5 current trends in strategic business planning

Companies should follow the trends in strategic planning, whether it is on the processes or technologies to be used, the management methods or the means to be adopted towards its employees. Here are 5 current trends to help you optimize your work plans:

1. The importance of flexibility

Strategic planning must be designed to allow companies to adapt quickly and efficiently. Companies are becoming more flexible for several reasons:

• Adaptation to change: Companies that are flexible can better adapt to economic, technological, social, and political changes. They will be able to react to market trends, innovate and seize opportunities.
• Improved productivity: Employees can work schedules that better suit their needs, which increases their productivity. This can also increase employee motivation and satisfaction, which in turn can improve performance and loyalty to the company.
• Reducing costs: Companies can also adopt more flexible work models, such as remote work or shared workspaces, reducing the cost of renting commercial office space.
• Attract and retain talent: Employees are increasingly looking for employers that offer flexible work schedules, a balanced work culture and benefits that fit their personal needs.

2. Consideration of technology trends

Technology trends, such as AI and metaverse, have a significant impact on strategic planning. Let's find out the benefits for a company to take technology trends into account:

• Improved efficiency: New technologies can improve the efficiency of business processes and operations. Organizations can automate tasks previously done manually, reduce errors, speed up production and improve the quality of products or services offered.
• Save time and money: Technologies can help reduce production costs, improve work efficiency and help employees do their jobs more effectively.
• Improved customer experience: As examples, chatbots and virtual assistants can help customers quickly resolve common problems, online payment systems can improve convenience, and mobile apps can allow customers to place orders at any time, regardless of location.
• Innovation: Companies can use new technologies to create new products or explore new, previously inaccessible markets.
• Competitive Advantage: Finally, companies that adopt technologies before their competitors can be better positioned to meet customer needs, be more efficient and be more profitable.

3. The importance of collaboration

Strategic planning should be a collective effort involving all stakeholders in the company. Organizations must encourage collaboration between teams to create a more effective overall strategy and avoid working in silos.

• Better communication: By working together, employees can share ideas, knowledge and experiences that can help solve problems more effectively.
• Better problem solving: Employees can bring different perspectives to the table, which can help lead to more creative and innovative solutions.
• Increased productivity: By working together, team members can divide tasks and focus on their individual strengths. This allows projects to be completed faster and more efficiently.
• Improved quality: Collaboration can also improve the quality of work produced. By working together, team members can share knowledge and skills that can help improve the quality of the product or service.
• Team building: By working together, team members can develop interpersonal relationships, build trust in each other and feel motivated.
• Improved innovation: Collaboration can also stimulate innovation by encouraging team members to bring in new ideas and perspectives.

To learn more about the importance of collective involvement, read the article 4 tips for optimizing collaboration among your work teams.

4. Taking into account environmental and social impact

More and more companies are integrating environmental and social factors into their strategic planning. Companies must take into account the impact of their activities on the environment and society in their planning to ensure sustainable development.

• Consumer expectations: Consumers are increasingly aware of the environmental and social impact of businesses. Companies that take steps to reduce their environmental and social impact can attract and retain customers who are concerned about these issues.
• Regulatory Pressure: Governments and regulators are increasingly imposing rules and regulations to reduce the environmental and social impact of business. Companies must therefore take these issues into account in order to comply with the regulations in force.
• Financial risks: The costs associated with fines, penalties and litigation can be high. By taking steps to reduce their environmental and social impact, companies can reduce these financial risks.
• Business opportunities: By using sustainable raw materials, companies can reduce their long-term costs and gain efficiencies.
• Corporate Social Responsibility (CSR): By addressing environmental and social impacts, companies can contribute to societal issues and enhance their reputation with their stakeholders.

5. The use of real-time data

Data analytics is a key component of strategic planning. Companies are increasingly using data analytics to make decisions based on facts rather than hunches or guesses.

• More informed decision making: Companies can use this real-time data to quickly adjust strategies and operations to maximize opportunities and minimize risks.
• Improved operational efficiency: Companies can quickly identify inefficiencies and implement corrective actions to improve operational efficiency.

Opting for a SaaS strategic planning tool instead of shared folders and Excel files could help you be even more flexible and improve collaboration among your teams. Having access to real-time data and demonstrating more transparency to your stakeholders has never been easier.