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Plan

A plan should provide a realistic view of expectations over different timeframes and serve as a framework for operations. It clarifies an organization's direction, allows for evaluation of alternative strategies, and establishes benchmarks for measuring performance. Developing a comprehensive plan is important as it helps management focus on business development, avoid mistakes, and identify opportunities, even if it does not guarantee success. Lacking a sound plan will likely lead to failure.

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18 views

Plan

A plan should provide a realistic view of expectations over different timeframes and serve as a framework for operations. It clarifies an organization's direction, allows for evaluation of alternative strategies, and establishes benchmarks for measuring performance. Developing a comprehensive plan is important as it helps management focus on business development, avoid mistakes, and identify opportunities, even if it does not guarantee success. Lacking a sound plan will likely lead to failure.

Uploaded by

jitu222soni3386
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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What should a plan be?

A plan should be a realistic view of the expectations. Depending upon the activities, a plan can
be long range, intermediate range or short range. It is the framework within which it must
operate. For management seeking external support, the plan is the most important document and
key to growth. Preparation of a comprehensive plan will not guarantee success, but lack of a
sound plan will almost certainly ensure failure. Planning can be summarized in 3 easy steps: 1.
choosing a destination, 2. evaluating alternative routes, and 3. deciding the specific course of
your plan. [2]

[edit] Purpose of a plan

Just as no two organizations are alike, so also their plans. It is therefore important to prepare a
plan keeping in view the necessities of the enterprise. A plan is an important aspect of business.
It serves the following three critical functions:

 Helps management to clarify, focus, and research their business's or project's


development and prospects.
 Provides a considered and logical framework within which a business can develop and
pursue business strategies over the next three to five years.
 Offers a benchmark against which actual performance can be measured and reviewed.

[edit] Importance of the planning process

A plan can play a vital role in helping to avoid mistakes or recognize hidden opportunities.
Preparing a satisfactory plan of the organization is essential. The planning know the business and
that they have thought through its development in terms of products, management, finances, and
most importantly, markets and competition.

Planning helps in forecasting the future, makes the future visible to some extent. It bridges
between where we are and where we want to go.

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