Business Planning Meaning

Business Planning Meaning-32
Being the first function of management it is a very difficult activity.It encourages the manager to broaden their horizons and forces them to think differently.Planning requires innovation, creativity and multi-tasking from the managers.

So it allows the managers to prepare for these changes, and allow them to deal with the uncertainties.

Planning takes into consideration past events and trends and prepares the managers to deal with any uncertain events.

So the managers have to be creative, perceptive and innovative.

In business planning the goals of the organization have been set, an action plan developed and even predictions have been made for future events.

Once the objectives are set, the managers and workers can have a clear vision of what to work towards.

Managers are a very important part of the function of business planning.Once the planning function is complete and the action plan is set, then the manager tends to only follow the plan.The manager may not be in a position to change the plan according to circumstances.Without planning their actions would be uncoordinated and unorganized.Planning not only sets objectives but also anticipates any future changes in the industry or the organization.In an economic environment rarely anything is stagnant or static.Economic, political, environmental, legal conditions keep changing.It sets up the stage for all further functions of management like organizing, directing etc. We already know what planning is, it is the deciding of what is to be done in advance.It is the groundwork for all future plans of the organization.In such a dynamic environment it becomes challenging to predict future changes.And if a manager cannot forecast accurately, the plan may fail.

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