1.3.3 Advantages of strategic foresight for SMEs

Advantages of strategic foresight for SMEs

• Adaptability:
  Strategic foresight enables SMEs to adapt changes in the competition, their technologies and specific customer needs at an early stage and to adapt their strategies flexibly.
• Risk minimization:
  By identifying potential risks in the future, SMEs can take proactive measures to minimize or avoid these risks. This can reduce financial losses and negative effects on their own business.
• Promoting innovation:
  The systematic consideration of future trends promotes a culture of innovation in SMEs in order to develop differentiating products and services that meet market needs and strengthen their own competitive position.
• Long-term planning:
  Strategic foresight helps SMEs to set resilient long-term goals and develop a clear vision for the future. This helps SMEs to deploy resources more efficiently and focus on long-term success.
• Competitive advantage:
  By anticipating trends, market changes and customer needs at an early stage, SMEs can take advantage of new opportunities to gain a competitive edge by developing innovative products or services.
• Resource alignment:
  Strategic foresight helps SMEs to use their resources more efficiently by focusing their investments and efforts on the most promising future developments, strengthening the commitment of employees, customers and other stakeholders involved in the strategic planning process.
• Identifying opportunities:
  Identifying opportunities at an early stage enables SMEs to find innovative ways to tap into new markets and enter into partnerships by developing new products and see the reactions to potential future. scenarios