Assessment 4: Long-Term and Short-Term Plans

Develop a long-term and a short-term plan for yourself using what you have learned about yourself through the SWOT analysis and environmental scan you completed.

Introduction

Note: Developing a strategic plan requires specific steps that need to be executed in a sequence. The assessments in this course are presented in order and should be completed in sequence.

In business, having a plan is a critical element for growth and expansion. However, successful businesses do more than simply plan to earn millions within the next five years; they develop detailed plans that have realistic goals. Typically, these plans include both long-term plans and short-term plans.

Developing your personal long- and short-term plan can help you chart the road to your own success. A well-prepared plan can help you focus your professional efforts, identify resources to help you achieve your goals, prioritize the actions you need to take, and anticipate obstacles.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies:

Competency 1: Create organizational value.

Describe long-term professional objectives.

Competency 2: Participate collaboratively and respectfully.

Describe the human resources available to achieve long-term objectives.

Competency 3: Communicate effectively.

Write coherently to support a central idea in appropriate format with correct grammar, usage, and mechanics.

Competency 4: Plan strategically.

Explain a short-term plan to achieve long-term objectives.

Competency 5: Employ high-performance business management techniques.

Explain how industry trends influence change.

Competency 6: Solve problems within professional standards.

Describe the skills necessary to achieve long-term professional objectives.

Describe strategies to overcome obstacles to long-term objectives.

Competency 7: Use appropriate financial models and principles.

Describe long-term financial objectives.

Describe financial resources available to achieve long-term objectives.

Note: Developing a strategic plan requires specific steps that need to be executed in a sequence. The assessments in this course are presented in order and should be completed in sequence.

Success in any endeavor requires focus, long-term planning, and effort. Most long-term objectives require short-term achievements.

Use what you have learned about yourself through the SWOT analysis and environmental scan you completed to develop a long-term and a short-term plan for yourself. Complete the following:

Start by describing your 5-year professional and financial objectives.

What title or position would you like to have?

Where would you like to be financially?

Based on the results of your SWOT analysis and environmental scan, determine the following:

What skills do you need to develop to achieve your 5-year objectives?

Is your industry changing? What do you need to do to grow with it?

What resources do you have to help you achieve your 5-year objectives? (Hint: Resources can mean more than financial; are there people you know who can help you achieve your objective?)

Now develop a short-term plan that will help you achieve your long-term objectives:

What will you need to accomplish each year to achieve your 5-year objectives?

What monthly/weekly/daily steps will help you reach your long-term objectives?

How will you address obstacles that occur along the way?

To successfully complete this assessment, you may need to do some research on developing long-term and short-term plans. Format this assessment as a research paper following current APA guidelines for both style and citing sources, making sure that you also use correct grammar and mechanics. There is no required minimum or maximum page length; however, you should strive to be as detailed as possible in addressing each point, while also being as clear and concise as possible.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies:

Competency 1: Create organizational value.

Describe long-term professional objectives.

Competency 2: Participate collaboratively and respectfully.

Describe the human resources available to achieve long-term objectives.

Competency 3: Communicate effectively.

Write coherently to support a central idea in appropriate format with correct grammar, usage, and mechanics.

Competency 4: Plan strategically.

Explain a short-term plan to achieve long-term objectives.

Competency 5: Employ high-performance business management techniques.

Explain how industry trends influence change.

Competency 6: Solve problems within professional standards.

Describe the skills necessary to achieve long-term professional objectives.

Describe strategies to overcome obstacles to long-term objectives.

Competency 7: Use appropriate financial models and principles.

Describe long-term financial objectives.

Describe financial resources available to achieve long-term objectives.