Long-term planning is essential for several reasons:
Sustainability: It ensures that a business can maintain its operations and profitability over extended periods. Vision and Direction: Provides a clear sense of direction and purpose, aligning the entire organization towards common goals. Resource Allocation: Helps in making informed decisions about allocating resources like capital, human resources, and technology. Risk Management: Identifies potential risks and opportunities, allowing for proactive measures to mitigate risks and seize opportunities.