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Planning in Business
Planning involves deciding in advance what to do, where to do, when to do, where, how and by whom ti is to be done. It is a systematic process which is concerned with the achievement of the organizational goals which are pre-planned and decides the actions to be taken according to that only, which helps in goals achievement. Planning helps the business to achieve target goals and minimize uncertainty.
Importance of Planning in Business
Effective Team Management
Planning involves people from different areas can be brought together to contribute to the organisational objectives. Involvement of people in planning process enhances the behavioural climate because it results in increased understanding themselves and the organisation as a whole.
Financial Plan
The financial plan helps in monitoring the expenses and income. A better financial plan helps to achieve short-term as well as long term goals and future objectives. Planning provides supervision to all department to achieve their short and long term goals.
Understand your Competitors
The more you know about your competitor’s position in the market will help you to improve/evaluate your strategy, processes and navigate the challenges in the market. Planning provides information about change of work methods, change in quality, fashion of people and etc.
Research and Development
Market research provides information about customer’s needs, preference, and behaviour that helps you to come up with creative ways to make the business work.
Innovation
As we discuss, Planning involves every team members and provide freedom to express ideas. which helps the company the innovative idea even a simple but, the innovative idea can bring improvement in processing, product, quality, efficiency and it can simply boost the profit of the business.
Facilitates Coordination
Planning secure unity of direction towards the organisational objectives. All the activities are directed towards common goals. There is an integrated effort throughout the enterprise. it will also help in avoiding duplication of efforts.