Businesses told to ‘think long-term’

STRATEGIC long-term thinking has to be applied to business strategy despite the pressure to find short-term solutions, a report has emphasised.

Martin Cronin, chief executive of Forfás, the national policy advisory body for enterprise and science, said yesterday: “The incorporation of long-term thinking into today’s decision making remains vital, despite the pressure of urgent short-term issues.”

He was speaking at the launch of the report, Sharing Our Future: Ireland 2025, at an international forum in Dublin.

Tánaiste and Minister for Enterprise, Trade and Employment Mary Coughlan told the forum the success of enterprise “will be a critical component in regaining our position as one of the most prosperous economies in the world”.

It was vital the economy delivers strong growth through a highly productive and innovation-driven enterprise base that provides fulfilling and rewarding jobs, she said.

“To achieve this we must single-mindedly pursue policies that will position us to benefit from the global recovery,” she said.

The report provides a long-term assessment of what is required to develop a competitive sustainable enterprise sector.

It outlines key trends and uncertainties facing the enterprise sector in Ireland and proposes key strategic policy areas for action.

The report highlights 11 global forces of change that will have significant impact on Ireland, including demographics, technology innovation, entrepreneurship, education and skills.