The long-range plan should provide guidance for all areas of activity in the company:. The long-range plan is normally updated each year, often during the annual planning process. During long-range planning, a business owner tries to uncover trends in the marketplace that could be developed into revenue opportunities for his company in the upcoming years. Opportunities emerge from changes in consumer tastes or needs, new technologies, untapped geographic markets and customer groups, and even changes in government regulation. One goal of planning is to turn current weaknesses into long-range strengths that help the company build a sustainable competitive advantage.
Short-Term, Medium-Term & Long-Term Planning in Business | Bizfluent
A business plan is a formal written document containing the goals of a business , the methods for attaining those goals, and the time-frame for the achievement of the goals. It also describes the nature of the business, background information on the organization, the organization's financial projections, and the strategies it intends to implement to achieve the stated targets. In its entirety, this document serves as a road-map a plan that provides direction to the business. Written business plans are often required [ by whom? Existent templates  and guides, such as the ones offered in the United States by the Small Business Administration  can be used to facilitate producing a business plan.
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Netflix entered the market in , confronting the incumbent, Blockbuster. Blockbuster had a choice. How hard would they fight this new player, or would they accommodate? How did that play out in the movie-rental business?
Everything you need to know about the strategic planning. Strategic planning means planning for strategies and implementing them to achieve organisational goals. It starts by asking oneself simple questions like- What are we doing?