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Provide your senior managers with a summary as to why it is important for Formulae to have established short-term and long-term goals when establishing its management plan for the Guatemala and Mexico expansions. Please include the following:

**Discuss the importance of long-term and short-term goals and why they are vital in setting direction for the company.

**Provide your senior managers a summary explaining why it is important for Formulae to have short-term and long-term goals to deal with cultural barriers and diversity for the Guatemala and Mexico expansions.

**Discuss the pitfalls if the company fails to plan short-term and long-term goals in advance and for a mechanism coping with the cultural barriers and diversity issues.

**Can these goals be changed after the plan is developed? If so, what impacts could these changes have on the company?

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This response addresses the queries posed in 1205 Words, APA References

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The response addresses the queries posted in 1205 words with references.

//As per the directions, we will write about the importance of short term and long term goals for the establishment of management plan concerned to the Guatemala & Mexico expansion. It will assist in understanding the necessity of long term and short term goals in setting a direction for the company.//

Introduction

For every Company, the short term and long term goals are of great importance. As the Company plans to expand its business in the Mexico and Guatemala, it needs to clearly understand the cultural diversity of the two places and should decide the goals according to the business environment at both the places. For the success of a management plan, a Company should always have some specific aims and targets according to which it can work and progress in the right direction. Many companies suffer in the end if they do not define the goals and objectives of the business properly. The management plan of the company should include the necessary objectives required to gain success (Hussey, 1991).

Importance of Long-term & Short-term Goals

Long term goals are the one's which are achieved over a longer period of time like one year, five years etc. Short term goals are the one's which are achieved in the near future like in a day, a week or a few months. Short term goals help in achieving the long term goals or in other words they are the stepping stones for the long term goals. The goals set by a company should always be achievable within the time limit set by the planning committee. These goals help in achieving the targets in a definite time limit and save the time of the Company. These goals help in seeing a definite finish line and serves as an important motivator for the employees (Short-term and Long-term Goals, 2001).

They give the excitement and satisfaction of achieving a goal within time. They also help in measuring the level of performance and the level of development in the Company. They also help in concentrating on the future and focusing on the present. These goals shape and structure the working of the Company. Setting goals also help in proper and adequate allocation of the resources of the Company. These goals are important for setting the direction for the Company as they help the Company to grow and develop, towards a ...

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Ashish Sharma, MBA (IP)
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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