Well, it depends on the context. While you are working on short terms goals, you also need to develop a pipeline about the future. So I prefer both as a correct way to make a decision regarding a business or any other type of planning mechanism. Alternatively you can say five year plan, to well give u vision of what your goals are and what it takes to achieve those goals you have put.

In a business aspect, setting goals is an integral part of operating and growing your business. You can create milestones or targets to help monitor progress against metrics you have designed within your business vision.

Typically, that vision expresses the long-term target for the company and provides a fixed point on the horizon. So this means you will in the long run need both long term and short term goals in order to succeed in any venture. As plot your Business plan for any particular initiative, break them into smaller parts so that you can monitor the progress more effectively.

Failure to achieve goals is simply a learning process, and ultimately, another step towards success.

When you set your business goals, it is important that you base them on enduring values. Given the dynamic environment businesses operate in, value-based goals provide stability in times of rapid change. To be truly effective, follow the principle of SMART to increase your chances of success — make both short-and long-term goals Specific, Measurable, Achievable, Realistic, and Time-Bound.

In a business perspective, long term are generally more aspirational in nature and tend to relate to a period of five years or more. These are characterized by some degree of measurability and help set the direction for your company so you can visualize expected performance levels.You have to identify the categories that best represent your vision and focus on them. Your business goals will only be effective once you have a clear vision of what you want to achieve, and how.

Short-term goals tend to be objectives that lend even more precision to your business plan. They are more specific with regard to what has to be done within a given time frame. Issues related to how, how much, and when have to be resolved to meet these.Typically, short-term goals arise from long-term goals and your business vision statement. They are the foundation for taking action and thus you should set them in such a way that they will have the greatest impact on meeting long-term goals.