Effective Business Planning: Principles and Strategies
Planning: Defining Objectives and Actions
Planning is the process of setting objectives and determining the actions required to achieve them. This involves organizing (allocating and managing resources to accomplish essential tasks), directing (guiding human resources to ensure high levels of achievement), and controlling (monitoring progress and taking corrective action).
Principles of Planning
- Feasibility: Plans must be achievable; they should not be overly ambitious or impossible to execute.
- Objectivity and Quantification: Planning must be based on real data and exact reasoning, rather than subjective opinions, speculation, or arbitrary figures.
- Flexibility: Plans should include margins of slack to handle unforeseen situations and allow for new