Good Effect Of Short Term Thinking On Long Range Planning Essay Example
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Planning is an essential aspect of both profit and non-profit oriented organizations. However, in order for organizations to achieve their goals and objectives, planning must be undertaken in a systematic approach (Timmons & Spinelli, 2012). This is one of the sound business practice discussed by Hayward, 2006. It requires adequate time and usually involves; evaluating present situations, forecasting of future profitability and market situations, setting goals and objectives, outlining courses of action as well as an analysis of financial implications of these situations. The foundation of this process begins with a short term ideologies and plans formulated to guide daily activities that would facilitate the achievement of long range plans.
Additionally, short term thinking has a significant impact on the availability of resources that may be needed to achieve future goals and objectives. That is, short term objectives determine immediate resources that may be needed to achieve long terms goals. However, this approach may impact negatively on an organization in the sense that short thinking may lead to scenarios of resource inadequacy, thus limiting the success of long term goals and objectives. According to Hayward 2006, this majorly occurs when planners or senior leaders focus on meeting short term goals of an objective, characterized by a narrow perspective on how this may impact meeting future goals.
The purpose of long range planning is usually to facilitate achievement of long term benefits (Dale, 2013). The achievement of such long term benefits may be negatively affected by short term modes of thinking that focus on achievement of short-term goals and objectives. It occurs when significant resources are directed towards achievement of short term benefits. This creates a limitation on resources that could be used to achieve long term range benefits, hence reducing the quantity and quality of long-term benefits.
Dale, E. (2013). Long range planning and Short-Term thinking. London: Published by Management Publications for British Institute of Management.
Timmons, J., & Spinelli, S. (2012). Business plans that work: A guide for small business. New York: McGraw-Hill.
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