Global Legal Insights: What’s your company’s five-year plan?
A long-term vision allows us to aim high, get inspired and dream big. When considering a long-term strategy, a look at China can provide an interesting prospective of a long-term vision.
By AMIT BEN-YEHOSHUAMoney(photo credit: INGIMAGE)
In turbulent times, especially during this current global pandemic, we are often distracted by the urgent and immediate tasks and forget to look at the long-term vision that is vital for our future. This is true and applies whether you are looking at your personal affairs, your company’s growth, or even when analyzing the prospects of a nation.So what is your company’s long-term plan? Did you assign a senior working group to dive into its strategic goals? This outlook includes important observations such as, in which industries will it focus? What are the main challenges which it will need to tackle in the coming five years, and what are its global expansion targets?A long-term vision allows us to aim high, get inspired and dream big. The voice of the late Israeli president, prime minister and Noble Prize laureate, Shimon Peres, echoes when he concluded about his fascinating life accomplishments: “if I have any regret it’s only that he should have dreamt more and should have dreamt bigger.”When considering a long-term strategy, a look at China can provide an interesting prospective of a long-term vision. China’s strategic planning is instrumental and is tied with great financial investment. See China’s global infrastructure “One Belt, One Road” initiative, and China’s “Made in China’s 2025” technological outreach plan, which were among the catalysts of the China-US trade war.Last week, the leadership of the Chinese Communist Party, released its communique regarding China’s coming five-year plan for 202 to 2025 which also provides a long-term outlook towards 2035. In this plan, China deals with a range of challenges, commencing from the risk of decoupling in the US-China trade relationship, and what China regards, as rising American protectionism and unilateralism. As a result, China decided to adopt a “dual circulation” mechanism, in which it will focus on its huge internal market, while trying to preserve and strengthen its international relationship.The ability to look into the future, while navigating through the high waters, is a key component of your strategic success, so plan ahead and dream big.The writer is licensed to practice law in Israel and California and served as the vice chair of the China Committee of the American Bar Association. He can be reached at amit@amit-law.com.
