How important is strategic management in todays business environment?
David Wittenberg: In my forthcoming book, Innovating for the Future: Doing Strategy Right, I warn that in a global economy, Indian companies that fail to plan and manage strategically are at risk from overseas competitors who will do so. There will always be a place in the economy for some tradition-bound companies, but those that survive will almost certainly stay small and local. For SME owners who want to grow, there are only two choices: trust in fate, luck or instinct on the one hand, or look at the business environment objectively and make a fact-based strategic plan on the other.
