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New Strategies Around Strategy

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New Strategies Around Strategy

The financial crisis turned traditional budgeting and strategic planning on its head. Now companies allow for more flexibility in drafting their plans.

Along with the traditional annual budget, the five-year strategic plan is a staple of business, a rou­tine exercise with scant thought given its continu­ing utility. Most every company performs the ritual, consuming count­less hours of management time in the process, as if predicting the tortuous turns of markets, tech­nologies, political machi­nations and consumer preferences were a simple affair.

The financial crisis and subsequent recession turned these efforts on their head, rendering almost every five-year plan into worthless scraps of paper. Doubtless no strategic plan, other than those put forth by a few hedge fund prognostica­tors, allowed for such eco­nomic upheaval. “For most of us, the financial crisis and its aftermath was a truly dynamic event that we had not experienced in our lifetimes before,” explains Ken Esch, partner in PwC’s private company service practice.





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