Business Planning Meaning

Business Planning Meaning-74
Planning requires innovation, creativity and multi-tasking from the managers.And planning is a function that managers of all levels must perform, i.e upper, middle and lower management.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.

Planning requires innovation, creativity and multi-tasking from the managers.And planning is a function that managers of all levels must perform, i.e upper, middle and lower management.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.

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.

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.

In such a dynamic environment it becomes challenging to predict future changes.

And if a manager cannot forecast accurately, the plan may fail.

In an economic environment rarely anything is stagnant or static.

Economic, political, environmental, legal conditions keep changing.

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.

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