According to the most recent Brainsight survey, 41.9% of businesses across APAC countries, including Malaysia, demonstrate a significant need for support in strategic planning, among other forms of external assistance aimed at fostering growth in 2024.
Only 20.7% out of 193 respondents indicated a need for assistance in market research and analysis, with operational efficiency (19.7%), compliance and risk management (17.6%) following closely behind.
This data highlights that businesses in Malaysia and other parts of Asia face many different challenges. But no matter what the challenge is, having a good plan is really important for them to keep growing and handle any problems that come up.
For businesses in Malaysia, the findings underscore the importance of investing in strategic planning capabilities or seeking external support to address gaps in this crucial area. Whether it be through consulting services, training programs, or leveraging technological solutions, businesses must prioritize building resilience and agility through effective strategic planning.
Strategic planning is crucial for businesses
For stable growth, companies should develop a strategic vision that is beneficial for themselves and their own customers. Despite critiques of strategic planning that suggest it may not be effective or necessary, research has shown that strategic planning can improve and have a significant positive impact on a company in the private and public sectors, across international settings.
Enhanced operational efficiency
When strategic planning is done well, it creates a roadmap that guides how different parts of the company work together. This means decisions are made in a way that supports the company’s goals, and resources like time, money, and people are used efficiently. It’s like having a well-organized schedule that helps everyone work together smoothly and effectively.
Improve company performance
Strategic planning does not only involve setting goals. The people within the organization must also be on board to achieve those goals. When employees understand the company’s direction and how their work contributes to it, they feel more engaged and responsible. This will boost operational efficiency, drive growth, encourage innovation, and set the stage for long-term success. It’s like having a team that’s not only working hard but also working smart, leading to better results for the company overall.
Knowing directions
Making a strategic plan will help organizations set a clear direction for where they want to go. This involves defining realistic goals and making sure these goals match up with the company’s overall vision and mission. Essentially, it’s like setting a map for the company’s journey, ensuring everyone knows where they’re headed and why.
Enhance decision-making
With proper planning, companies are better equipped to make choices that match up with their overall purpose, long-term goals, and specific plans for the future. By having a clear understanding of their mission, vision, and strategic objectives, companies can make decisions that are in line with these guiding principles. This helps ensure that every choice made by the organization moves it closer to its desired outcomes and contributes to its overall success. Strategic planning serves as a compass that always points in the right direction, helping companies make the best choices for better results.
Through strategic planning, businesses can also bring improvements to market research and analysis, operational efficiency, compliance and risk management.
Conclusion
Strategic planning plays an important role in the growth and success of businesses. The recent survey data underscores the pressing need for strategic planning support among businesses in the region, highlighting its importance alongside other critical areas like market research, operational efficiency, compliance, and risk management.
Even though it can be time-consuming and expensive for businesses, especially small and medium-sized businesses, the survey showed the readiness of the APAC countries, including Malaysia, to get assistance for strategic planning. Effective strategic planning can lead to sustained growth and long-term success for businesses.
