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Planning (Planning is important because firms must react to changes that…
Planning
What is Planning? :
in business a manager prepares a plan and then chooses the best way to operate the business and achieve the aims of the plan
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setting asales target is a form of planning in business. if the sales target is reached, the plan has worked. if the sales target is not reached the plan has failed and it is important to find out why it failed to rectify the error and make the plan succeed
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Benfits
Planning is necessary to qualify for bank, government and loans from the EU
If the plans are accurate, sales and profits should be on target with projections
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Types fo planning
Strategic planning: This involves long term planning (two to six years) it is decided by the board of directer and implemented by the managing directer. the primary goal of a business person
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Operational planning; this involves projecting future sales and ensuring that the correct quantity pf goods is available to meet the market demand
The features of a good plan include the following:
- really easy tob ubnderstand