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Planning: 6 Important Key Function of Management

  • By faber
  • January 4, 2022

No matter how the previous year ended, the beginning of a new year always symbolizes the possibility of new chances and a fresh start. For a concentrated strategy and perspective of researching a range of new subjects, planning ahead of time and defining precise goals become extremely pertinent. The focus of today’s Transformation Tuesday is on how the ‘Planning’ function is critical for managing every element of life, from maintaining a disciplined lifestyle to building a successful business.

Planning entails determining what to do and how to do something based on sensible, well-researched assumptions about the future. It’s a creative process aimed at bridging the gap between where a company is now and where it wants to be. Planning is critical because it tells us where to go, gives us direction, and reduces the risk of failure by making forecasts.

The following are some of the major advantages of planning:

  • Planning offers direction:

Planning ensures that the objectives are clearly stated so that they may be used to determine what action to take and in which direction. Employees are aware of what the organization needs to do and what they need to do to achieve those goals if the objectives are clearly defined.

  • Planning reduces risk:

Planning is an activity that allows a manager to look ahead and anticipate changes. As Planning notes the technique to deal with changes and unanticipated effects by determining the activities to be completed in advance.

  • Planning reduces redundant work:

Planning serves as the framework for organizing the actions and goals of several branches, departments, and individuals. It aids in the prevention of chaos and confusion. With planning ensures precision in knowledge and action, work may be completed quickly and without delays.

  • Planning fosters innovative ideas:

As planning is a fundamental management function, new approaches can take the form of actual plans. It is the most difficult project for management since it directs all planned efforts toward business growth and development.

  • Planning aids decision-making:

It helps in motivating the management to think forward and select from a variety of choices. The management must weigh the pros and cons of each option before deciding on the best course of action.

  • Planning establishes control standards:

Controlling and coordination functions are made easier by planning. Because of the interdependence of controlling on planning and vice versa. It is frequently regarded as an extension of the planning process. A firm will not be able to examine where it went wrong without a concrete objective defined by planning. And hence will not be able to take corrective measures to ensure success.

Today’s world and markets are becoming more dynamic by the day, and in order to stay ahead of the competition. Creative thinking is essential to manage the tasks of the business. Is it necessary for the company to discover a new product? or is it enough to consider a new way of managing operations that would result in significant cost savings and efficiencies? Well, now you know the answer to this question! 

Unlock the power of effective planning and master the 6 key functions of management. Fill out the form below to gain access to expert insights and strategies that will enhance your managerial skills. Take the first step towards becoming a successful leader and propel your career to new heights

Written by Faber Aleena Thomas & Compiled by Faber Mayuri Pandya