Power of Planning in

Business Management
Welcome to an insightful journey into the world of planning! Discover the
essential concepts, benefits, and strategies that drive successful business
management.

Planning answers the questions --

# What to do?
# How to do it?
# When to do it?
# Who will do it?

~ SAURAV
MAULEKHI
23BMS0352
"PLANNING"-The Primary function of management
It is intellectually demanding process that requires conscious determination of course of action, to fulfill statement
of purpose & consider estimates & constraints to achieve desired results. It involves anticipation of future events
and choosing the best roadmap to fulfill organizational objectives.
Importance of Planning in
Business Management
Uncover the significance of planning in achieving organizational goals,
managing risks, and adapting to dynamic market conditions.
Organizations that plan in advance are more likely to succeed than those which
fail to plan for the future.
Planning also helps coordinate and control various tasks and make sure that resou
rces are used optimally
Nature of Planning
• Based on Objectives
• Forward looking in Nature
• Primacy of Planning
• Pervasiveness of Planning
• Effectiveness of Planning

Planning—» Performance—» Control—» Feedback loop continues

# Advantages of Planning
1 Enhanced Focus and Direction
Effective planning provides clarity, aligns
efforts, and helps organizations navigate
uncertainties to achieve desired outcomes.
~ Reduction of uncertainty.
~ mitigates potential risks.
3 Economy in Operations
Emphasis on efficiency, best result in
minimum cost possible. —» Considering the
cost incurred.
2 Resource Optimization
—» Planning optimizes resources, minimizes
wastage, and increases operational efficiency.
—» Maximize productivity & duplicity of
effort is avoided by inc. the inter dep.
coordination.
4 Empowered Decision-
making
& Facilitation of
•
ControlExperience how planning empowers
leaders to make informed decisions,
evaluate alternatives, and pursue
opportunities strategically.
• Build a competitive advantage.
# Types of Planning
Strategic Planning
• Short-term plans are usually direct and more
accessible to achieve than long-term plans.
They guide a company’s daily activities and
meet its immediate needs.
• Long term plans provide a framework for the
company future and growth, comprises of
goals to be met in few years or more.
Specificity of plans
• Single-use plans are developed for one-time
usage and aim at accomplishing particular
activities, projects or events. They are
prepared by middle-level management.
• Standing plans are used to bring uniformity
and consistency in actions and decisions and
are prepared for repetitive usage. These are
prepared by top level management.
Developing Strategies and Action
Plans
1 Analyzing the Landscape

Begin by analyzing the external environment and internal capabilities to identify opportunities
and devise effective strategies to meet corporate goals.

2 Defining Actionable Steps

Translate strategies into actionable steps, setting timelines, allocating resources, and establishing
clear responsibilities and accountability.

3 Implementing the PLAN

Learn how to diligently implement the plan, align teams, communicate effectively, and monitor
progress to ensure successful execution.

4 Monitoring Progress

Put monitoring systems in place to track progress, identify gaps, and make timely adjustments to
ensure successful plan execution.
THANK YOU