Planning is
a major part of the business. In fact, it is the first and foremost step by the
organization towards the achievement of their goal. In terms of business, it
basically refers to the process of setting up of objectives in a given time period
and analyzing all of the alternatives possible to achieve those objectives and
then finally, choosing the correct method to do so.
We can tell
by its definition itself that it is a crucial part of the business that cannot
be ignored. Let us now discuss how this important step is initiated by an
organization and what goes on in order to achieve a perfect plan.
SET
OBJECTIVES
The first
step is to set up the objectives that you want to achieve. These objectives
could be both short-term and long-term. They basically give you a direction to
work in. you can plan your next steps and actions according to these objectives
and develop a proper plan. These objectives must be set for the entire
organization, from the top management to the employees to the field workers.
Everyone should know what they are aiming for.
DEVELOP A
PREMISE
Since
planning is something that is done for an uncertain future event, there always
have to be certain assumptions made. These assumptions are the base of the plans
and they called the premises. They help to foresee the unpredicted losses in
future and also helps in preventing them.
RECOGNIZE
THE ALTERNATIVE COURSES
The next
step is very important. In order to reach your destination, there could be
several ways. Similarly, in order to achieve your objectives, there are several
options available. You will have to identify and gather all of these
alternative options so that you will have more options to choose from. There is
rarely a plan for which there are no alternatives available.
ASSESS
THE ALTERNATIVE COURSES
There are
negative as well as positive impacts of all the alternative options you have in
your hand. In order to choose one, the head or the manager must be aware of all
the pros and cons of these alternatives. Not just this but, the financial
feasibility and the risks must also be measured before selecting one as your
main plan. Besides, the manager must also measure the profitability of each one
of these alternatives as profit is one of the common goals of all the
companies.
SELECT AN
ALTERNATIVE
Now, this is
the real decision-making time. after the evaluation of all the alternatives,
the manager must know which one will prove to be the most profitable at the
least risk. He must not make a mistake while choosing one because this is the
plan that the whole organization will follow and the wrong one might result in
the failing of the achievement of the goals.
EXECUTION
OF THE PLAN
Now that the
most suitable plan has been chosen, it must be properly executed. Execution
means putting and the plan into action as in doing the correct job towards the
achievement of the goal. Not just this, but it should also be noticed by the
heads of every department that all the employees are genuinely committed to
doing their work efficiently and effectively.
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