The Rationale and Scope of Long-Term Planning in Business

 Leo Sfikas is a former general manager of Currie Motors Auto Group in Chicago, Illinois. His responsibilities included overseeing the development of the company's marketing strategies, managing large inventories, building the company's reputation online, and inspecting all the processes at the facility. Leo Sfikas improved the business growth through strategic and long-term planning and has successfully mentored over 200 personnel on sales principles and industry practices.

Long-term planning is when the management of the business sets goals for the business to achieve in four or more years. Most goals set for this period are usually centered around solving long-term problems and achieving the final vision of the founder or owner of the business.

This kind of plan considers the current socio-political climate of the location of the business and how such a climate may affect the economy in the future, which may in turn affect the business's profitability. It also includes budgeting for large equipment and personal changes that the business would require to reach its full potential.

Businesses that do not plan for the long term often do not stay long in the market because long-term planning is key to sustainability and understanding how the market's needs change for the business to modify their product or service to reflect such changes.