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Business Paper

533 words - 3 pages

Planning is an important factor in any successful business or home. Planning involves deciding of future course of action, or in other words planning is deciding in advance what is to be done, how to be done, when to be done, and by whom to be done. It is an arrangement for doing something. Planning is a thinking process and is required for intelligent actions. It is the most basic of all management functions. A plan bridges the gap between where we are and where we want to go.
The Three Steps
The first step is determining the organization’s mission and goals. A mission statement is necessary for every business. It tells a customer or whoever reading the goals and achievements the business hopes to fulfill in so many years from now.
In the second step management uses SWOT analysis and the five ...view middle of the document...

The Five Forces Model affects how much profit organizations competing within the same industry can expect to make. These are the parts of the model: The level of rivalry among organizations in an industry, potential for entry into an industry, power of large suppliers and customers, and the threat of substitute products. This model is also used with SWOT to analyze strengths and weaknesses.
The third step is implementing strategy. When implementation is going on a manager is appointing different responsibilities to groups and individuals with deadlines to meet and topics to cover. This part of the planning also makes sure the plan is put into action.
Characteristics of Planning
Planning is pervasive, flexible, and is for the future. When one plans it selects the best alternative course of action, shows a continuous process and makes sure that it is a primary function of management. Planning is goal oriented also.
Importance of Planning
Planning helps you stay focus in meaningful activities, decision making, and helps in management. It makes objectives more clear and specific. If you plan ahead it helps in creativity and improves competitive strength.
When planning for anything it could get be a costly process. It’s very time consuming, meaning it could take days, weeks, or even months to plan. Change is a big disadvantage for a planning process in a business. Changes happen in technology and government policies. When things like these happen a manager feels a false sense of security. These are things that a manager should always have in the back of their head when running a business.
A good plan builds commitment for the organization’s goals, gives the organization a sense of direction and purpose. A good plan needs all these steps and thoughts to be successful. Remember planning is a three step process that takes every employee and management to complete.

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