Following our 27 January 2021 blog, we would like to come back on the concept of horizon scanning for business development and growth.
What is horizon scanning?
Horizon scanning is the systematic approach for detecting early signs of changes, both positive and negative, in the business environment.
Market places are becoming more and more highly competitive thanks to the accessibility of information and technology. New ideas, services and products are developed on a daily basis, and innovation is the fuel that ignites this creation for value, efficiency, productivity and profitability, but this is not without risk.
We have seen how important the SWOT analysis was to your business strategy. Horizon scanning will allow you to detect trends, their potential risks and threats and devise way to mitigate these. It does not only prepare your business to an eventual disruption, but it will also provide an avenue for unparalleled resource to help your business grow.
So, if you need support in horizon scanning to grow your business, develop your SWOT analysis, your business plan or business strategy, please email us at enquiries@ovacgroup.com and our specialist team will be in touch.
Next week, we will look at product life cycle: expectations vs reality.