What technology should we invest in this year? Which product or services should we be looking to enhance? What initiatives are a better use of our time and money? How do you prioritize?
Making important decisions about how best to spend money and time can be stressful and confusing. The strategic planning process is designed to help you make difficult choices within a framework of a 3-5 year plan. The framework involves looking at both internal and external factors in order to design strategies that take advantage of opportunities, while minimizing risks.
A central part of the strategic planning process involves developing a set of key assumptions to serve as a reference when creating forward-thinking strategies. These assumptions come from looking at data and researching trends.
By understanding the changes that are developing in the marketplace, you become less vulnerable to short term events and opinions. By positioning in alignment with the trends in your industry, in your customer’s industries, and in the world in general you have a much better chance of success.
“The factory of the future will have only two employees, a man and a dog. The man will be there to feed the dog. The dog will be there to keep the man from touching the equipment. — Warren G. Bennis
There are many sources of information about future trends. As you read and listen to the people around you, you will find a lot to think about.
In “The Strategic Human Resource Leader” William Rothwell, Robert Prescott and Maria Taylor, talk about six key trends shaping the future: changing technology, increasing globalization, continuing cost containment, increasing speed to market, the growing importance of knowledge capital and the magnitude of change will shape our future.
It is always fun to read Faith Popcorn. In her newest offbeat book “Dictionary of the Future” authored with Adam Hanft, they cleverly coin terms that are designed to express what the world is about to become. While the book is a bit far out,