Importance Of Planning And Time Management Technique Essay

938 Words Sep 1st, 2015 4 Pages
Business Planning
Introduction
Planning refers to the basic management function that entails the use of available resources in formulation of one or several detailed strategies necessary for an organization to achieve the optimum balance of demands or needs (Berry, 2003). Planning helps organizations in charting their courses towards the realization of the set goals. The process usually commences with the examination of the existing operations of a business entity, and spotting the areas that need to be improved to ensure smooth running of operations (Abrams, 2003). After reviewing the existing operations, perception of results that the business entity wishes to achieve follows, as well as establishing the necessary steps needed to reach the intended success (Butler, 2007). Planning is an extremely vital project and time management technique. This paper examines the importance of planning to business firms, discusses two types of planning, and how they can be used to help an organization achieve its goals.
Importance of Business Planning Firstly, it is essential to note that most organizations have limited resources and with the inadequate resources they are expected to maximize productivity. Therefore, the planning process offers an organization’s top management information on how make appropriate decisions regarding the allocation of resources (Truitt, 2002). Proper allocation of resources ensures that an organization attains its objectives, since the limited resources…

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