A lot has been said over the years about strategy, and I mean stategy that ties to business objectives and business strategy but not enough has been said about long-term planning.
Long-term planning is essential for a business to maintain their niche or competitive standing. However, as we look at how the economy has impacted our businesses over the past 2 years we have potential lost sight of the long-term and focused on the short-term. Well, short-term is important as we adjust to market conditions but if we do not constantly plan for the future we a business will nor survive.
I maintain that as you develop strategy of the year you need to also look to the future, making sure you have placed enough budgetary emphasis on R&D, product development, and product launches to maintain your competitive advantage.
Have you focused on long-term planning? Please email me your thoughts on this important subject to wgstevens2@gmail.com
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