In everyday life, we all create plans and carry them out in order to accomplish our goals. For instance, before a vacation, we start making plans, that mostly include where and when to go, how to get there, the duration of the trip, journey, accommodation, luggage carrying, and so on. All of these activities entail the development of an effective plan of specific activities in order to successfully complete a trip. Developing such plans to attain a goal or target is known as “planning,” and it is one of the most critical managerial skills. The process of finding many prospective answers or alternatives and deciding the best feasible solution or plan of action, on the other hand, is defined as decision making.
How to Make a Plan for Business?
The steps involved in the planning process are as follows:
1. Defining Goals Or Objectives:
The first and most crucial step in the planning process is to define goals. Goals are created at the organizational, departmental, and individual levels and must be met in the future within a specific time frame. A goal might be short-term, intermediate, or long-term. Plans are created with the intention of reaching these established goals, which specify what should be accomplished through regulations, guidelines, processes, resources, strategies, and so on.
2. Information Gathering and Analysis:
Gathering information, such as facts and data, required to fulfill goals is an essential aspect of planning. Target audience, conditions, market knowledge, competition strategy, and other factors are all required to create an effective and comprehensive plan. Information analysis entails categorizing the information gathered and determining its accuracy and usefulness of information from different sources, its unique characteristics, sources, and reliability to the organization.
3. Making And Implementing A Plan:
Once the appropriate information has been gathered and analyzed, the next stage is to develop a plan to achieve the stated targets; the plan comprises the identification of the various activities, the required resources, the timeframes, and so on. The allocation of defined activities, resources, and timeshares to individuals is referred to as plan implementation. Strategies and plans are transformed into actions to attain goals during this phase. Strategy implementation also requires delegating duties to the team in charge of carrying out the plan.
4. Monitoring The Plan:
Once a strategy has been implemented, its efficacy and impact on the targeted objectives must be evaluated and monitored. A manager must be aware of employee satisfaction and turnover. If specific conditions exist, a manager can find them during monitoring.
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How to Take Decision after Planning?
The steps involved in the decision making process are as follows:
Making planning is supported by decision-making. Some methods were also required for decision-making. Let’s understand them.
1. Situation Analysis And Information Gathering:
The first step in the decision-making process is to examine any scenario, establish a problem, collect relevant information, and identify the objectives. This step entails gathering data and information in order to identify a potential or current problem. To facilitate decision-making, the problem must be identified. Once the problem has been identified, an effective sanction must be devised. First, issues are addressed. Once the solution has been developed, an action plan is created to accomplish the solution.
2. Plan and Create Alternatives:
Once the information has been gathered, the following stage is to create multiple action plans or an appropriate action plan. It takes a decision maker’s ingenuity. Additional information is sometimes required to establish superior options.
3. Evaluating And Choosing The Best Alternative:
This part of the decision-making process comprises not only an analysis of the various alternatives or solutions available, but also a tests of each of them in terms of the results that they will create. Because these solutions are dependent on future performance, the actual outcomes are unclear. As a result, there is some uncertainty. It also entails selecting the best solution to accomplish the objectives. Different options or solutions are evaluated based on many factors, such as risk implication, least effort, least time depending on the urgency of the situation, limited resources, and so on.
4. Implementing And Evaluating Decisions:
When deciding on the best solution to a problem, the fourth stage is to develop and implement plan of action. It requires the acquisition and of resources, budgets, schedules, and so on. After decisions have been taken, progress is measured by creating performance reviews. Evaluating and monitoring decisions will clarify several issues, such as if everything is proceeding as anticipated, different internal and external factors influencing decisions, subordinate performance as planned, and so on.