The Importance Of Planning And Business Planning

A plan is a determined course of action for achieving a specific objective. An individual may prepare a plan for his journey or tour or for a family function. Similarly, a business unit may prepare a plan to achieve a particular objective. It is called a business plan which includes production plan, sales plan, and so on. A business unit prepares a master plan for the whole unit. Such master plan is again divided into departmental plans for actual execution. Planning is a process of thanking to action. It is a means to achieve well defined objectives. Business plan and business planning move together.

Decision-making is an integral part of modern management. Essentially, Rational or sound decision making is taken as primary function of management.

Further, the decisions make up one of core functional values that every organization adopts and implements to ensure optimum growth and drivability in terms of services and or products offered.

Planning is the primary function of management and occupies the first position in the management process. It is the starting point of the whole management process as other management functions are related to planning function. Planning, in simple words, means to decide the objectives clearly and to prepare a plan. Thereafter to take suitable steps for the execution of the plan. Planning function is performed by managers at all levels. It is deciding the objective to be achieved and taking suitable follow-up steps for achieving the same (http://www.kalyan-city.blogspot.com, by Gaurav Akrani 06/01/2015).

Leading is another of the basic function within the management process "Leading is the use of influence to motivate employees to achieve organizational goals" (Richard Daft). Managers must be able to make employees want to participate in achieving an organization 's goals. Three components make up the leading function: Motivating employees, Influencing employees, forming effective