Planning
is the process of thinking regarding the activities required to achieve a desired goal. It is a fundamental property of intelligent behavior. It involves the use of logic and imagination to visualise not only a desired end result, but the steps necessary to achieve that result.
It is a management process concerned with defining goals for a company’s future direction and determining the resources required to achieve those goals. Managers may develop a variety of plans ( business plan, marketing plan, etc.) during the planning process.
It helps a business identify its goals, according to Management Study Guide. Workers are better able to recognize ways to work to achieve goals, as well as behaviors to avoid that could prevent the company from reaching its objectives.
Planning in business is essential to success. When a company has a planning process and a plan to follow, leaders are better equipped to prepare for the future. A business plan creates a focus for the company, uniting employees toward common goals. When everyone works together, it’s easier to manage time and resources, to position the company for growth.