How to establish a research and development budget and strategy.
Separate out your short- and long-term goals and take steps to ensure you are investing to achieve future aims and not always focussed on immediate returns. Striking the right balance between short- and long-term perspective is crucial for the sustainability of a successful business, according to advisory firm Ernst & Young (EY). Short-termism can mean that long-term business objectives are neglected. Often, financial goals can result from strategic decisions made in the past few years, but investment should be based on longer-term business goals. Short- and long-term goals should not be intermingled as they are often at odds with each other.