Paths to long-term performance and strategic planning

Abstract

A firm may ensure sustainability by pursuing long-term performance through one of the three possible paths: adoption of long-term perspectives within the existing business, extension into a new business and adoption of long-term perspectives, and jump into the long-term new business. Considering temporal dimension and business dimension, a firm pursues four types of performance: maintenance, sustainable growth, diversification, and transformation. Explorative strategic planning as well as exploitative one is required for a firm to successfully manage a balanced pursuit between long-term performance and short-term one. © 2019 John Wiley & Sons, Ltd.