There are short term, medium term and long term visions to be envisaged and the mission to be undertaken to effectively cope with these upcoming and future changes.
A company needs to manage the present to keep business running smoothly and devote time to create vision for the future development and how to cope with changes. Anticipating and interpreting the effects of future development correctly is essential to ensure business survival, thereby enabling us to come up with new business ideas leading to commercially viable and profitable opportunities by determine how the company is to survive, where the company wants to go, and how to effectively get there. In order to do that the company must determine its destiny, its own culture, create flexibility and adaptability in operation and motivates its staff as a means to effectively and efficiently achieve those ends.
As the present, classified as the short term defined as a time period if less than 1 year, has already been predominantly determined by what had been happening in the recent past, for example, the disruptive innovation in advanced technology which threatens to displace the traditional ways of doing business and replace old products with new ones such as the HEVs, PHEVs, and Pure BEVs, autonomous vehicles and the likes as well as the gradual emergence of the age of robotics and artificial intelligent to soon take over human labour functions in several areas; all these, in time, will definitely generate consequential impacts of various kinds in the economic and business sphere. We can only hope to manage and cope with the current circumstances and adjust, as best we could, to the short-term, changes in the business environment. Besides all these variables, our short-term vision also leads us to focus on the potential effects of government current economic policies, our own excess capacities in various areas of operation as the result of current market implosion, the generally restrictive bank lending, fluctuation in households’ income, shifts in consumers' preference and global, regional and domestic economic ups-and-downs, especially regarding how that will impact our external business ventures. Needless to say, we must be prepared and devise a method to handle them. We must also have to streamline our existing operation to withstand and stay ahead of the constantly increasing competition.
The medium term, between one to two years, under the existing business and economic environment is a mere extension of the short-term, as various disruptive innovation mentioned earlier will not be just a one or two-year phenomenon, but the innovation processes and their effects will span over, perhaps, a decade or so. The medium-term goals need to be geared towards sustainable growth, vertical and horizontal expansion in view of continuous economic and business volatility ahead, within the confines of the long-term (over 3 years) vision, the so-called fourth industrial revolution which will, in time, become a full-fledged phenomenon. This requires, in some cases, merger and acquisition, as we have done in the past, in the manner of taking over existing viable business entities and in order to acquire advanced specialist knowledge and method of production. Adding new partners to our existing operation is also a must, to achieve synergy from reduction in costs or increase in efficiencies and embracing the emerging long-term trend under the fourth industrial revolution by restructuring and re-organizing internal business operation. These are short term, medium term and long term visions to be envisaged and the mission to be undertaken to effectively cope with these upcoming and future changes.