No, the long-term means (unless you are in a relegation battle) making concerns with the short term a secondary priority ... or else the long-term becomes confused with a merely a series of short-terms that are patched endlessly together.
The long-term includes abandoning fixations with big-names, expensive signings and 'galacticos'. It includes setting to rights the long-term fundamentals: the scouting and player recruitment system, the academy and youth development system, a playing style that fits with the club and its fans (and working to develop this regardless of any short-term set-backs). It includes finding a relatively young manager (and coaching staff) who can be around for the long-haul and are committed to setting to rights the fundamentals.