Business Planning Meaning

Business Planning Meaning-81
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.

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Just like management is a never-ending activity, so is planning.

In fact business planning, it is one of the primary functions of management.

In an economic environment rarely anything is stagnant or static.

Economic, political, environmental, legal conditions keep changing.

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.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.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.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.While making a plan takes creativity after that managers blindly follow the plan.They do not change the plan according to the dynamic nature of the business. Since it is an intellectual and creative process, specialized professionals must be hired for the job.Or the manager may be unwilling to change the plan.This sort of rigidity is not ideal for an organization.


Comments Business Planning Meaning

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