1.1 Strategic foresight as a basis for Strategic Planning in small and medium-sized enterprises (SMEs)

(1) Strategic foresight

plays a crucial role within the VUCA framework (volatility, uncertainty, complexity, and ambiguity), particularly in dynamic markets undergoing rapid and substantial changes.

(2) Long-term foresight (LTOF)

e.g. the ability to anticipate future developments, stands out as a pivotal strategic capability essential for making informed decisions to enhance a company’s long-term competitiveness and its capacity for learning and innovation (Peter & Jarratt, 2015).

(3) Small and medium-sized enterprises

encounter challenges in formulating and executing suitable responses, primarily due to the difficulty in identifying not only global trends but also changes within the micro-environment and effectively addressing these shifts at the strategic level of the organization.

(4) The significance of strategic foresight

escalates, particularly within contexts marked by swiftly evolving technological or environmental influences.