Abstract

This article presents some new thoughts on long-range planning specifically designed to assist the small businessman. The essence of long-range planning is thinking systematically about the future and making current decisions on that basis. Implicit in this concept is the idea of examining future consequences of present decisions, as well as choosing bases for making current decisions from among future alternative courses of action. Long-range planning, therefore, is not without current impact. Every businessman thinks ahead. But what is new in long-range planning today is looking ahead in a methodical, organized, and conscious fashion. Managers have found that the formalization of the long-range planning process produces better results. This new concept of long-range planning does not imply an exhaustive inquiry into the future. The process actually used in a company should merely be adapted to the particular circumstances existing in the company. Although the literature on long-range planning is increasing, most of it is not very helpful to the small businessman.