![]() ![]() Long range objectives are usually determined according to estimates and projections, which in turn are the results of market research. One of the key differences between 1 year, 3 year and 5-year plans – or plainly between short- and long-term plans – comes from the way goals and objectives are set. Long term planning versus short term planning The versatility of the annual work plan template allows entrepreneurs to make quick calls without having to change the long-term strategic plans. In this type of scenario, time is of the essence and you need to secure funding quickly and be able to hire the extra manpower required. The 1-year timeline can also adapt to cover specific unique opportunities, like purchasing commodities from a competitor who is going out of business at a bargain. To save precious time, many project managers create a 1-year timeline template and only update it with new data as it comes along. Therefore, one of the preferred formats for the 1-year plan is as a timeline. ![]() A one-year plan should be a valuable tool in the back pocket of any project manager, as it has the advantage of covering a clearly delimited, foreseeable period of time. ![]()
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