Planning is one of the most important functions of Management. Planning is bridging the gap between present and future course of action.One need to understand that planning is not an easy task as despite sophisticated techniques one cannot predict the future accurately. Thus, proper planning requires lot of work which involves studying the past trends and then forecasting the future.
Nowadays, with growing competition it has become imperative for every organization to plan its strategy in advance so that it can beat its competitors.
Planning involves carrying out SWOT analysis- An analysis of organization’s strength, weakness, opportunity and threats. Planning is important at all the levels of management. Without proper planning an organization cannot achieve the desired objectives.
Nowadays, organizations have separate planning department which is involved in building up the strategies which would take organization to the next level. While laying down objectives it is necessary that the managers and the employees across the organization understand the goals as they are the ones who are responsible for executing and achieving. Hence, there should be proper communication of goals at all the levels of an organization.
Planning helps to answer three basic questions:
1 .Where we are presently?
2. Where do we want to be?
3. How to get there?
Strategic planning helps an organization to understand its current position and how it can achieve the desired objectives.
Planning in an organization involves establishing the objectives, chalking out alternative courses of action to achieve the desired objectives, formulation of derivative plans, involvement of personnel and appraisal of plans.
One need to understand that planning is a never ending process. If you have to survive in today’s competitive world one has to constantly keep on making strategies. The saying ‘Well plan is half done’ holds true as if the planning is correct achieving objectives seems to be an easy job. Proper planning ensures that best available course of action is selected which would result in the overall efficiency of an organization and best and most effective utilization of men, materials and machine.