Long-term and Short-term Plans

Professional services need to develop both long-term and short-term plans to ensure they satisfy their companies and employees. Short-term plans are the plans that can be actualized within a day, while the long-term plans are the organization’s vision or the individual. Similar to organizations, individuals need to develop short-term and long-term plans to actualize their short-term desires and long-term goals. Fundamentally, the short-term goals accumulate and build up to show the long-term goals. As a result, the short-term goals should be closely related to the long-term goals.

Five Year Plan

Professional 

Within the next five years, I expect to have attained a Ph.D. in management, which will pave the way for concentrating more on professional work. Gaining academic qualification and advancement will be the first in the five-year plan. As a result of the academic qualifications, I plan to be above senior vice-president in the hospital where I will be working. A vice-president role will be a better place to translate what I will have learned in the next five years. Therefore, the position will be strategic to ensure I gain the necessary field knowledge to transition to higher management roles as a managing director or chief executive officer. In addition to the academic qualification, I will be advancing in age, which will push me into the next phase in life.

Financial

In five years, I expect to have achieved self-sustenance through an increment in the salary I will be receiving for my role at the time. I hope to be earning a six-figure salary per year from my work and at least five-figure annually from the investments I shall be doing within the next five years. Thus, cumulatively, I should be making enough amount to sustain my family and cater to all the primary and a considerable number of secondary needs.

Five Year Strategy

Skills

To achieve the five-year plan, I have to develop several skills, especially in management. Therefore, I plan to focus on building strategic management leadership skills within five years. Leadership skills will require developing skills in planning and organizing the team around a central idea to achieve a specified goal (Etkin, 2019 ). Additionally, I will need to develop execution skills in determining the correct aptitudes in translating an idea into an actualized product, process, or transformation. Moreover, I will advance in developing people skills, like learn more on collaboration skills, especially with people with opposing opinions, listening skills, and empathy. Furthermore, I will develop financial management skills that will help manage and plan personal and corporate finance for financial freedom.

To develop the skills, I will use my strengths outlines in my SWOT analysis, such as the desire to learn, team management skills, and capacity to inspire others, and I will use my opportunities to create avenues that will elevate my leadership skills and build on my financial investments (Roberts et al., 2020). Besides, I will utilize environmental scan analysis to identify internal and external issues that may manipulate my weaknesses and threats to increase my capacity to manage the challenges to achieve long-term success. I will specifically use my opportunities to identify the strengths which will convert my weaknesses and threats to my advantage, thus ensuring growth.

Adapting to Change

The healthcare sector is constantly changing, primarily due to technological advancements such as artificial intelligence. As a result, healthcare leaders need to upgrade their skills to match the industry requirements constantly (Uetake & Yang, 2018). One of the leadership changes is determining how to manage hybrid systems of machines and people performing health diagnoses and treatments. Additionally, leaders have to understand how to deal with the new set of employees in the organization comprising computer scientists who have different training from healthcare workers. The changes in the sector require a change in approach to leadership, which focuses on the purely medical staff, and include machines and staff from other fields. In addition to leadership skills only, I will need to understand how artificial intelligence systems work to familiarize myself with the machines, the challenges they may present, and their opportunities.

Short Term Goals

 The long-term goals are dependent on the actualization of short-term goals (Cellini et al., 2017). To start working towards my Ph.D., I need to obtain a good foundation from my current master’s program, including getting the best grades and acquiring the necessary foundational knowledge in research and management. At work, I need to consistently deliver on my weekly goals and make sound leadership decisions to rise in the ranks. Finally, financially, I need to start investing some of my income and consulting with my financial advisor.

Resources for Five Years

 Financial Resources

Achieving the five-year plan will require financial investment on several fronts. First, a considerable sum of money will be invested in school fees in advancing skills from a master’s degree holder to a Ph.D. degree. Second, besides the investment in the Ph.D. program, I will invest money in short courses which will develop knowledge in specific areas of expertise in specific fields (Etkin, 2019). Third, more money will be invested in learning resources and materials used in and outside academia, including tickets to conferences and symposia. Fourth, in achieving financial goals, a vast sum will be invested in the financial investments. Finally, I expect to diversify finances in different portfolios, like hedge funds, businesses, retirement benefits, or money market funds. I will use a 50-50 portfolio management between high-risk, high return, and low-risk low return investment.

Human Resources

 I will highly depend on human resources to achieve my financial and professional goals. For my professional goals, I will highly depend on my professors in developing the necessary academic foundational skills in obtaining my Ph.D. (Etkin, 2019). Additionally, I will depend on the hospital management where I will be working in rising in ranks to reach the positions I want. Additionally, I will depend on my friends, colleagues, family, and a couple of acquaintances in achieving the necessary skills which will land me to the necessary goals. To achieve financial goals, I will highly depend on my financial advisors on the right investment goals. Additionally, I will depend on my spouse to make investment decisions and decide how we will use my salary.

Challenges in Long Term Goals

 Several challenges may make it hard to achieve my long-term goals. First, academically, I will not proceed to the Ph.D. program if I perform poorly in my maters program or get discontinued and fail to graduate (Uetake & Yang, 2018). However, I am mitigating the challenge by putting my best into my master’s, which hopefully will lead to the best grades. Second, financially, I may fail to achieve my financial freedom if I poorly spend my money and disregard investments (Cellini et al., 2017). However, I can mitigate against the challenge if I get a financial advisor and start making sound financial decisions. Finally, at work, I may not achieve my long-term goals unless I hit my targets and use my skills whenever needed (Cellini et al., 2017).

Conclusion

Like organizations, individuals need to develop short- and long-term plans for their personal, professional, and financial lives. The long-term goals should be premised on realistic terms, together with the strategies of achieving the plans. The most helpful strategy in achieving life plans is building on personal SWOT analysis and information from the environmental scan to identify what they can achieve within the given timeframe. The short- term goals should connect with the long-term goals to identify any issues in the process and mitigation processes.

References

 Cellini, M. M., Serwint, J. R., D’Alessandro, D. M., Schulte, E. E., & Osman, C. (2017).

Evaluation of a speed mentoring program: Achievement of short-term Mentee goals and potential for longer-term relationships. Academic Pediatrics, 17(5), 537-543. https://doi.org/10.1016/j.acap.2016.12.012

Etkin, J. (2019). Time in relation to goals. Current Opinion in Psychology, 26, 32-36. https://doi.org/10.1016/j.copsyc.2018.04.013

Roberts, H., Moberly, N. J., Cull, T., Gow, H., Honeysett, M., & Dunn, B. D. (2020).

Short-term affective consequences of specificity of rumination about unresolved personal goals. Journal of Behavior Therapy and Experimental Psychiatry, 66, 101519. https://doi.org/10.1016/j.jbtep.2019.101519

Uetake, K., & Yang, N. (2018). Success breeds success: Weight loss dynamics in the presence of short-term and long-term goals. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2928441

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Develop a long-term and a short-term plan for yourself using what you have learned about yourself through the SWOT analysis and environmental scan you completed.Introduction

Note: Developing a strategic plan requires specific steps that need to be executed in a sequence. The assessments in this course are presented in order and should be completed in sequence.
In business, having a plan is a critical element for growth and expansion. However, successful businesses do more than simply plan to earn millions within the next five years; they develop detailed plans that have realistic goals. Typically, these plans include both long-term plans and short-term plans.
Developing your personal long- and short-term plan can help you chart the road to your own success. A well-prepared plan can help you focus your professional efforts, identify resources to help you achieve your goals, prioritize the actions you need to take, and anticipate obstacles.
Competencies Measured
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies:

• Competency 1: Create organizational value.
  • Describe long-term professional objectives.
• Competency 2: Participate collaboratively and respectfully.
  • Describe the human resources available to achieve long-term objectives.
• Competency 3: Communicate effectively.
  • Write coherently to support a central idea in appropriate format with correct grammar, usage, and mechanics.
• Competency 4: Plan strategically.
  • Explain a short-term plan to achieve long-term objectives.
• Competency 5: Employ high-performance business management techniques.
  • Explain how industry trends influence change.
• Competency 6: Solve problems within professional standards.
  • Describe the skills necessary to achieve long-term professional objectives.
  • Describe strategies to overcome obstacles to long-term objectives.
• Competency 7: Use appropriate financial models and principles.
  • Describe long-term financial objectives.
  • Describe financial resources available to achieve long-term objectives.
• Note: Developing a strategic plan requires specific steps that need to be executed in a sequence. The assessments in this course are presented in order and should be completed in sequence.
  Success in any endeavor requires focus, long-term planning, and effort. Most long-term objectives require short-term achievements.
  Use what you have learned about yourself through the SWOT analysis and environmental scan you completed to develop a long-term and a short-term plan for yourself. Complete the following:

1. Start by describing your 5-year professional and financial objectives.
   • What title or position would you like to have?
   • Where would you like to be financially?
2. Based on the results of your SWOT analysis and environmental scan, determine the following:
   • What skills do you need to develop to achieve your 5-year objectives?
   • Is your industry changing? What do you need to do to grow with it?
   • What resources do you have to help you achieve your 5-year objectives? (Hint: Resources can mean more than financial; are there people you know who can help you achieve your objective?)
3. Now develop a short-term plan that will help you achieve your long-term objectives:
   • What will you need to accomplish each year to achieve your 5-year objectives?
   • What monthly/weekly/daily steps will help you reach your long-term objectives?
   • How will you address obstacles that occur along the way?
4. To successfully complete this assessment, you may need to do some research on developing long-term and short-term plans. Format this assessment as a research paper following current APA guidelines for both style and citing sources, making sure that you also use correct grammar and mechanics. There is no required minimum or maximum page length; however, you should strive to be as detailed as possible in addressing each point, while also being as clear and concise as possible.
   Competencies Measured
   By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies:

• • Competency 1: Create organizational value.
    • Describe long-term professional objectives.
  • Competency 2: Participate collaboratively and respectfully.
    • Describe the human resources available to achieve long-term objectives.
  • Competency 3: Communicate effectively.
    • Write coherently to support a central idea in appropriate format with correct grammar, usage, and mechanics.
  • Competency 4: Plan strategically.
    • Explain a short-term plan to achieve long-term objectives.
  • Competency 5: Employ high-performance business management techniques.
    • Explain how industry trends influence change.
  • Competency 6: Solve problems within professional standards.
    • Describe the skills necessary to achieve long-term professional objectives.
    • Describe strategies to overcome obstacles to long-term objectives.
  • Competency 7: Use appropriate financial models and principles.
    • Describe long-term financial objectives.
    • Describe financial resources available to achieve long-term objectives.

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