Successful businesses are not the result of dumb luck. Rather their success has come because of the carefully planned processes, which took the time to develop. As a business owner or a team manager, you should know the importance of management planning, i.e. the assessment of the company’s goals as well as a thorough action plan which will meet the previously stated goals. Management planning should be carefully constructed, taking into consideration several factors, starting with the goals.
Far more than just wishful thinking and dreaming, goals should be concise, clear and attainable steps of what the company should aspire towards. They should be as detailed as possible, followed by the logical reason for their selection.
Identifying resources is a part of management planning. It usually entails projections of both financial and human resources regarding all of the goals set forth.
Once the goals are set and resources determined, it is time to outline tasks for each goal in order to meet them. The types of tasks outlined are determined by the goals. For example, if a goal is to increase sales by 15%, the tasks might be to hire more sale persons or provide current sales staff with a sales training program.
Deadlines are crucial to meeting the objectives within management planning. They should be based upon the employee abilities as well as the real time needed for completing the given tasks.
Another key element of management planning is establishing evaluation techniques and methods that will show how well the fulfillment of tasks is going. The evaluation should be done periodically, for example once a month, in a form of a report.
Management planning also means realizing that even if everything goes according to the plan, there is a possibility of failing. The best management plans always incorporate a contingency plan, a set of alternative actions to be incorporated within different phases of the plan to ensure overall success.