Steps Of Business Planning
by: sourceecommerce
All big companies like Microsoft, IBM, ford etc. share four common things : Success factor, A Good Business planning Strategy , Unique Policy for business and dedication/commitments.
The planning process is directly related to organizational considerations, management style, maturity of the organization, and employee professionalism. Planning is not likely to succeed when one of them is omitted or when it is not carried out properly. Planning is the Scientific process to achieving your Goals, it does not matter in which field you are.Simply you can say that Planning process involves basically two phrases as follows:
1. Determination of objectives
2. Plans to achieve the predeterminded Objectives
would you like to make your plan more useful? To give your strategic plan more power, develop the following step process
1. Focus on Actual Need for Planning - Self Examination
The first step of any Planning strategy is to realize that something needs to be done within the time and that action is required in order to attain some desired future goal. you need to be clear about your goals. before going to the next steps of planning you should set your goals .you should studying the various possibilities for planning(pros and cons) and what is the best way to go about doing it are important tasks that must be carefully though before any decision is made . you must first know the functional qualities of the organization and what business opportunities it has the ability to exploit. the hole process is known as self Auditing.
2. Finding your objectives
According to Louis Allen "Objectives are goals established to guide the affairs of the company and each of its components.". Planning has no meaning unless it is related to certain well defined objectives or Goals. it is essential to divide and subdivide them into departmental objectives .the departmental objectives should be so devised that they become the means of accomplishing the overall organisational objectives. An objective should be:
- Objective must be concrete and Specific
- Objective should be Verifiable
- Objective should be Result-centered
- Objective must be balanced
- objective should be realistic
- Objectives must carry built-in evaluation
3. Finding your Goals
Goals are derived from the objectives and are intermediate time bound targets which are neccessary for the achievement of objectives . Goals are expressed in very specific quantitative or qualitative terms. all goals have four components you should consider:
- Derived from the objectives which seeks to fullfill
- Standard for measuring progress and performance
- A target to achieved
- Objective must be balanced
- A time limit within achieved
4. Finding all Possible Alternatives
Once your need of planning has been established, you should find all the planning Alternatives. before generating the alternatives you should think about : planning situation, potantial alternative options, real alternatives. Once the need for planning has been established, a careful study is required to bring out all salient aspects of the tasks being considered and at the same time to determine various planning alternatives.
5. Choose Best Alternatives
Once available alternatives have to be evaluated then “best” among them can be selected. you can choose the best in term of many value, large benefit and less risky. that means to say that choose the alternative which will give you best returning value .
6. Create a strategy
create a strategy with the following terms:
- Market scope
- Growth vector
- Competitive Advantage
- Objective must be balanced
- A time limit within achieved
7. Implementation
Implementation is where most organizations fail in doing their strategic planning. besides implementation is deemed to begin in the design stage itself. this involve the co-ordination of the efforts of the user department and the data processing department for getting the new system into operation. A great deal of coordination and considerable human relations skills are usually needed to implement the selected planning alternative successfully. the action plan for implementing a system into action is :
- Perfect training
- Backup the resources
- giving facilities
- Conversional Schedules to implement
- Review the overall implementational plan
