Reimagining corporate planning practices for operational flexibility and sustainability in emerging economy: A reflection on the Nigerian private sector

Abstract

This study examined corporate planning and operational flexibility in an emerging economy, the Nigerian private sector. The research aimed to develop learning on the practice of corporate planning, with a view from the perspectives of the affected stakeholders who are engaged in the planning process. The study adopted a conceptual approach relying on extant literature and applying systems theory. The study developed and discussed a suggested model for improvement on existing practices. The points discussed included realignment of stakeholder engagement with set objectives, end-to-end effects of decisions in corporate planning, innovation, creativity and critical evaluation in corporate planning procedures, and attention to time management. The research concluded by emphasizing affected stakeholders’ participation, focusing on their interest in the corporate planning process. Part of the suggestion for further studies included the need for further research to consider a mixed theory and a comparative view of the topic, covering the public and private sectors.