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Planning is a crucial function that allows management to see the larger picture. It is the basis for taking on other essential managerial duties like organizing the staffing process, leading and planning. However many managers are disengaged with the process of planning and they don’t get the full benefits it provides. This could be due to a lack in training or an inability to engage with this function.
Improved Decision Making
Creating a plan forces management to consider the outcomes of their decisions. A plan assists in assessing the risks and benefits of various options, as it defines specific goals. It also helps them keep an eye on the long-term effects of their actions for example, what kind of investment they make today will affect the growth of their business in three years.
Increased Productivity
A clear plan allows people to break difficult tasks into manageable components, allowing them be completed in less time. This allows them to utilize their time more efficiently and reduces the possibility of miscommunication.
A plan can help a business identify its strengths and weaknesses in the market. This will enable it to benefit from emerging markets before other companies do, giving it a competitive advantage. A well-organized and clear plan can provide a framework to project work and ensure that the responsibilities are distributed effectively and that key milestones are tracked proactively.