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Balancing Short-Term and Long-Term Strategies with Strategic Foresight
Strategic foresight should not be the sole basis for organizational strategies. Instead, organizations need to practice ambidexterity, which involves exploiting existing competencies while exploring new ones. Strategic foresight bridges the gap between short-term and long-term thinking by linking present actions with future goals. This approach enhances short-term performance and prepares the organization for future challenges, demonstrating that short-term and long-term strategies complement each other rather than contradict.