preview

The Need For Planning. Every Company Has Some Sort Of Goal

Decent Essays
The Need for Planning Every company has some sort of goal or target that want to accomplish. In order to accomplish them, they most plan. When planning make sure facts are being gathered so that the approach is based on reality and not fantasy. What a lot of people don’t’ realize is that without planning, companies have no direction and aren’t able to bring about results as planned. So for organizations to accomplish their objectives, they must chart out a course of action by using planning techniques. The process begins by first looking at the current operating procedures that are currently in place. This gives you a full view of the reality of where you company currently stands. Next, identify what improvements need to take place…show more content…
This type of planning also includes the internal and external influences that may affect the company. Some tools that you may see used during this development include SWOT, PEST, or BCG. These tools help the company gather all elements into one central location to see how they interrelate. In order for management to know where they are with the plan they established, they have annual reviews to assess their current position and whether they are on track. As mentioned earlier, the SWOT (Strengths, Weakness, Opportunity, Threats) is a good tool to use when doing the reflection reviews. This planning creates performance indicators so they company can know what to match their results against at the end of each year to check progress. According to Talib and Bakar (2014), “SWOT analysis will enable planners to have a better understanding on how to turn weakness into strengths by leveraging on the opportunities and realize how threats can become opportunities by using the strengths. SWOT analysis has been comprehensive, ranging from formulating strategies for individual companies, industries, governments, international organizations and even continental studies” (p.324).
Tactical planning sometimes gets intertwined with the word Strategic. Tactical should be noted as intermediate planning while Strategic is long term planning. Also, Tactical planning generally has a time line of 1-2 years while Strategic is 5 or more years. Now that we understand the
Get Access