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Planning is the act of formulating a set of strategies that work as a guideline towards achieving the organizational goals. A plan acts as a source of reference for an organization. Planning affects other factors like budgeting, forecasting, growth and development of an organization.
Planning helps the managers to execute the mission, vision and objectives that govern an organization. This clearly defines the expectations and how to achieve them.
Planning helps managers to effectively use the available resources and arrange for more resources in order to achieve the set objectives. It helps the managers to explore the options that are available and choose the best course of action to take.
Planning is an efficient tool in allocating the time that a particular activity takes. For example, the manager may draw a chart, like a Gantt chart, which is particularly useful when planning to construct an additional building. It indicates the period and an activity that is taking place at a given time. It also helps in prioritizing activities that are of more importance than others.
A well planned organization has smooth operations and has no confusion, since the plan provides clear reference of all the activities. This helps reduce the managerial stress that can arise from poor planning and create a chaotic system.
Proper planning helps the manager to control the organization resources like, human resource, capital and other factors of production in a more efficient and a cost effective way. It saves time and money which are important factors in every organization.
Proper planning is the base for sustainability, profitability and the success of an organization. It plays a very crucial role in determining the success of an organization. Proper planning provides a clear guideline of the course that an organization ought to take. Therefore, it is very important for managers to plan carefully in order to establish a solid and a successful organization.