step 7: Marketing Plan

In this section, define the marketing strategy for your product or service. This doesn’t need to be as fleshed out as a full marketing plan , but it should answer basic questions, such as the following:

• Who is the target market (if different from existing customer base)?
• What channels will you use to reach your target market?
• What resources does your marketing strategy require, and do you have access to them?
• If possible, do you have a rough estimate of timeline and budget?
• How will you measure success?

Step 8: Sales Plan

Write an overview of the sales strategy, including the priorities of each cycle, steps to achieve these goals, and metrics for success. For the purposes of a business plan, this section does not need to be a comprehensive, in-depth sales plan , but can simply outline the high-level objectives and strategies of your sales efforts. 

Start by answering the following questions:

• What is the sales strategy?
• What are the tools and tactics you will use to achieve your goals?
• What are the potential obstacles, and how will you overcome them?
• What is the timeline for sales and turning a profit?
• What are the metrics of success?

Step 9: Funding Details (or Request for Funding)

This section is one of the most critical parts of your business plan, particularly if you are sharing it with investors. You do not need to provide a full financial plan, but you should be able to answer the following questions:

• How much capital do you currently have? How much capital do you need?
• How will you grow the team (onboarding, team structure, training and development)?
• What are your physical needs and constraints (space, equipment, etc.)?

Step 10: Financial Projections

Apart from the fundraising analysis, investors like to see thought-out financial projections for the future. As discussed earlier, depending on the scope and stage of your business, this could be anywhere from one to five years. 

While these projections won’t be exact — and will need to be somewhat flexible — you should be able to gauge the following:

• How and when will the company first generate a profit?
• How will the company maintain profit thereafter?

Business Plan Template

Download Business Plan Template

Microsoft Excel | Smartsheet

This basic business plan template has space for all the traditional elements: an executive summary, product or service details, target audience, marketing and sales strategies, etc. In the finances sections, input your baseline numbers, and the template will automatically calculate projections for sales forecasting, financial statements, and more.

For templates tailored to more specific needs, visit this business plan template roundup or download a fill-in-the-blank business plan template to make things easy. 

If you are looking for a particular template by file type, visit our pages dedicated exclusively to Microsoft Excel , Microsoft Word , and Adobe PDF business plan templates.

How to Write a Simple Business Plan

A simple business plan is a streamlined, lightweight version of the large, traditional model. As opposed to a one-page business plan , which communicates high-level information for quick overviews (such as a stakeholder presentation), a simple business plan can exceed one page.

Below are the steps for creating a generic simple business plan, which are reflected in the template below .

• Write the Executive Summary This section is the same as in the traditional business plan — simply offer an overview of what’s in the business plan, the prospect or core offering, and the short- and long-term goals of the company. 
• Add a Company Overview Document the larger company mission and vision. 
• Provide the Problem and Solution In straightforward terms, define the problem you are attempting to solve with your product or service and how your company will attempt to do it. Think of this section as the gap in the market you are attempting to close.
• Identify the Target Market Who is your company (and its products or services) attempting to reach? If possible, briefly define your buyer personas .
• Write About the Competition In this section, demonstrate your knowledge of the market by listing the current competitors and outlining your competitive advantage.
• Describe Your Product or Service Offerings Get down to brass tacks and define your product or service. What exactly are you selling?
• Outline Your Marketing Tactics Without getting into too much detail, describe your planned marketing initiatives.
• Add a Timeline and the Metrics You Will Use to Measure Success Offer a rough timeline, including milestones and key performance indicators (KPIs) that you will use to measure your progress.
• Include Your Financial Forecasts Write an overview of your financial plan that demonstrates you have done your research and adequate modeling. You can also list key assumptions that go into this forecasting. 
• Identify Your Financing Needs This section is where you will make your funding request. Based on everything in the business plan, list your proposed sources of funding, as well as how you will use it.

Simple Business Plan Template

Download Simple Business Plan Template

Microsoft Excel |  Microsoft Word | Adobe PDF  | Smartsheet

Use this simple business plan template to outline each aspect of your organization, including information about financing and opportunities to seek out further funding. This template is completely customizable to fit the needs of any business, whether it’s a startup or large company.

Read our article offering free simple business plan templates or free 30-60-90-day business plan templates to find more tailored options. You can also explore our collection of one page business templates . 

How to Write a Business Plan for a Lean Startup

A Lean startup business plan is a more Agile approach to a traditional version. The plan focuses more on activities, processes, and relationships (and maintains flexibility in all aspects), rather than on concrete deliverables and timelines.

While there is some overlap between a traditional and a Lean business plan, you can write a Lean plan by following the steps below:

• Add Your Value Proposition Take a streamlined approach to describing your product or service. What is the unique value your startup aims to deliver to customers? Make sure the team is aligned on the core offering and that you can state it in clear, simple language.
• List Your Key Partners List any other businesses you will work with to realize your vision, including external vendors, suppliers, and partners. This section demonstrates that you have thoughtfully considered the resources you can provide internally, identified areas for external assistance, and conducted research to find alternatives.
• Note the Key Activities Describe the key activities of your business, including sourcing, production, marketing, distribution channels, and customer relationships.
• Include Your Key Resources List the critical resources — including personnel, equipment, space, and intellectual property — that will enable you to deliver your unique value.
• Identify Your Customer Relationships and Channels In this section, document how you will reach and build relationships with customers. Provide a high-level map of the customer experience from start to finish, including the spaces in which you will interact with the customer (online, retail, etc.). 
• Detail Your Marketing Channels Describe the marketing methods and communication platforms you will use to identify and nurture your relationships with customers. These could be email, advertising, social media, etc.
• Explain the Cost Structure This section is especially necessary in the early stages of a business. Will you prioritize maximizing value or keeping costs low? List the foundational startup costs and how you will move toward profit over time.
• Share Your Revenue Streams Over time, how will the company make money? Include both the direct product or service purchase, as well as secondary sources of revenue, such as subscriptions, selling advertising space, fundraising, etc.

Lean Business Plan Template for Startups

Download Lean Business Plan Template for Startups

Microsoft Word | Adobe PDF

Startup leaders can use this Lean business plan template to relay the most critical information from a traditional plan. You’ll find all the sections listed above, including spaces for industry and product overviews, cost structure and sources of revenue, and key metrics, and a timeline. The template is completely customizable, so you can edit it to suit the objectives of your Lean startups.

See our wide variety of  startup business plan templates for more options.

How to Write a Business Plan for a Loan

A business plan for a loan, often called a loan proposal , includes many of the same aspects of a traditional business plan, as well as additional financial documents, such as a credit history, a loan request, and a loan repayment plan.

In addition, you may be asked to include personal and business financial statements, a form of collateral, and equity investment information.

Download free financial templates to support your business plan.

Tips for Writing a Business Plan

Outside of including all the key details in your business plan, you have several options to elevate the document for the highest chance of winning funding and other resources. Follow these tips from experts:.

• Keep It Simple: Avner Brodsky , the Co-Founder and CEO of Lezgo Limited, an online marketing company, uses the acronym KISS (keep it short and simple) as a variation on this idea. “The business plan is not a college thesis,” he says. “Just focus on providing the essential information.”
• Do Adequate Research: Michael Dean, the Co-Founder of Pool Research , encourages business leaders to “invest time in research, both internal and external (market, finance, legal etc.). Avoid being overly ambitious or presumptive. Instead, keep everything objective, balanced, and accurate.” Your plan needs to stand on its own, and you must have the data to back up any claims or forecasting you make. As Brodsky explains, “Your business needs to be grounded on the realities of the market in your chosen location. Get the most recent data from authoritative sources so that the figures are vetted by experts and are reliable.”
• Set Clear Goals: Make sure your plan includes clear, time-based goals. “Short-term goals are key to momentum growth and are especially important to identify for new businesses,” advises Dean.
• Know (and Address) Your Weaknesses: “This awareness sets you up to overcome your weak points much quicker than waiting for them to arise,” shares Dean. Brodsky recommends performing a full SWOT analysis to identify your weaknesses, too. “Your business will fare better with self-knowledge, which will help you better define the mission of your business, as well as the strategies you will choose to achieve your objectives,” he adds.
• Seek Peer or Mentor Review: “Ask for feedback on your drafts and for areas to improve,” advises Brodsky. “When your mind is filled with dreams for your business, sometimes it is an outsider who can tell you what you’re missing and will save your business from being a product of whimsy.”

Outside of these more practical tips, the language you use is also important and may make or break your business plan.

Shaun Heng, VP of Operations at Coin Market Cap , gives the following advice on the writing, “Your business plan is your sales pitch to an investor. And as with any sales pitch, you need to strike the right tone and hit a few emotional chords. This is a little tricky in a business plan, because you also need to be formal and matter-of-fact. But you can still impress by weaving in descriptive language and saying things in a more elegant way.

“A great way to do this is by expanding your vocabulary, avoiding word repetition, and using business language. Instead of saying that something ‘will bring in as many customers as possible,’ try saying ‘will garner the largest possible market segment.’ Elevate your writing with precise descriptive words and you'll impress even the busiest investor.”

Additionally, Dean recommends that you “stay consistent and concise by keeping your tone and style steady throughout, and your language clear and precise. Include only what is 100 percent necessary.”

Resources for Writing a Business Plan

While a template provides a great outline of what to include in a business plan, a live document or more robust program can provide additional functionality, visibility, and real-time updates. The U.S. Small Business Association also curates resources for writing a business plan.

Additionally, you can use business plan software to house data, attach documentation, and share information with stakeholders. Popular options include LivePlan, Enloop, BizPlanner, PlanGuru, and iPlanner.

How a Business Plan Helps to Grow Your Business

A business plan — both the exercise of creating one and the document — can grow your business by helping you to refine your product, target audience, sales plan, identify opportunities, secure funding, and build new partnerships. 

Outside of these immediate returns, writing a business plan is a useful exercise in that it forces you to research the market, which prompts you to forge your unique value proposition and identify ways to beat the competition. Doing so will also help you build (and keep you accountable to) attainable financial and product milestones. And down the line, it will serve as a welcome guide as hurdles inevitably arise.

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The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Report on key metrics and get real-time visibility into work as it happens with roll-up reports, dashboards, and automated workflows built to keep your team connected and informed. 

When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time.  Try Smartsheet for free, today.

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• How to accomplish big things with long- ...

How to accomplish big things with long-term goals

Long-term goals are objectives you want to achieve months or years down the road. Setting this type of goal gives your work purpose, helps you make better decisions, and offers a hefty dose of daily motivation. In this article, we explain how you can use long-term goals to accomplish big things over time, with examples.

When you think of an ideal future for your work, what do you see? Perhaps you envision yourself launching a new global product, hitting record sales numbers, or recruiting the best talent in your field. But while it’s easy to imagine those dream scenarios, actually getting there is another story. That’s where long-term goals can help. 

Setting long-term goals helps turn your daydreams into concrete objectives that you can work towards with intention. Aside from helping you achieve difficult things, they’re also a useful tool to prioritize your work and decide what success looks like for you. 

What are long-term goals?

Long-term goals vs. short-term goals.

Long-term goals give your work direction and purpose. They’re usually made up of smaller, short-term goals , which are the stepping stones that help you accomplish your larger goals. While long-term goals are your north star, short-term goals make the work feel less daunting by breaking it up into actionable steps. 

For example, if your long-term goal is to double sales revenue in two years, a related short-term goal might be to hire three new sales reps this quarter. 

Benefits of long-term goals

Setting long-term goals can help you tackle big objectives at work and in your personal life. Here’s how. 

Improving focus and clarity

According to a 2020 report , some 86% of leaders say defining a purpose is essential to a successful growth strategy. Long-term goals help with that clarity because setting them encourages you to intentionally decide what kind of future you're striving for.

Creating a sense of purpose

When you set a long-term goal, you're deciding what success looks like to you. For example, if you set a vague intention to "increase sales revenue," it's difficult to measure progress and success. By clarifying your long-term goal to hit 2 million dollars in sales revenue in the next five years, you give your team a clear vision of success to aim for. 

Betters decision making

While many decisions aren't as simple as left or right, a long-term goal can be your compass. When you're faced with a choice, you can evaluate how each option might help you reach your goal.

Staying motivated

Long-term goals are also a powerful motivational tool. Specifically, long-term goals help with intrinsic motivation —the drive to succeed that comes from within yourself, rather than external factors like praise or compensation.

How to set long-term goals

The best long-term goals take a bit of planning. Here’s how to create goals and stick with them for the long haul. 

1. Visualize your ideal future

Before you create your goals, you have to decide what you want to achieve. Keep in mind that long-term goals are a big commitment. To create goals you can stick with, make sure they really matter to you and align with your values. This helps you stay motivated and avoid burnout . 

If you’re setting long-term objectives for your business , this means consulting with your mission , vision statement , and company values . If you’re setting personal work goals, try to identify your values first. Ask yourself what’s most important to you and what has fulfilled you most in the past—for example, you might value creativity, customer interaction, or organization.  

2. Write SMART goals

Goals should be clearly defined and falsifiable, so you have a concrete path to success. Luckily, the SMART goal framework makes it easy to create clear and measurable goals. SMART is an acronym that stands for: 

Here’s an example of a SMART goal: “This year, the engineering team will launch a mobile-first company website optimized for iOS and Android devices.” It specifies the type of website and what qualities it should possess, allows you to measure success based on whether or not the website has launched, is attainable (assuming you have sufficient engineering resources), and can realistically be achieved within the specified time frame.

3. Prioritize your goals

Now that you’ve set goals, it’s time to prioritize them . It can be tempting to try to tackle all your objectives at once, but that’s usually not realistic. You have to take into account what resources are available , including your own personal bandwidth. 

To prioritize, start by listing out all your long-term goals. Highlight which ones are most important to you. Make a note of when you want to achieve each goal and estimate how long it will take. Based on those factors, decide which goals you want to focus on right away and which ones you’ll put on hold until more bandwidth opens up.

4. Break long-term goals into short-term goals

Long-term goals take hard work to achieve, so it’s normal for them to feel a bit daunting at first. That’s where short-term goals come into play. These smaller stepping stones break the work down into bite-sized tasks you can tackle within a shorter time frame, such as a day, week, or month. 

To set short-term goals, write down all the tasks you need to accomplish in order to reach your long-term goal. Think of them as dependencies —hitting these goals unblocks your ultimate, long-term goal. Then, turn each of those dependencies into its own SMART goal. 

Example: Microsoft famously had a long-term goal in the early 1980s to put "a computer on every desk and in every home." They then broke this down into shorter-term goals around developing affordable hardware, creating a user-friendly operating system, and partnering with manufacturers to get their software preinstalled on new PCs. These incremental goals paved the way for Microsoft to become the PC market leader.

5. Make a plan to track your progress

In order for long-term goals to be effective, they should be connected to your day-to-day work. That means instead of setting and forgetting your goals, make a plan to regularly check in and update your progress—for example, at the end of each day or week. And with the short-term goals you’ve set, it will be easier to gauge your progress and determine if you’re on track for your long-term goals. 

Using a project management tool can help streamline this process. For example, when you create a long-term goal in Asana, you can set a due date and create automated reminders to update your goal's progress. And within each long-term goal, you can create short-term goals to break work down into manageable chunks—each with its own timeframe and scheduled reminders.

6. Be flexible

Keep in mind that your long-term goals aren't set in stone. Rather, they're a living document that you can adjust over time. Staying flexible with your goals can also help when unexpected opportunities arise. For example, imagine your company has set a long-term goal to enter a new international market, but a competitor gets there first. Instead of pursuing that same goal, you might consider adjusting your objective to focus on differentiating your product from the competition in order to target a different audience within that international market.

Common pitfalls to avoid when setting long-term goals 

While long-term goals can be incredibly powerful, there are some common mistakes to watch out for:

1. Setting unrealistic goals: It's important to dream big, but make sure you’re prioritizing SMART goals. Setting goals that are too far out of reach can be demotivating.

2. Failing to break big goals down: Long-term goals can feel overwhelming if you don't break them down into smaller chunks. Always split your bigger goals into actionable steps.

3. Not tracking progress: If you don't regularly check in on your milestones and goals, it's easy to lose sight of them. Make goal tracking a habit and celebrate your hard work along the way.

4. Giving up after setbacks: Bumps in the road are inevitable. Don't let them derail you from your ultimate goal. Learn from setbacks and adjust your approach as needed.

How to stay motivated with long-term goals

Pursuing long-term goals is rarely a smooth journey, whether they are personal goals or professional goals. It's common to encounter challenges along the way, like losing motivation, getting sidetracked by other priorities, or facing unexpected setbacks. Here are some strategies to stay focused, resilient, and motivated while pursuing long-term goals.

Remember your "why." Reconnect with the underlying reason and motivation behind your goal. Reflect on how achieving it will improve your work or life and contribute to your personal growth and self-improvement.

Break your goals down into measurable milestones , like waypoints on a roadmap, and celebrate each time you reach one. Rewarding progress, not just outcomes, reinforces your accomplishments and keeps you energized for the work still ahead.

Share your wins , both big and small, with trusted colleagues, mentors, friends, or family members who can offer encouragement, recognition, and advice. Acknowledging others multiplies motivation and helps you stay accountable for your own goals.

Reframe failures as learning opportunities. If you experience a setback, try to extract lessons that will help you improve your approach moving forward and refine your long-term vision.

Prioritize self-care and prevent burnout , which are key to staying on course toward long-term goals. Make time for activities that help you relax, recharge, and maintain a healthy work-life balance.

Treat yourself when you make notable strides. Celebrate your progress to create a sense of momentum and keep your energy high as you work towards your ultimate goal.

40 examples of long-term goals

Long-term goals can help in every area of your life—including your professional life and personal development. Take a look at 40 different types of goals , with examples. 

Long-term business goals

Long-term business goals can come in many forms, including strategic goals and big hairy audacious goals (BHAGs) . Your long-term business goals might focus on these areas: 

1. Increase revenue

2. Become or stay profitable

3. Improve the function of a specific department, like customer service

4. Grow your customer base

5. Launch a new product or service

6. Expand to a new country or region

7. Improve hiring practices

8. Rebrand your company

9. Improve operating efficiency

10. Increase employee satisfaction

Example: Warby Parker set a long-term goal to disrupt the traditional eyewear industry by creating an e-commerce model to sell affordable, stylish glasses online. This guided their efforts to vertically integrate design and manufacturing, offer free home try-ons, and partner with nonprofits to distribute glasses to people in need. Their innovative approach and clear long-term vision have made them a leader in the eyewear industry.

Long-term team goals

Long-term goals can also help shape your team culture, increase productivity, and encourage collaboration. For example, you could set long-term team goals to: 

11. Hire skilled new team members

12. Develop a process for cross-functional collaboration

13. Reach a specific revenue or sales target within your team

14. Organize regular offsites to promote team building

15. Document and share important team processes

16. Establish a regular feedback cycle for direct reports

17. Start a mentorship or buddy program for new hires

18. Develop a post-mortem process for completed projects

19. Create new areas of responsibility within your team

20. Identify new professional development opportunities for direct reports

Long-term career goals

There’s a reason one of the most common job interview questions is: “ Where do you see yourself in five years?” Long-term professional development goals help shape and grow your career. In that vein, here are some examples of career goals to consider: 

21. Find your dream job or career

22. Start your own business

23. Become a team manager

24. Learn a difficult new skill, like a new programming language

25. Find a fulfilling side-hustle

26. Pursue a new professional certification or master’s degree

27. Improve your work-life balance

28. Grow your professional network

29. Assume a leadership position within my department

30. Pitch and manage a new project 

Example: Reshma Saujani had a long-term goal to close the gender gap in technology. She started Girls Who Code, a nonprofit that runs coding camps and clubs for girls in elementary through high school. Her work has sparked a movement to make coding education accessible to girls around the world, positioning her as a thought leader in the field.

Long-term personal and financial goals

Long-term goals are just as valuable for your personal life. Here are some examples of how long-term goals can help improve your health, finances, skills, and more: 

31. Learn a foreign language

32. Learn to play an instrument

33. Expand your social network

34. Compete in a difficult event, like a marathon

35. Learn to play a sport 

36. Have or adopt a child

37. Find a partner

38. Save for an emergency fund

39. Improve your credit score

40. Buy your first home

Grow more with long-term goals

The power of long-term goal setting is undeniable. By using visualization to create a vivid picture of your ideal future, breaking it down into smaller goals, and consistently working towards it, you can achieve things that once seemed impossible. Whether you're aiming to transform your career path, personal life, or financial well-being, long-term goals give you a roadmap to turn dreams into reality.

So, what are you waiting for? Armed with these strategies and examples, it's time to stop dreaming and start achieving. Set your sights on the future, create a career plan, and take action, because with long-term goals, anything is possible.

Remember, tracking your progress is key to staying motivated and on course. When you can see how your daily efforts are adding up to big wins, you'll be unstoppable. Try using a tool like Asana to visualize your goals, break them down into milestones, and celebrate every victory along the way.

FAQ: Long-term goals

What is an example of a long-term goal?  

An example of a long-term goal is starting your own business within the next five years. This goal requires planning, saving money, researching your industry, and potentially pursuing further education or professional certifications. Other examples include buying a house, achieving a leadership position at work, or learning a new language.

How can long-term goals provide a sense of purpose and direction in life?  

Long-term goals provide a sense of purpose and direction in life by:

Giving you a clear target to work towards

Helping you prioritize your time and resources

Providing motivation and inspiration during challenging times

Allowing you to measure your progress and celebrate your achievements

Contributing to your overall personal growth and self-improvement

What is a 10-year goal plan?  

A 10-year goal plan is a roadmap for prioritizing your long-term objectives over the next decade. It involves setting specific, measurable goals for different areas of your life, such as career, finances, health, and personal growth. A 10-year plan should be broken down into smaller, yearly milestones to help you stay on track and make consistent progress towards your ultimate goals.

How do you create a strategic plan for long-term goals? To create a strategic plan for your long-term goals, follow these steps:

Visualize your ideal future and set clear, specific goals

Break big goals down into smaller, actionable steps

Prioritize your goals based on importance and urgency

Create a timeline for achieving each goal, with milestones and deadlines

Identify potential obstacles and develop strategies to overcome them

Regularly review and adjust your plan as needed

Stay motivated by tracking your progress and celebrating your successes

By setting long-term goals and creating a strategic plan to achieve them, you can bring your vision for the future to life and realize your full potential.

Related resources

7 steps to complete a social media audit (with template)

What are objectives and key results (OKRs)?

Fix these common onboarding challenges to boost productivity

How Asana uses work management to optimize resource planning

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How to Do Strategic Planning Like a Futurist

You don’t need a time line; you need a time cone.

Chief strategy officers and those responsible for shaping the direction of their organizations are often asked to facilitate “visioning” meetings. This helps teams brainstorm ideas, but it isn’t a substitute for critical thinking about the future. Neither are the one-, three-, or five-year strategic plans that have become a staple within most organizations, though they are useful for addressing short-term operational goals. Futurists think about time differently, and company strategists could learn from their approach. For any given uncertainty about the future — whether that’s risk, opportunity, or growth — we tend to think in the short- and long-term simultaneously. To do this, consider using a framework that doesn’t rely on linear timelines or simply mark the passage of time as quarters or years. Instead, use a time cone that measures certainty and charts actions.

I recently helped a large industrial manufacturing company with its strategic planning process. With so much uncertainty surrounding autonomous vehicles, 5G, robotics, global trade, and the oil markets, the company’s senior leaders needed a set of guiding objectives and strategies linking the company’s future to the present day. Before our work began in earnest, executives had already decided on a title for the initiative: Strategy 2030.

• Amy Webb is a quantitative futurist, CEO of Future Today Institute, and professor of strategic foresight at the New York University Stern School of Business. She is the author of The Signals Are Talking: Why Today’s Fringe Is Tomorrow’s Mainstream ,  The Big Nine: How the Tech Titans and Their Thinking Machines Could Warp Humanity , and The Genesis Machine: Our Quest to Rewrite Life in the Age of Synthetic Biology .

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What Is a Dehydrated Business Plan?

What are the main purposes of a business plan, why is strategic planning important to a business.

• What Is a Short-Term Marketing Plan?
• Goals, Priorities & Planning

If you're starting a business you probably plan to stay in business for a long time. In order to accomplish this goal, you probably have at least an inkling of what you want your business to accomplish. You take these goals and attempt to make them come to fruition. If your successful, your business will thrive. Once you've met your original goals, you make new ones. Some of these new goals might be ones you want to meet immediately, while others will take longer. Those are your business' long-term business goals, and they're important.

Why Make a Plan?

If you were going on vacation, you would determine where you're going; how you were getting there; how long you were staying; and what you would do, once there. In other words, you would plan your vacation. So, if traveling to Tahiti requires some set-up and parameters, wouldn't starting and running a business also require these? A business takes time, energy and resources; the wise thing would be to sit down and determine the most effective ways of how to use your time, energy and resources – so that your business has the best chance for success.

Short-term Plan vs. Long-term Planning

You started your business because you wanted to fill a niche, meet a need or provide a service that's desperately needed – with the ultimate objective – to make money. To fulfill all of your business objectives, you have to set goals for your business, and a plan of action to reach each goal.

Most businesses have a combination of short-term plans and long-term plans. A short-term plan could include launching three products during a calendar year, making X-amount in profits in a certain period of time, or gaining 5,000 new social media followers in a month. A long-term plan based on those short-term plans is to expand your business from one facility to two or more within three years.

Short-term plans are more immediate objections, while long-term plans are for a longer period of time: a year is generally the minimum. Thus, your long-term plans can include goals such as five-year income projections, expansion plans, hiring goals or other bigger goals that take more than a month or two to meet. The plans should be kept separate but reviewed on a regular basis so progress can be tracked and adjustments can be made if necessary.

Why You Need a Business Plan

Revisiting the vacation scenario from above, let's say you decide to drive to your vacation destination. You've never been there before so you punch your destination into your GPS tool and use it to navigate to your destination. Once you've arrived, you can also use that same tool to find interesting places to visit and places to eat.

Think of a business plan as a business' GPS. You can use the strategic business plan to guide your business from one objective to the next, find the best course of action for your business and recognize and correct issues as they arise. This is where you'll include the short and long term plans you have for the business, as well as other pertinent information such as key personnel, the business' mission statement, competitor information and market research and development ideas. Financial projects are also a vital part of a business plan.

Benefits of a Long Term Strategy

Having a long term plan for your business shows that you are in it for the long haul. Knowing where you want to be in three, five or even ten years can help you choose the short-term plans of an organization. Long-term business goals don't have to be large goals. The goal to never miss a client deadline could be a long-term goal. Most of a business' short-term plans lead toward long-term plans, so when making immediate business plans, keeping a longer-term objective in mind isn't a bad idea. A long term plan gives you something to aim for as well as a built-in measuring tool to review the progress of your short-term plans.

• Small Biz Technology: 6 Short-Term Goals for Long-Term Success
• Forbes: 11 Ways To Establish, And Then Reach, Your Long-Term Goals
• Entrepreneur: 5 Ways to Think Long-Term in a Short-Term Market
• The action plans for year one of each of the long-term projects become part of the annual plan for the upcoming year. In that plan, the steps are broken out in more detail and budgets are created for each one, to be included in the total company budget.
• Although the long-term planning in a small business may not be as formal as that in a large corporation, the process is just as valuable in making sure the owner looks beyond the day-to-day problems he must deal with and thinks about where he wants to take his company in the future.
• Review and revise the long-term plan each year as the business environment changes. Opportunities may emerge that are potentially more profitable than the ones you selected to pursue in the previous year’s long-term plan.

K.A. Francis has been a freelance and small business owner for 20 years. She has been writing about personal finance and budgeting since 2008. She taught Accounting, Management, Marketing and Business Law at WV Business College and Belmont College and holds a BA and an MAED in Education and Training.

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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
• Avoid these financial problems

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.

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How To Create Marketing Plans for Small Businesses

Big businesses make big plans. They also create elaborate marketing schemes to put those plans into action.

It’s easy for SMB (small and medium business) owners and their teams to feel that a full-fledged marketing plan is out of their reach. While they may lack the resources to go toe to toe with larger competitors in the market, though, that makes the strategic planning and guidance of small business marketing efforts that much more valuable.

Let’s go over what it means to create marketing plans for small businesses, why having a small business marketing strategy is so important for success, and how your business can create its own master marketing plan.

What are Marketing Plans for Small Businesses?

A marketing plan, at its most fundamental level, is a series of steps that you can take to promote your brand and its products and services to consumers. In other words, a marketing plan isn’t your actual marketing activity. It’s the strategy or guidelines that you create to set those initiatives in motion. 

In the context of marketing plans for small businesses, this could include anything from creating a website to crafting an email drip campaign, drafting a social media marketing campaign, building credibility through digital PR , and more. A small business marketing plan takes the limited resources of a small business and considers how that entity can effectively reach its target audience with its marketing.

Why are Marketing Plans for Small Businesses Important?

Grasping the goal of a marketing plan is the easy part. For a small business team with finite time and resources, justifying the investment in a marketing plan is where things can bog down.  

It’s tempting to redirect your team’s efforts toward activities with more immediate or tangible results, such as sales or product development. When you take the time to invest in a genuine growth-oriented marketing plan , though, you can provide a long-term blueprint for growth that you simply can’t recreate through other areas of business activity.

The goal of a marketing plan is to create basic parameters, such as a schedule and marketing budget, that help you optimize your promotional resources. Developing the plan itself may require some extra investment, but the benefits are well worth it.  

By planning ahead of time, you give yourself the opportunity to consider all of your marketing options. It also allows you to either establish or revisit key factors, such as your target audience, primary selling points, and your competition. From there, you can decide which marketing activities are the most cost-effective and beneficial for your brand, as well as the order in which you need to execute them.  

For example, a marketing plan might reveal that paying for ongoing PPC (pay-per-click) ads is exorbitant and expensive over the long term. It also may reveal that the money saved from slashing your PPC ads in half allows you to invest in a content marketing strategy. From there, you can plot out the steps required to generate, optimize, and promote that content (see the next section) as an effective way to put your marketing in motion. 

Small business marketing plans also allow you to gauge the ROI of your marketing investments over time. This gives you the ability to make adjustments and maximize results as you go along. It also frees you up to be more creative in your long-term approach to marketing by building on past successes that you otherwise might not have known about.

What Should You Include in Marketing Plans for Small Businesses?

If you’re sold on the concept of developing a marketing plan for your small business but aren’t quite sure where to start, you’ve come to the right place. In the following section, we’ll break

down a step-by-step analysis of how you can turn your marketing ambitions into a solid plan of action that can guide you.

Step 1: Define Your Goals

It’s easy to skip this step, but trust us, you don’t want to do that. Most small business owners think they know their marketing goals — and in a certain sense, that’s true. As an involved executive of a smaller enterprise, you probably have your finger on the pulse of your organization more than most leaders. 

But that proximity to daily operations and activities can also make it easy to cloud out the big-picture stuff at times. Before you establish your marketing plan, take a minute to step back. 

What are you trying to accomplish with your marketing in the next year? What about the next five years? Do you want to generate revenue? Build brand awareness? Increase online visibility? Spark long-term growth? 

Each goal is related to your marketing, but the differences are important. Get each specific marketing goal in place before you flesh out your plan.

Step 2: Identify Your Audience

Your target audience should be the central focal point of your entire operation. When you develop products, you should consider whom they serve. When you bring them to market, you want to consider how to communicate to a select group of consumers that they’re available to solve their problems.

Make sure you have a buyer persona in place that reflects precisely whom you’re trying to market to and what their pain points are. If you’ve already considered what your customer base looks like, use this step to review that data and ensure that it’s informed by up-to-date market research.

Step 3: Consider Resources and Competition

As a final step to set the stage for your planning, review what resources you have available. As a small business, do you have a marketing team, or does that responsibility overlap with other employees (or yourself)? How much time do you have to invest in marketing? What is your marketing budget? What assets do you already have, such as a CRM or social media marketing tools?

Also, consider conducting a fresh round of competitive analysis. You likely did this when you were pulling together your business plan. Go back and observe how your competitors are marketing themselves to your target audience. Note the pros and cons of their efforts.

Step 4: Identify the Marketing Tactics You Can Use

Now comes the marketing magic. Once you’ve considered your goals, target audience, resources, and competition, it’s time to bring it all together. 

Consider the marketing tactics you have available and which ones best meet your current marketing needs. Then, weave these marketing ideas into a plan that considers resources and timelines. A few common marketing tactics that work well for small businesses include:

• Creating a strong website : This becomes your central online presence and a place to host your blogs, user-generated content, landing pages, and other content marketing.
• Optimizing your website : SEO is important. Optimizing your site with long-tail keyword phrases, links, and technical SEO (think metadata, mobile-friendly, etc.) is a powerful way to maximize your content creation efforts.
• Build up off-site marketing : Create a social media presence using platforms your target audience prefers. Nurture email marketing, as well, including drip campaigns, newsletters, and targeted announcements.
• Organize leads in a CRM : As a small business owner, you want to stay organized. When your marketing begins to gain momentum, have a customer relationship management (CRM) platform ready to keep things organized and under control.

Remember, you’re a small business with limited marketing resources. Consider which tactic is particularly relevant to your brand at the moment, and invest in those areas first.

Step 5: Establish Success Metrics and Feedback Loops

Finally, consider how you’ll track your marketing over time. Use tools like Google Analytics 4 to keep tabs on important marketing metrics, such as ranking for brand keywords, measuring organic traffic, and tracking conversions.

Also, request feedback from customers and team members and then use that information to hone your marketing activities moving forward. If you’re unsure how to adapt your plan (or create one in the first place), consider working with a growth marketing agency that can bring a cost-effective degree of experience and knowledge to bear on your brand’s marketing initiatives.

Building Master Marketing Plans for Small Businesses

As a small business, you may have limited time, money, and tools to work with. However, that doesn’t mean investing in a marketing plan isn’t worth it.

On the contrary, creating an effective marketing strategy helps you ensure that every ounce of resources you pour into promoting your business has a purpose. This gives you the best chance of sparking genuine, measurable growth, which can enable you to build larger marketing budgets, plans, and strategies in the future.

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B.C. Ferries plans long-term repair contracts with two North Van shipyards

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B.C. Ferries has issued a notice that it intends to split ­drydocking and repair services for its fleet between three B.C. shipyards, including two based in North Vancouver, over the next five years.

The plan is for most of the work to be split between Seaspan ULC – which owns Vancouver Shipyards and Vancouver Drydock in North Vancouver as well as Victoria Shipyards – and Victoria’s Point Hope Shipyards.

The two companies would each get 46 per cent of the work, estimated at $14.5 million per year for the next five years.

North Vancouver’s Allied Shipyards, which has two floating drydocks, would receive eight per cent of the work.

Contracts would be for five years, with the option to extend for up to 10 years. The aim is for contracts to begin in the second quarter of this year.

Under the plan put forward by BC Ferries, Seaspan and Point Hope shipyards will work on minor, intermediate and large vessels. Allied will work on minor and intermediate-sized vessels.

Work includes drydocking and repairs, modifications, and refits for the B.C. Ferries’ 38 vessels.

B.C. Ferries spokesman Reet Sidhu said the plan for long-term repair contracts will make repairs more efficient and improve long-range planning for both BC Ferries and the ­shipyards.

The plan comes after Seaspan recently got approval from the Vancouver Fraser Port Authority to expand its North Vancouver drydock facilities.

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• May 7, 2024
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Yokogawa Announces Growth for Sustainability 2028 Medium-term Business Plan

- Approaching business from an ESG perspective and picking up the pace of efforts to enhance social and corporate value in alignment with Yokogawa's Purpose -

Tokyo, Japan - May 7, 2024

Yokogawa Electric Corporation (TOKYO: 6841) announces the formulation of Growth for Sustainability 2028 (GS2028), a new medium-term business plan for the period ending fiscal year 2028.

In fiscal year 2021, Yokogawa fundamentally revised its long-term business framework and announced the Accelerate Growth 2023 (AG2023) medium-term business plan with the aim of achieving sustainable growth through the provision of shared value to society. For the three-year period ending with fiscal year 2023, Yokogawa worked to establish a business structure centered on addressing broad social issues, with the aim of realizing its vision for where it wishes to be as a company in the year 2030. Under the new Growth for Sustainability 2028 medium-term business plan commencing this fiscal year, the company will pick up the pace of its efforts to achieve a transformation that will enhance social and corporate value based on an environmental, social, and governance (ESG) business approach and the industry-oriented business structure that was established under AG2023.

Long-term Business Framework

Yokogawa’s long-term business framework was fundamentally revised when AG2023 was being drawn up, and no major revisions have been made this time. The same Vision statement outlining where Yokogawa wishes to be in 2030 has been carried over to GS2028.

Vision statement

Through autonomy and symbiosis, Yokogawa will create sustainable value and lead the way in solving global issues.

Value provision to customers

The world is now in an age where everything is ever more intricately connected. In this system of systems (SoS) world, where independently operated and managed systems connect to form a larger system that delivers synergies and emergent value, Yokogawa will promote effective connections and enable overall optimization through integration, autonomy, and digitalization. The company will lead the way forward and achieve this through its IA2IA *1 and smart manufacturing *2 approaches.

*1 An initiative to promote the evolution from industrial automation to industrial autonomy (IA2IA) by incorporating DX enablers such as AI, digital twins, and robotics *2 The achievement of autonomy and improvement of productivity in production operations, enterprises, and supply chains through DX and IA2IA

Growth for Sustainability 2028 Medium-term Business Plan

The starting point for GS2028 is Yokogawa’s Purpose, which states, “Utilizing our ability to measure and connect, we fulfill our responsibilities for the future of our planet.”

Value creation process

In line with Yokogawa’s Purpose, the company has defined the following value creation process for achieving the goals of its medium-term business plan: “Based on the strengths and the trust that have been built up over the years by solving operational technology (OT) issues for our customers, we will leverage our human capital and DX-enabling technologies to co-create diverse high-value solutions in SoS-related businesses. We will utilize the strong trust-based relationships with customers, know-how, human resources, and other forms of business capital enhanced through this process to achieve our business aims.”

Basic strategies for value creation

To realize the vision for 2030 defined in Yokogawa’s long-term business framework, and to achieve the aims of the value creation process described above, the company has formulated four basic strategies to be carried out over the five-year period ending with fiscal year 2028. The overview of each basic strategy is below.

• Provide value as a trusted partner in the system of systems domain To deliver value through SoS, Yokogawa takes a two-pronged approach: IA2IA and smart manufacturing. By leveraging the know-how, experience, and advanced technological capabilities that have been accumulated at numerous manufacturing sites, the company will deliver value through strategic consulting and seamless integration.
• Strengthen industry responsiveness and expand cross-industry business In response to customers who are seeking to improve production efficiency and stabilize their production operations, Yokogawa will strengthen its ability to provide integrated IT/OT solutions to targeted industries. At the same time, the company will work to grow its business by addressing issues in areas such as quality control and facility management that are common concerns in every industry. To support customer DX, Yokogawa will expand on its strengths in field instruments and control systems to also offer solutions that include MES, ERP, and other upper-layer systems.  The company will also enhance the solutions provided to customers who are adapting their business operations in response to a changing business environment and evolving market needs.
• Create value by utilizing and developing intangible capital Yokogawa will focus on utilizing its human capital, intellectual capital, and social and relationship capital. These three types of intangible capital contain hidden strengths that have been built up over the years, such as the ability to create value, empathize, identify issues, and connect to stakeholders. The company will make use of these strengths to spur growth.
• Group-wide profitability improvement initiatives: The company will generate and allocate strategic resources, optimize operations, and optimize its management foundations.
• DX strategy: Based on its global IT foundation, the company will promote internal DX measures to improve the customer experience, partner experience, and employee experience. As for external DX, with the overall aim of shifting to a recurring revenue business model it will actively apply the know-how cultivated in the OT field to develop applications and services that utilize Yokogawa Cloud.
• Enhancement of corporate governance: Yokogawa will transition from “a company with a board of auditors” to “a company with a nominating committee, etc.” This will clarify the division of supervisory and execution roles, improve the efficiency of decision-making processes, clarify responsibility for the achievement of business decisions and business plans, strengthen auditing functions, and improve efficiency.

Business Strategies in GS2028

In fiscal year 2021, Yokogawa transitioned to a structure that is based on industry-oriented business segments, and established a system for expanding its business through global collaboration. These business segments are based on the businesses that customers are engaged in and center on issues that need to be resolved in order to realize a sustainable society.  The main strategies and policies of each business segment aim for growth in specific business areas while also connecting to the business focus areas and activities of the six contribution areas that have been defined based on Yokogawa’s Three Goals for sustainability.

Energy & Sustainability

• Expand solution offerings for the renewable energy market.
• Accelerate solution deployment by leveraging consulting and IT capabilities.
• Maintain strong relationships with oil & gas customers to expand business and capture needs in growth areas.
• Optimize supply chains; expand into the mobility sector.
• Further accelerate consulting and solution-based business.
• Expand customer base in chemical and mining industries.
• Develop new technologies for the rapidly growing fields of biotechnology and regenerative medicine.
• Accelerate overseas deployment of solutions that have a strong track record in the Japanese market.
• Provide value through problem-solving solutions.
• Further develop relations and expand activities with leading companies.

Measuring Instruments

• Provide measurement solutions to improve energy efficiency.
• Expand business areas by applying core technologies.
• Create new business using spectroscopic application technology.
• Pursue highly profitable business by developing and providing one-of-a-kind products.

New Businesses and Others

Yokogawa will accelerate activities to establish and quickly monetize businesses in areas such as video analysis AI, IoT, bio-related fields, and research and development/contract manufacturing of active pharmaceutical ingredients.

Areas for Exploration

These will continue to be disaster prevention, space, and ocean.

Management Targets

• The company will set aside a total of 100 billion yen for capital investments for growth (strategic investments) to be made over the first three years of the business plan (FY2024 to FY2026). It will maintain an optimal capital structure that takes into account overall risks, increases or decreases in equity, and the assumption of increased risk associated with the execution of investments that use debt financing, in order to maintain a level of shareholders' equity that can retain a Grade A rating even when risks materialize, and to secure a certain level of risk investment capacity for the next stage of growth.
• Under its dividend policy (basic policy on allocation of profits), the company will seek to preferentially allocate profits to investments that maximize corporate value over the medium- to long-term, but will also strive to improve shareholder return through the proactive payment of dividends, while ensuring it retains a certain financial stability. Yokogawa will continue to return a certain percentage of profit each period based on the target dividend payout ratio, and maintain a stable dividend based on the equity dividend rate, while also flexibly considering share buybacks to provide additional shareholder returns, taking into consideration financial conditions, stock price levels, etc.

In full alignment with Yokogawa's Purpose, and with the aim of being a company that is depended upon by society into the future, Yokogawa will accelerate its efforts to achieve a transformation that enables it to achieve its vision for the year 2030.

For more information

• Growth for Sustainability 2028 medium-term business plan presentation materials (PDF)

About Yokogawa

Yokogawa provides advanced solutions in the areas of measurement, control, and information to customers across a broad range of industries, including energy, chemicals, materials, pharmaceuticals, and food. Yokogawa addresses customer issues regarding the optimization of production, assets, and the supply chain with the effective application of digital technologies, enabling the transition to autonomous operations. Founded in Tokyo in 1915, Yokogawa continues to work toward a sustainable society through its 17,000+ employees in a global network of 129 companies spanning 60 countries. For more information, visit www.yokogawa.com 

The names of corporations, organizations, products, services and logos herein are either registered trademarks or trademarks of Yokogawa Electric Corporation or their respective holders.

Equinox's new $40,000 membership promises to help you 'live 100 healthy years.' Longevity experts say doing these 4 simple things will work just as well.

• Equinox is launching a $40,000 longevity program.
• The program will include biomarker testing, personal training, and massages.
• Experts said it sounds good for health, but you can get similar benefits by spending much less.

A luxury gym chain is launching a program costing $40,000 a year that it says will help clients to boost their longevity. But experts told Business Insider you don't need to spend thousands of dollars to enjoy a long, healthy life.

Equinox will start rolling out "Optimize by Equinox" in New York City and Highland Park, Texas by the end of May, in partnership with Function Health, a health technology startup that offers biomarker testing. The program, which will later be available in other states, aims to help customers "live 100 healthy years," Jonathan Swerdlin, co-founder of Function Health, told CNBC.

Optimize includes twice-yearly biomarker and fitness tests, according to Equinox. The fitness tests measure VO2 max , strength, and movement range, while the biomarker tests measure 100 different aspects of health, including heart, kidney, metabolism, and immune system function, markers of cancer, and nutrient levels.

Equinox says it will use this data to create a personalized health and fitness plan for each client. The plans will include a total of 16 hours of coaching and training each month: three hourlong personal training sessions a week, two 30-minute sessions with a nutrition coach, two 30-minute sleep coaching sessions, and one massage session a month.

Those interested in the $3000-a-month program must sign up for a minimum of six months, and the price doesn't include the cost of basic membership, which is between $275 and $405 a month depending on how many clubs you want access to.

Even on the cheaper plan, that's $39,300 a year.

Like other new offerings in the healthcare space that promise to extend lifespan — such as " longevity clinics " that cost $50,000 a week or biomarker testing costing hundreds of dollars even with insurance — Equinox's new program is on the pricier side. But the appetite appears to be there among those who can afford it: a 2023 survey by A/B Consulting and Maveron VC suggested that almost half (46%) of people earning over $250,000 would spend the majority of their discretionary income on trying to improve health and longevity, compared to only 34% of people earning under $50,000.

Related stories

But with growing numbers of older people expected to be working past retirement age — at almost 30% of those aged 65 to 74 in 2032, according to Bureau of Labor Statistics projections — policymakers are worried about ensuring people stay healthy into older age , no matter how much they earn.

Professor Dan Belsky, an epidemiologist at the Robert N Butler Columbia Aging Center, told Business Insider that the Equinox plan includes activities and behaviors that are generally beneficial for health. The personalized plan could have "substantial potential to improve healthspan" in people who aren't very healthy to begin with, but its impact would likely be modest in people who are already healthy, he said.

Michael Snyder, a genomicist and director of the Center for Genomics and Personalized Medicine at Stanford University, told BI that the testing featured in the program could be beneficial if it revealed conditions that might otherwise be missed, and by optimizing people's diets , supplements, and exercise training plans.

But, since most people can't afford it, Snyder and Belsky said that there are multiple things we can do to improve our longevity that don't involve spending $40,000 a year.

You can get similar results to the Equinox plan on a smaller budget

Those who want to live as long as possible should exercise every day, sleep well, have good social connections, and follow a healthy diet that avoids ultra-processed foods , Snyder and Belsky said.

Snyder said that exercise in particular has many health benefits. He exercises every day and includes weight training . Belsky said that people should do as much exercise as they can manage.

Research suggests that weight, or strength, training is beneficial for longevity because it builds muscle mass, which helps maintain strength and mobility into older age. One 2022 study found that those who did 30 minutes of strength training a week were 10% to 20% less likely to die from chronic illnesses, such as heart disease, diabetes, and cancer.

Consuming more whole foods, such as vegetables, legumes, and nuts, and fewer ultra-processed foods, such as sugary drinks and processed meat, meanwhile, was associated with an increase of 10 years in life expectancy in one 2023 study.

Sleeping in a consistent pattern, for at least seven hours a night, is also essential for longevity because the immune system, muscles, and tissues get a chance to relax and repair any wear and tear, according to Dr. Virend Somers, director of a sleep facility at Mayo Clinic.

Both Belsky and Snyder also recommended having good social connections. Specifically, try to "surround yourself with people you care about and who care about you," Belsky said. Research suggests such relationships play a huge role in how long we live.

Healthy lifestyle habits like these are hugely important for longevity — a recent study suggested that lifestyle factors can boost longevity and offset the impact of genes by 62%.

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Do you need term insurance coverage till 100 years?

While such customisations and features are a green flag for a brand’s potential and existing policyholders, for a term insurance policy to be completely value-worthy, you must choose the best combination of perks that cater to your tailored financial goals..

• Updated May 08, 2024, 12:34 PM IST

Introduction

Term Insurance Policies are one of the most popular financial products available. Much of this popularity can be attributed to its affordability, convenient access to the extensive sum assured, the flexibility offered via its riders, and tax benefits (Under Section 80C). Now, such popularity has brought in multiple-term insurance plans with various customisation features and other in-built perks. These plans and their features are meant to cater to the tailored financial requirements of the evolving policyholders.

While such customisations and features are a green flag for a brand’s potential and existing policyholders, for a term insurance policy to be completely value-worthy, you must choose the best combination of perks that cater to your tailored financial goals. This includes choosing the best possible term cover and an ideal term tenure (span during which a term insurance plan stays active).

With term insurance policies, in the case of calculating the term insurance cover and the term tenure, there is no one particular answer. It will be based on your current number of dependents, your retirement age, your and your beneficiary’s current age, monthly/annual expenses, financial liabilities, etc. While calculations of such cover amount and tenure are manageable, thanks to a few free tools, insurers offer more convenient solutions that appeal to the interest of potential policyholders - term insurance policies with coverage till 100 years.

Now, while this seems like an exciting perk, the question is - are such term insurance plans really a good option? Let’s find out!

Should You Opt For Term Insurance Plans Offering 100 Years of Coverage?

When you purchase a term insurance policy, the insurer asks you to choose the sum assured and the tenure. As mentioned above, these two are swayed by a number of factors. However, to streamline this process, term insurers offer you an option to purchase insurance plans with tenure until the policyholder turns 100.

However, such plans come with a set of pros and cons -

A. Advantages of Term Insurance Plans Offering 100 Years of Coverage

Term insurance plans that offer to cover you till you turn 100 have a single advantage -

Term Insurance plans don’t provide the sum assured if the policyholder survives the entire policy tenure. Thus, if the insured opts for tenure till they turn 65 and survive the period, the whole premium and base cover amount are lost.

On the other hand, considering the average life expectancy of the Indian population, the chances of death by the time the insured turns 100 are pretty high. This ensures that with the term insurance plan extending coverage till one turns 100, there is a sure-shot way to receive the sum assured in full.

B. Disadvantages of Term Insurance Plans Offering 100 Years of Coverage

• High Premiums—The pro/advantage of term insurance plans offering 100 years of coverage makes way for its most significant disadvantage. Since the chances of an insured passing away significantly increase by the age of 100, the risk of payout for an insurer also increases. The providers charge higher premiums to safeguard their financial stability. Such higher premiums defy the affordability perk of a term insurance plan and take a sizeable toll on your savings. By this age, since your source of income is comparatively reduced or completely stopped, such high premiums will eat away your savings.
• Less Number of Dependents - One of the primary reasons for opting for a term insurance plan is to support the dependents financially. Now, by the time you reach 100, most of your dependents will have become economically independent. And if you are considering leaving your term insurance sum assured as a legacy for your children, considering the inflation and the higher premiums that reduced your savings - you won’t be left with much.

Term insurance plans with coverage till you turn 100 may seem temporarily appealing. However, if you take a closer look, you will see that you are losing out more than you plan to save with this policy. We would instead recommend that you seek out the help of an expert to spot the best term insurance policy , calculate the ideal tenure and then, after the end of the tenure, focus significantly on your savings accounts to build the financial legacy that you want to leave for your spouse and/or children.

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