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The phrase "a long term basis" is correct and usable in written English.
It is typically used to describe a situation or arrangement that is intended to last for an extended period of time.
Example: "We are looking to establish a partnership with you on a long term basis to ensure mutual growth and success."
Alternatives: "an extended period" or "a sustained duration".
Exact(7)
On a long term basis I plan trips to look forward to.
Economic sustainability: Are you generating profit on a long term basis?
If you take pain medication on a long term basis, you "habituate" to it and overtime it loses its effect.
These changes seem to occur on a long term basis.
All agreed to participate and were contracted for participation on a long term basis.
Most individuals visit the same private dental practitioner on a long term basis [ 8].
Similar(53)
PANGAEA operates on a long-term basis.
So investors can hold them on a long-term basis and have good returns.
Eighty-five percent have remained in the program on a long-term basis.
"The market is still the place to go on a long-term basis".
The company will not store bodies on a long-term basis.
More suggestions(4)
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com