Survive

• The first and most crucial goal is to ensure the long-term survival of your business. A widely quoted statistic from the "Monthly Labor Review" shows that 66 percent of new businesses survive the first two years, but that figure drops to just 44 percent after four years. The website "Small Business Notes" cited a range of survival factors such as ample supply of capital, employee number and owners' motivation.
  
  

Profit

• Financial stability is a second key long-term goal. Access to capital is essential in both the start-up and later growth phases. It is easier to obtain growth funding when you can demonstrate a record of profitability and sound financial management. In setting your long-term business objectives, focus on markets and products where you have a strong competitive advantage. That way you can set prices and generate revenue that will earn good profit margins.
  
  

Loyalty

• Target customers and market sectors where you can build long-term customer loyalty. That means winning customers with continuing demand for your type of products. You also need to plan a product development road map that will enable you to introduce new products and generate further revenue from your target customers.
  
  

Differentiate Your Business

• Identify the factors that will give you a strong competitive advantage in the long term. Set a skills profile for the type of people you want to recruit. Look at the potential benefits and growth opportunities from working with business partners. Set product development objectives that will give you a clear advantage over competitors in the features and benefits that matter to your customers.
  
  

Trends

• Take account of long-term trends in your business. Research companies and industry analysts publish reports on changing market conditions and the likely impact of emerging technologies. By understanding the future development of your industry, you can set long-term goals with confidence.
  
  

Leadership

• Aim for leadership in your chosen sector. A realistic goal would focus on achieving leadership in a niche sector where you can compete effectively against larger, established companies. Introduce quality management from the outset to build a reputation for reliability and plan communications programs to create a strong brand identity.