What is specified as more than one year in business terms?

Long-term goals are defined as objectives that extend beyond one year into the future. Businesses set these goals to guide their strategic direction and plan for substantial growth or change. For example, a company might set long-term goals to launch a new product line, expand into international markets, or achieve a particular revenue milestone within a five- or ten-year timeframe.

In contrast, short-term goals typically focus on achievements within a year or less, aiming for immediate results. Intermediate goals fall between the two, generally covering a time span of one to three years. Annual goals are specific objectives intended to be accomplished within a single calendar year. Hence, long-term goals distinctly emphasize a multi-year vision, making them critical for sustained business development and planning.