"Gazing into the Business Magic Mirror": Importance of Studying Future Trends

Essay by Gabe_Logan84A+, February 2006

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Trends get old fast and marketers must keep up." said Cindy Haapanen, President of BCAMA. "Vision has a long standing history of success ". Trends Get Old Fast. Keep Up. The importance of suitable business plans in running a company or organization is indisputable. They provide tactical financial projections and expenses needed to run the business. But there is additional planning that companies can undertake to help with future success. These long term, or strategic, plans are visionary, and they define a business' future development by identifying specific growth initiatives for the company's ultimate physical appearance, size, activities, products, customers, markets and more. When it comes to strategic planning, your best asset is your ability to look into the future and make predictions on using future and present trends. How we define our own future through strategic thinking, planning and execution is how we create a competitive advantage, notes Elizabeth Holm, president of Prism Strategic Services, Inc.

in Minnesota. Prism develops strategic processes for its representative industries, including the automotive service equipment industry. "Our success today is a function of the opportunities we identified and captured in the past; our success tomorrow will be a function of the opportunities we recognize and pursue today," she says .stating the indisputable importance of analyzing future trends .So, take notice of a few suggestions when trying to predict your business' future growth.

Understand your limits

One of the strategies for long-range planning is to realize your business' size and what it can accomplish in a given time period. For example, a sensible stance is about five years, although that might even be too long. "Realistically, you're not going to be able to plan in any kind of detail for more than a couple of years," says Ed Doherty, a counselor with SCORE, a...