So many businesses fail due to planning

It isn’t anything new that planning leads to better management. In all facets of life, planning itself is unavoidable. It is simply being organized, putting things in order for a better outcome, whatsoever it maybe. People spell out plan for their lives, plan out events for the day, plan their children’s school fees, even in building a house there’s always a plan for it, you don’t just start building, it follows a laid down structure.  In other words, there is nearly nothing that can be done without a plan.

Related: Meeting up with expectations as a Manager

It is the act of stating out aims to be achieved, working out ways with which it will be done. Planning states out resources needed, how to manage such resources, it, devising execution and finally observing it get done. That is planning.  It is an effective way to stay floating and an assurance of preparedness. In business, planning is an unavoidable management function. Mia Hamm says, it is the backbone to success among other things which are hard work, determination perseverance.

So many businesses fail due to planning

Effective Planning in Business

The world of business is full of uncertainties and surprises, which is why planning is often earmarked as important. It helps lay ahead so as not to be caught unawares in an awful way.  It keeps you prepared and alert. Sometimes, maybe, just sometimes your plan may not go as it ought to, but as Dwight D. Eisenhower rightly says ‘‘In preparing for battle I have always found that plans are useless, but planning is indispensable’’. In other words, planning cannot be utterly done with. It prepares you for hesitations, helps you manage the unforeseen, the risks of the business and minimizes your loss on the long run, if at all.

Planning ensures focus

Again, planning gives your business focus and course. This is exactly what it needs to excel rather than going round in circles. It adds value and keeps it in check. It stirs the process of goal setting and makes it easier for you to go back to the drawing board. This way you can identify where a problem faults from and make quick amends. Planning allows you work effectively with the strengths, weaknesses, opportunities and threats associated with the business. It serves as the roadmap to any business success.

Resource management

I could as well point out that planning helps you to channel your resources. One by one, planning analyzes business resources and how they can be effectively put to use to yield required result, thereby creating an integrated approach which leads to progress. It forms the structure and framework for you as an entrepreneur for efficiency

It gives you the opportunity to think and re-strategize. Planning welcomes new ideas in, it ushers growth and fosters the development of your business. With ideas starting to flow, you begin to re-strategize and re-position. Now the initial plan has been done better than how it was before. It helps nurtures your reasoning and thinking this way. There is a bigger picture before you, and with planning you begin to see it clearly.

It keeps you ahead of competition

It places you an inch ahead of your competition. In a striving world where businesses want to stay ahead of their competition, where they want to stay connected with trends of the day, planning is what affords the opportunity to do so.

Planning affords you closure with your business. I don’t know any better way one can understand one’s business as such if not with planning. Planning as entrepreneurs shouldn’t even be something up for debate. If you want your business to succeed, stick with it. According to an African proverb, tomorrow belongs to people who prepare for it today.

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