This contribution, motivated by an experimental study of the influence of long‐range interactions on the hysteresis loop, presents a theoretical study of spin‐state transitions within the framework of an Ising‐like model. The Hamiltonian includes both short‐ and long‐range interactions and takes into account different degeneracies between molecular states. The problem is solved exactly for one‐dimensional systems by using a transfer matrix method and the effects of temperature, long‐ and short‐range interactions, and system size (number of molecules) are analysed in depth. The width of the thermal hysteresis loop of spin‐crossover compounds decreases when reducing the long‐range interactions, down to a critical value, calculated for the first time in this contribution, at which the hysteresis vanishes. This dependence is similar to the one generated by the decrease in short‐range interactions assuming that the corresponding variation is proportional. An increase in the system size contributes to a larger influence of long‐range interactions and the hysteretic loop approaches a rectangular shape and reaches a saturation width, which is predicted for the first time. These results are important for the design of novel spin‐crossover materials featuring sharp spin transitions along with wide hysteresis loops, which are particularly suited for potential applications in display and data storage devices.