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The importance of planning in business management

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  1. Tailored plans for each organization
  2. Management by objectives
  3. The strategic management process

Within any large or small organization, planning is usually an essential step towards ensuring that organization's long-term success. There is a famous saying that suggests the importance of planning: "When you fail to plan, you plan to fail". In other words, planning, especially formal planning, is usually an essential step that managers often fail to take and face the consequences as a result. Planning, defined as a way to achieve, "the organization's objectives or goals, establishing an overall strategy for achieving those goals, and developing a comprehensive hierarchy of plans to integrate and coordinate activities", (Robbins & Decenzo 88) is a process that all managers should take into account on a daily basis, whether working on a small project or making a major change within their organization.

[...] The four grand strategies, which include growth, stability, retrenchment, and combination, (Robbins & Decenzo 103) can be implemented based on the results of a SWOT analysis. This is very important because it gives managers a chance to really understand the major strategy that the company should employ. In order to be a successful entrepreneur, an individual must be willing to understand his or her competitive advantage, he or she must be able to adapt to change, and acquire new knowledge and constantly use that knowledge towards improving the business (Robbins & Decenzo 111). [...]

[...] Plans and the strategies that organizations develop are essential tools towards understanding a company's mission statement and giving employees as well as managers a sense of purpose. Without plans, different opinions and clashing strategies can result in major communication and service mishaps, inefficiency, low employee moral, and eventually, the failure of a company. All companies, large and small, should use formal plans that suit their needs and give their employees and managers something worth striving for. Bibliography Robbins, Stephen P. & David A Decenzo. ?Fundamentals of Management: Essential Concepts and Applications.? New Jersey: Prentice Hall, 2005. [...]

[...] In order to effectively understand ones place in an industry, there are certain steps that must be taken by managers, which we can refer to as the Strategic Management Process. This process is important for an organization because it allows managers to understand where their organization stands with relation to other organizations, and it allows the managers to test out all of its important dimensions, especially its opportunities and threats. In order to understand these dimensions, managers must focus on understanding the organizational strengths, which are ?internal resources that are available or things that an organization does its core competency, which is of the strengths that represent unique skills or resources that can determine the origination's competitive as well as its weaknesses, which are ?resources that an organization lacks or activities that it does not do well? (Robbins & Decenzo 102). [...]

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