Without planning, managers would fail to take proper decisions, and hence there would be chaos and no activity in the organization. Good planning in business provides avenues for improvements, growth, and development.
A proper planning mentality is essential for executing all business operations carefully and successfully.
What are the Features of Good Planning in Management?
The following are the important characteristics of good and ideal Planning in Business:
Planning is goal-oriented in the sense that plans are prepared and implemented to achieve certain business objectives.
2. Basic to all Managerial Functions
Planning is a function that is the foundation of the management process.
Planning logically precedes all other functions of management, such as organizing, staffing and etc.
Because without planning there is nothing to organize, nothing to control.
Every managerial action is to be properly planned.
A skilled managerial economist has all the skills to navigate all necessary business needs.
3. Planning Pervasive
Planning is a function of all managers, although the nature and extent of planning will vary with their authority and level in the organizational hierarchy.
Managers at higher levels spend more time and effort on planning than lower-level managers.
4. Interdependent Process
Planning affects and is affected by the programs of different departments in so far as these programs constitute an integrated effort.
5. Continuous Process
Planning is an ongoing process.
Old plans have to be revised and new plans have to be prepared in case the environment undergoes a change It shows the dynamic nature of planning.
6. Forecasting Integral to Planning
The essence of planning is forecasting.
Plans are the synthesis of various forecasts.
Thus, planning is inextricably bound up with planning.
7. Planning is Future-Oriented
Planning in management is looking forward and it prepares an enterprise for the future.
There are many types of planning available to choose from in management.
8. Intellectual Process
Planning is a mental or conceptual exercise.
It, therefore, involves rational decision-making, which requires imagination, foresight, and sound judgment: and involves thinking before doing the thinking on the basis of facts and information.
9. Planning is Integrating Process
Planning is essential for the enterprise as a whole.
Without planning, an enterprise will soon disintegrate the pattern of its actions would be as random as that made by leases scampering(running quickly in short steps) before an autumn wind.
Generally, its employees would be as confused as ants in an upturned anthill.
If there are no plans, action will be a random activity in the organization, and there will be chaos.
10. Planning and Control are Inseparable
Unplanned action cannot be controlled without control, panned actions cannot be executed.
Plans furnish standards of control.
In fact, “Planning is meaningless without management control and control is aimless without, planning.” Planning is the measuring rod for efficiency.
11. Choice Among Alternative Courses of Action
The need for planning arises due to several ways available for action.
If there is only one way out left, there is no need for planning.
12. Planning is a Flexible Process
The Principle of ‘navigational change’ (I.e. change according to changes in the business environment) applies to the plan.
In other words, effective business planning requires continuous checking of events and forecasts and the redrawing, of plans to maintain a course towards desired goals.
Thus, plans have to be adaptable to changing circumstances.