Strategic planning continues to grow as a leadership tool in the industry. Business plans, including operating budgets, have already become more widespread, but companies seeking to answer the question, "Where are we going?" are investing significantly more time and effort in developing a comprehensive map of their future. "How can we change the rules of the game?" is the thrust of some strategy development efforts. Other companies are using gap analysis to find the right strategies to take their company from where they are to a more-desired future. Labor shortages have forced other companies to address the issues of growth in the face of continuing shortfalls in skilled supervision and labor. Some companies experienced in the more traditional strategic planning methods are employing scenario-based planning tools. All successful strategic planners know that creating the plan is only 10 percent of the job. Real success comes from continuous plan implementation.
A main difference between current economic growth and past growth periods is the slow growth of inflation, and contractors have gotten used to not factoring inflation into their bids. But the drilling industry - which has not been helped by technology applications to the extent of the general economy - is beginning to experience some inflation again, which can lead to decreasing profits.