Business Planning Meaning

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.Once the planning function is complete and the action plan is set, then the manager tends to only follow the plan.

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Planning bridges the gap between where the organization currently find itself and where it wishes to be.

So in essence business planning comprises of setting objectives for the organization and developing a plan of action to achieve these objectives.

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.

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.Planning is an important function of management, it tells the manager where the organization should be headed. Let us take a look at some important functions of planning.Planning means coming up with a predetermined action plan for the organization.It actually states in advance what and how the work is to be done.This helps provide the workers and the managers with a sense of direction, a guidance in a way.In an economic environment rarely anything is stagnant or static.Economic, political, environmental, legal conditions keep changing.This makes it easier for all managers across all levels to make decisions with some ease. Once the business planning is done, the managers now have set goals and standards.This provides the manager’s standards against which they can measure actual performances.The detailed plans made keep in mind the needs of all the departments.This ensures that all the departments are on the same page about the plan and that all their activities are coordinated.

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