Business Planning Meaning

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.

Or the manager may be unwilling to change the plan.

This sort of rigidity is not ideal for an organization.

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

And if a manager cannot forecast accurately, the plan may fail.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 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.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.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.This will help the organization measure if the goals have been met or not. While business planning is important and a requisite for every organization, it does have some limitations.Let us take a look at some limitations of business planning.

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