PLANNING AS AN EFFECTIVE INSTRUMENT FOR BUSINESS DEVELOPMENT IN ORGANIZATION
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PLANNING AS AN EFFECTIVE INSTRUMENT FOR BUSINESS DEVELOPMENT IN ORGANIZATION
Chapter one
INTRODUCTION
Background of the study
Planning enables an organisation to chart a course for achieving its objectives. The process begins with an evaluation of the organization’s present operations and identifying areas for improvement in the future year.
From there, planning is envisioning the outcome the organisation want to achieve and determining the procedures required to get at the intended destination success, whether measured in financial terms or by goals such as being the highest-rated organisation in customer satisfaction.
Planning encourages term building and cooperation. When the plan is created and distributed to members of the organisation, everyone understands what their roles are and how other sections of the organisation require their assistance and skills to complete assigned tasks.
They see how their work adds to the overall success of the organisation and can take pleasure in their participation. Top management can reduce friction by soliciting advice from department or division managers during the goal-setting process.
Individuals are less prone to hate financial targets when they played a role in their establishment. Planning allows organisations to have a realistic assessment of their current strengths and weaknesses in comparison to significant competitors.
The management team identifies areas where competitors may be vulnerable and then develops marketing plans to capitalise on those shortcomings.
Observing competitors’ actions can also help organisations find opportunities that they may have missed, such as new international markets or potential to promote items to whole different client groups.
Organisational planning has been a feature of economic history for about 5,000 years. Evidence suggests that in the agrarian economy, most economic activity were driven by changing seasons and ran in short-term cycles of less than a year.
Long-term planning, while notable, was carried out by a few institutions, and individual extant records show the extensive use of plans in empire building, road paving, war waging, temple construction, and the like.
It was not until the industrial revolution in the United States, which is thought to have begun around 1860, that the scope and style of economic activity dramatically changed. The first major industrial boom began with factories in the Northeast and the canal running across the central Atlantic States.
The owners and developers used long-term plans for the development of their businesses, but not always for their operations. For the most part, they made decisions without the benefit of research and analysis, and the fact that these enterprises served regional markets concealed bad business planning.
With the later creation of a national rail system, economic activity became both urban and national in scale. The rapid growth of the economy, as well as the complex structure it created, necessitated the development of new and advanced management practices.
Managers had extraordinary coordination and communication capabilities after Samuel F.B. Moses (2011) invented the telegraph in 1844. The railway era accelerated industrial development, and by the last quarter of the nineteenth century, manufacturing had surpassed agriculture as the primary national industry.
With the advent of the Great Depression, businesses recognised the need for professional managers who applied scientific concepts to enterprise planning and management. Business planning, as we know it today, did not become popular in Nigeria until productivity was established.
Statement of the Problem
Most businesses nowadays fail because of how they are run and controlled by their management. It is not that fair profits are not made, but rather that there is a lack or ineffective planning, which is an effective tool in corporate development.
It has been observed that public organisations and the majority of firms in both the public and private sectors have failed to meet expectations, stifling economic growth.
Lack of coordination: This motivates others, whether individually or in groups, to work hard.
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