One of the most important functions of management is planning. Without planning, your business is heading to nowhere. It is said, "If you don't know where you're going, no road gets you there." When you plan, you're said to be thinking before doing and deciding in advance what is to be done, who is to do it, when it is to be done and how it will be done.
Planning is all about how it is to be done, when it is to be done and who is to do it. Haimann says, "Planning is deciding in advance what is to be done, when a manager plans, he projects a course of action for the future, attempting to achieve a consistent, coordinated structure of operations aimed at the desired results."
Planning makes the management of your business to achieve its objectives without many problems as it provides a focused guidance. Your business stays away from aimless activities. It forecasts what it wants to achieve in the future. Your business uncertainties are greatly minimized because your business has a plan.
Activities are run orderly and purposely. They're done in the possible minimum time, meaning employees are performing their work efficiently. The departments of your business do not experience any wastage of resources. Therefore, your business operates economically and efficiently. Planning makes your business to be in control. It clearly specifies the targets to be achieved.
Through planning, your business is able to adopt technological developments. Through proper planning, obsolete and old machines are replaced with new ones.
Seven Qualities of a Good Plan
1.) It should be Definite and Objective: The statements in your plan that lays down your objectives should be clear and definite.
2.) It should be Simple: Express it in an understandable language which is not complicated. If you complicate your plan, your staff won't interpret it correctly. This results your plan not to be implemented, the progress of your business will be stagnant.
3.) It should be Comprehensive: Make your plan to be detailed with all the necessaries that are required in the attainment of the objectives. It should not be silent regarding matters, it should not be vague.
4.) It should be Flexible: If you make your plan to be rigid, then it won't be able to accommodate the future uncertainties and changes of your business. Instead, make it broad enough to meet the challenges that occur in the future.
5.) It should be Economical: Make it to recover its costs. It should result in the least operating costs. Its implementation costs should not outweigh the benefits.
6.) It should Establish Standards: Your plan should lay down the standards. You'll use these standards to compare with the actual performance achieved. If there are any deviations, then you should note them down for later corrections.
7.) It should be Practicable: Make your plan to be realistic. When formulating your plan, keep in view the limitations of planning.
Now you know how important this function of management is. Go ahead and have a good plan.
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