Though planning is beneficial for an organization, a vague and inconsiderate plan can really be worthless to survive in economic globalization. There are some important elements which must be considered by strategic planners, decision makers, managers and executives of a company to avail better opportunities in future.As economic metric are changing very rapidly, the decision makers should stay abreast of updates in economic indicators and recent developments within the market.A recently revised business plan is really important for proper decision-making. Business plan is based on certain assumptions which are sensitive to economic indicators. Therefore, it is necessary to revise those elements of business plan to ensure that the strategic plan is aligned with the present conditions.The ongoing projects of the business must be reviewed on at most 6 month interval to check the progress of the project in accordance with present metrics.
It is important to communicate the issues and measures to the employees so that they may accept the changes in policies rather to resist the decisions of policy makers.If a company goes in economic deterioration, outsourcing of some non-core activities may be considered by decision makers and planners till unfavorable economic conditions.Relying on a same supplier or same industry over a long period of time can be risky for the company in the period of uncertainty and volatility, therefore, diversification strategy must be considered by planners and decision makers. Uncertain economic conditions offer the opportunity of introducing innovations in the market and create their brand awareness while other companies are facing deterioration. Therefore, planners should continually revive their planning to throw innovative products and ideas in the market.