Old-style strategic planning is a thing of the past. However, beyond trying to survive, companies do need a startegy for growth, even in periods of recession, in order to ensure healthy recovery and competitive advantage.
In a paper on strategic development, experts at Boston Consulting Group talk about the concept of adaptive advantage.
Well-run businesses respond effectively to the constantly emerging new challenges. Firstly, they react to relevant data very fast. Secondly, they try to work with valuable partners. Thirdly, they perceive changes in customer preferences. Besides, they test their products and services effectively. Finally, they draw on the best talent.