Current economic conditions have impacted the way businesses think about doing business, according to a recent article and survey found in The McKinsey Quarterly.
 
The article, Strategic planning: Three tips for 2009,” warns businesses against abandoning strategic planning for survival mode, because eventually the crisis will end.
 
Focusing solely on the recession is a mistake for two reasons, according to the piece:
 
First, market trends are already established, and managers and executives should continue to focus on those for long-term business planning.
 
Second, fixation on the economy itself creates tunnel vision that could keep managers and executives from honestly evaluating the effectiveness of current strategies.
 
The survey results indicate that finding the balance between short-term survival and long-term strategy is a concern for many executives. While this question should be considered every year, the article points out: “The perennial challenge of striking this balance has become particularly acute this year.”
 
Read the full article and survey results at The McKinsey Quarterly.
 
More from MDM on strategic planning:
MDM Special Report: Business Planning for Distributors
Take Strategy to the Front Lines
New Differentiators in Distribution
Baking Success into Your Strategy
Build Your Brand, Build Your Future “