INFLUENCE OF SYSTEMATIC STRATEGIC PLANNING AND STRATEGIC BUSINESS INNOVATIONS ON THE FOREIGN ECONOMIC ACTIVITY OF ENTERPRISES

Abstract

The article examines the theoretical and methodological aspects of the influence of systematic strategic planning and strategic business innovations on the foreign economic activity of enterprises. It was found that in a dynamic business environment, the ability of enterprises to quickly and effectively adapt is a critical success factor that requires a clear strategy. Thus, systematic strategic planning has grown to the point where its main value lies in helping businesses operate successfully in a dynamic and complex environment and navigate an increasingly unpredictable environment. It is justified that social, environmental and economic indicators are considered simultaneously as a whole, and not independently, as a means of conducting business through obtaining profit, promoting the efficiency of the enterprise, involvement in social harmony and environmental protection, which can help to find practical recommendations and theoretical foundations, that will help businesses grow, thrive and stay in business. It is substantiated that the top management of manufacturing small and medium-sized enterprises should realise the need for systematic strategic planning of foreign economic activity, which can lead to an improvement in sustainable productivity. In addition, since strategic business innovation is crucial for the sustainability of manufacturing enterprises and is a significant source of competitive advantage, additional attention should be paid to the development of an innovative culture within the enterprise. This indicates that these practices must exist for this culture to emerge. Thus, decision-makers must realise the added value potential of strategic business innovations and systematic practices of strategic planning of foreign economic activities of enterprises.