Every board needs directors who are great visionaries, and understanding the difference between short-term vs. long-term goals can help bring your nonprofit’s vision to life.
Beyond the obvious, knowing the differences between short-term and long-termgoal planningcan help nonprofits navigate a course from the present to the future while showing demonstrated progress toward achieving their goals.
Here, we will:
- Define short-term and long-term goals
- Explain the differences in short-term vs. long-term goals
- Provide examples of both types of goal setting
What Are Short-Term Goals?
Short-term goals are objectives your board wants to achieve in the very near future, which you can interpret to mean within a few weeks or months. Typically, goals you anticipate taking longer than a year to fulfill fall into thelong-term goal strategy.
There are generally two purposes for short-term goals:
- To take on a small project
- To make measurable progress toward a long-term goal
Depending on the complexity of a long-term goal, it can take a series of short-term goals to pave the way for a long-term goal.
Aboard management solutionis a valuable tool to help your board keep both types of goals on track.
What Are Long-Term Goals?
Long-term goals are strategic by nature. As such, they help to shape the overall direction of the organization.
Long-term goals are typically big goals that cannot possibly be achieved in less than a year. Boards can expect long-term goals to take five to ten years or even longer. As far as the timeframe is concerned, the important thing is to set a date to accomplish the goals and create achievable milestones along the way to keep the plan on track.
To stay the course, long-term goals require:
- Planning
- Setting milestones
- Monitoring
- Accountability
- Compliance
Boards play an essential role instrategic management. Many nonprofit boards find that the best way to set more significant milestones is to establish a long-term goal and work backward to today. That will help you to set smaller goals that can be achieved in a shorter timeframe.
Overall, because long-term goals take time to achieve, nonprofit boards will have a great sense of reward at the end of the line.
Difference Between Short-Term vs. Long-Term Goals
Beyond the length of time it takes to achieve goals, there are a few other notable similarities and differences betweenshort-term goalsand long-term goals for your board to consider.
Similarities: Short-Term vs. Long-Term Goals
- Short-term and long-term goals should both be SMART (Specific, Measurable, Achievable, Realistic and Timely)
- Both types of goal setting provide a path toward achieving the organization’s mission and vision
- Short- and long-term goals work in tandem with one another
Differences: Short-Term vs. Long-Term Goals
- Short-term goals require immediate focus and attention; long-term goals focus broader strategy
- Short-term goals are specific and can be measured in the near future; long-term goals are often general and ambitious
- There is little room for flexibility with short-term goals, whereas there is time to adjust long-term goals as needed
Determining Whether a Goal Is Short-Term or Long-Term
A good way to determine whether a goal should fit into the category of a short-term vs. long-term goal is to set aside time for your board to discuss answers to the following questions:
- Can it be achieved with minimal effort?
- Can it be completed in less than a year?
- Does it require commitment?
- Does it require multiple steps?
- Is the goal strategic in nature?
- Does it require deliberate planning?
What Are Examples of Short-Term vs. Long-Term Goals for Business?
The following examples of short-term goals vs. long-term goals will enable your board to better understand what each type of goal looks like and how they work jointly to help your nonprofit make progress.
Examples of Short-Term Goals
- Apply for at least 10 grants
- Raise $5,000 at the annual fundraiser
- Purchase a board management solution
- Arrange for quarterly board member educational opportunities
Examples of Long-Term Goals
- Lease a building in a new geographical area and hire staff
- Double the number of donors
- Establish a program to feed the homeless one meal per day
- Increase website traffic by 50%
Tips for Setting Long-Term and Short-Term Business Goals
Over1,000 studieshave made the connection between setting specific goals and increasing task performance, motivation, and persistence.
The following tips will help your board set achievable business goals:
- Schedule time for setting business goals during your strategic planning meeting
- Educate your board members on how SMART goals work
- Break short-term goals down by quarters
- Establish a system for tracking your results
- Add progress toward your goals to your board meeting agenda quarterly
- Celebrate milestones and achievements
Final Thoughts on Short-Term vs. Long-Term Goals
In wrapping things up, board members should be aware that newer board members may not fully grasp the importance of setting short-term and long-term goals relative to yourstrategic planning. As part of your board orientation, be sure to include information on short-term vs. long-term goals and explain why both are essential tools in achieving your nonprofit’s mission.
In considering short-term vs. long-term goals, one is not more important than the other, and both effectively help to make progress toward your nonprofit’s overall objectives.
