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Dinesh DivekarDear Devendra Tiwari,
Your question is "Where does any company see themselves after 5 Years? The question is a bit tricky, Need to see about the current situation."
What is the context of your query? Are you a student or a working professional? Is your query restricted to a specific industry, or does the type of industry matter?
The business environment is vague as much as your query is! Way back in 1987, in their leadership theory, Warren Bennis and Burt Nanus have described the characteristics of the business environment as Volatility, Uncertainty, Complexity and Ambiguity (VUCA). Because of the rapid technological changes, a quarter-century later, all the four factors have increased multifold. Therefore, it is impossible for any company to predict where they wish to see themselves after 5 years.
In the erstwhile era, it was possible to prepare a strategic plan even for 25 years. As the technology progressed, the number of years of planning came down. The COVID-19 pandemic has redefined everything, and no company is in a position to plan for more than two years.
The basic reply to the question is: a company would wish to see it survive the competition. The competition is so intense that it is impossible to predict which competition will come from which quarter. The Titan Company Limited had never anticipated that smartwatches would be rolled out by Apple or Samsung. Both the companies had nothing to do with horology! In today's newspaper, there is a news report that says "Adani group looks to invest $20 billion in renewable energy". This will be a direct competition to Reliance's Mukesh Ambani. Therefore, let us wait and watch how these business titans clash.
Where the company wishes to see also depends on their strategic foresight. It also depends on their ability to foresee the risks and prevent those risks. If the risks cannot be prevented, then the company should try to mitigate the risks. Identifying and mitigating risks apart, the company should try to encash the opportunities.
However, to identify the risks and encash the opportunities, the company leadership should develop a strategic planning cell. This cell should scan the business environment forever and give an insight to the top leadership. Based on the insight, the top leadership use various tools of the strategy and develop a strategic plan. To prepare a strategic plan, they should use various tools of strategy. To get to know the tools, you may click on the attached image.
From India, Bangalore