Must every business have a long term plan?

[King Belieal]

A business should practically aim to stabilize and stay sustainable for a long time. That means a business should have a long term plan. Is it possible for a business to keep running without a concrete long term plan? What are the implications of a business not having long term plans?

 

[Min George]

There are businesses that are just meant for immediate survival and there is no long term plan for it.

 

[eLdavis]

I think it mainly depends on the purpose of the business. If you plan on doing the business for long, then you should have a long term plan.