The Need for Strategic Planning in Every Company
In 1942 Joseph Schumpeter in his work entitled “Capitalism, Socialism and Democracy” coined the phrase “Creative Destruction” defined as a “process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.” Once again this concept is gaining popularity and being quoted by economist as they try to explain economic volatility. This resurrection is not due to a belief that innovation or creativity has increased but rather that the rate of destruction has accelerated.
It could be argued that each and every company will someday reach a point where the significant market shifts will no longer support the business model. If adjustments had been made throughout the years, these changes could have been seen as new opportunities rather than threats.
Excerpt from the book, Planning Your Company's Growth A 10 Step Guide to the Strategic Planning Process , which can be purchased as PDF format on www.BusinessSimplyPut.com or on Amazon for the Kindle at http://www.amazon.com/dp/B005EJN03G



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