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Planning is an essential function that allows management to see the bigger picture. It is a prerequisite to other basic managerial tasks such as organizing staffing, directing, and coordinating. Many managers are not involved in the planning process and don’t get the benefits. This could be because of the lack of education or a predisposition towards not engaged in this process.

Improved Decision Making

A plan forces managements to be aware of the consequences of their choices. A plan helps to assess the potential risks and benefits of various choices, since it defines specific goals. It helps to monitor the long-term effects of their decisions, such as how a decision made today will affect the growth of their business in the next three years.

Increased Productivity

A clear strategy allows people to break down complex tasks into manageable components, allowing them be completed in less time. This enables them to use their time more efficiently and minimizes the risk of confusion.

A plan can help an organization identify its strengths and weaknesses in the market. This will allow it to take advantage of growing markets before other competitors do giving it a competitive edge. A well-organized and clear plan can give a structure to plan work and ensure that responsibilities are assigned efficiently and that important events are monitored in a timely manner.