The military saying, “If you fail to plan, you plan to fail,” is true. People always make plans, like teachers plan their Teaching Plans, students write outlines to plan their essay, and business managers make plans to improve outstanding achievement. A plan, on the other hand, helps a manager organize resources and activities efficiently and effectively to achieve goals. Making plans is generally beneficial for those individuals and business managers; however, there is always two sides, planning also has disadvantages. In this essay, I will discuss benefits of planning for individuals and business managers, although planning also has some disadvantages, planning is still good for people. Generally, there are many advantages of planning for individuals. Firstly, it gives an organization. Without plans and goals, organizations only react to daily occurrences. For instance, the solution that plays role in short run can’t play role in long run. Secondly, planning provides guidelines for decision-making. If planners don’t have any plans for the future, they will have few guidelines to make good decisions. For example, if a person wants to have a good holiday outside, he or she needs to plan his or her journey before the day they will go. Thirdly, planning can points out need for future change.
Planning helps the planner to imagine future possibilities and to evaluate key fields for possible change. I often make plan before, if I have appointment with my friends, I can have enough time to think about any change will happen, like weather, time, meeting place; therefore, I can early have solutions to deal with those problems. The last advantage of planning for individuals is that it can encourage achievement. When you have plans, and do it step by step, you will feel it is simple to achieve. These four advantages of planning: gives an organization, provides guidelines for decision making, points out need for future change, and encourage achievement, make plans be good for individuals. On the other hand, planning also has advantages for business managers. According to Edmunds, there are five positive roles of planning in business. The first one is that planning can obtain funding.
The Business plan on Strategic Plan Planning Statements Organization
Strategic planning has its own language Gerald Graham Everyone, it seems, engages in strategic planning. For some organizations, the strategic plan provides zest and vigor; for others it is just a big yawn. What is the difference? Strategic planning is nothing more than first, deciding what you want to become; second, deciding how you will get there, and third, allocating resources to achieve your ...
A complete business plan not only provides those potential investors with answers, but also shows that you are organized and have considered all of the marketing, legal, financial, human resources and other aspects of running a business, and it can increase your chance of obtain funding from bank or any other investors. The second benefit of planning is that it can help business managers get advice. Organizations such as the Service Core of Retired Executives will not only give free advice on launching a business, but will assign an executive to read your business plan and offer suggestions for improving it. The third advantage of planning is to identify problems. When they make business plans, they can consider whether marketing budgets, cost of materials, licensing and permitting, labor costs, real estate or leases and other critical aspects of their business are current. Business plans include budgets that help business managers to keeping their business running.
The next advantage about planning in business is that it can provide exit strategy. A good business plan sets realistic criteria for shutting down the business to prevent your throwing good money after bad; in addition, it can prevent you from losing more of your or your investors’ money than necessary. The last one is that it can minimize legal problems. A business plan work out all of the legal and financial issues involved with operating your company to help you avoid penalties, fines or the loss of your business. Therefore, planning have advantages in business, it help to improve business running. Planning also has disadvantages for individuals. Generally, research suggests that making plans is beneficial for self-control activities such as saving money. Yet the results show that planning does not always benefit everyone. From researches, planning can have a negative effect on subsequent self-control for those who are in poor goal standing. People who are in poor goal standing actually made less healthy plans; therefore, it leads to their less healthy choices subsequently (Townsend & Liu, 2012).
The Business plan on Case Studysteven Belkin Business Steven Plan
Case study STEVEN BELKIN INFORMATION BACKGROUND Steven B. Belkin a young self confident man started his business activities already in his earliest years. During his MBA education program he started with other 4 graduating students a consulting company, named Innovative Management. They could find a financial backer who provided them the business sources. The company was going on well, as some ...
Planning is limited by the accuracy of information and future facts, the usefulness of a plan is affected by both the current and correctness of the information used. Planning costs too much, some people argue the cost of planning work exceed its actual benefit. Planning delays action. Emergencies and sudden uprising of unusual situation demands are on the spot decision. Valuable time cannot be spent thinking over the situation and designing a plan, and it always happen such as in military actions. Planners over do planning, some critic’s state that those who perform planning tend to over do their contribution. For individuals, planning has some disadvantages, such as it is not suit for people who are in poor goal standing about their self-control, Planning is limited by the accuracy of information and future facts. It cost too much money, it delays action, and the planner over do planning There are some disadvantages of business planning; it includes not involving the right people, spending too much time on non-essential issues, and poor accountability and implementation.
For the first all, planning in business is not involving the right people. Internally, right people may mean company leaders and staff members in key positions. Externally, that may mean key advisors, customers or even community leaders. But not everyone in business can be involved. The next is that planning spends too much time on non-essential issues. “Paralysis by analysis” is a problem that can hinder any business planning effort. It can be difficult to know when it’s time to stop gathering and reviewing information, and when it’s time to use that information to make decisions and move forward. The last one is that planning is lack of accountability and poor implementation. The biggest barrier to success is the plan’s execution, many plans are developed and then left to languish on a shelf or hard drive someplace. All in all, disadvantages of planning in business are include not involving the right people, spending too much time on non-essential issues, and poor accountability and implementation.
The Term Paper on Event Planning Business
As part of our strategic plan to create an event planning business store front and market our service based on our past experiences, this project is expected to be the vehicle to allow expansion and encompass a larger market. State of the art equipment and planning will assist in our increasing reputation and productivity and attaining a renowned presence in the industry. Project Product Completed ...
In conclusion, planning has many advantages for individuals and business managers, it gives an organization, provides guidelines for decision making, points out need for future change, and it can encourage achievement for individuals. For business managers, it can obtain funding, help business managers get advice, identify problems, provide exit strategy, and it minimizes legal problems. Disadvantages for individuals are that it is not suit for people who are in poor goal standing about their self-control, planning is limited by the accuracy of information and future facts. It cost too much money ，it delays action，and the planner over do planning. Although there has some disadvantages of planning, advantages are still more than disadvantages of planning for individuals and business managers. planning is still good for individuals and business managers, because most people still need planning to organize or control.
Reference List
1. Chand, C. (n.d.).
What are the Advantages and Potential Disadvantages of Planning under Management?. Retrieved April 14,2014,from
http://www.yourarticlelibrary.com/management/what-are-the-advantages-and-potential-disadvantages-of-planning-under-management/3501/ Cliffsnotes (n.d.).
Recognizing the Advantages of Planning. Retried May 7, 2014, from http://www.cliffsnotes.com/more-subjects/principles-of-management/organizational-planning/recognizing-the-advantages-of-planning 3.Edmunds, S. (n.d.).
What Are the Benefits of a Business Plan? Retrieved April 14,2014,from http://smallbusiness.chron.com/benefits-business-plan-3245.html 4. Nartisa, I., Putans, R., & Muravska, T. (2012) Strategic planning and management in public and private sector organizations in Europe: Comparative analysis and opportunities for improvement, European integration studies, 6, pp240-248 5. Richards, L. (n.d.).
The Term Paper on The Main Advantages And Disadvantages Of Individual Versus Group
Highlight the main advantages and disadvantages of individual versus group decision making. Discuss the main factors affecting decision-making processes in organisations. How can managers ensure effective decision-making? January 2001, Word Count: 3113. §Decision making is the process of making a choice between alternatives ¨ Rollinson (1998). Decision-making is almost universally defined as ...
The Disadvantages of Business Planning. Retrieved April 14,2014,from http://smallbusiness.chron.com/disadvantages-business-planning-2541.html 6.Townsend, C., & Liu, W. (2012) Is Planning Good for You? The Differential Impact of Planning on Self-Regulation, Journal of consumer research, 39, pp.688-703
