Planning
Planning is very important for any business or project. Planning is one of the ways an individual can lift the performs of his or her business from the bottom line. It is important to have a clear plan on how you want things to be fine right from the beginning. It is an ongoing process that calls for commitment. For effective planning, the following is what needs to be done.
- Consciousness for planning
Planning can only work and be effective only when we have a conducive climate for it, that allows for IRS execution. The leaders must set clear goals, objectives, and have a clear picture of how the implementation is going to take place. Any challenges in the implementation process should be identified and removed. The subordinates must be updated regularly about t the progress of the plans. Everyone must have the goodwill of implementing the plan.
- Initiative at throughout top level
For plans of any business to be successful, the top-level management must fully support it. As we know, the objectives of any business are determined and set and set at the top level; the top-level management must ensure the plans are being well implemented at the departmental levels.
- Proper communication
Communication is key to the success of any business plan. The overall objective of the businesses should be well communicated to those who are implementing it. It is not well communicated; then, it will be difficult to achieve its intended purpose.
- Participation and initiative
The planning processes must include people from all fields and levels if it needs to be effective. The people from different fields will be in a better position to plan for those areas of concern
- Long term and short term planning
A good plan must state clearly what needs to be achieved in the long term and short term.
- Motivation
Motivation is key to the success of any business plan. The plan must be clear with what needs to be achieved to motivate the people implementing it.
Reference: Liljeblom, E., & Vaihekoski, M. (2004). Investment evaluation methods and required rate of return in Finnish publicly listed companies. Finnish Journal of Business Economics, 53(1).