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Management Activities (Planning (Why is it important? (It helps in the…
Management Activities
Planning
Planning is the process of deciding the goals of the business and how they are to be achieved.
Why is it important?
It helps in the dynamic ever changing business environment.
Helps a business stay up to date.
Important for making decisions on consumer spending.
Planning allows a business to maintain its market share.
Assists in leadership and motivation by giving direction and purpose.
Helps the business to identify its strengths and weaknesses.
Qualities of a SMART plan:
Specific:
be clear and precise about its objectives.
Measurable:
success of the plan should be easily measured.
Agreed:
needs the agreement and support of all staff.
Realistic:
it must be possible to achieve the objectives set.
Timed:
a plan needs sufficient time for implementation.
Organising
Organising means bringing people and resources together effectively to implement plans.
Functional Organisational Structure
Controlling