What is the importance of planning concepts in business success, kindly express your opinion?

What to do, When and how are very important figures for success...

In my veiw, planning starts from the movement we get up from bed to the time we go back to bed. Here I want to highlight how important planning is.

Every business requires planning similar to our life. If we plan properly and move step by step we will be sucessfull. Without proper planning you might reach short term goals. but for long term goals planning would be highly essential.

Planning is required at all levels of Hierarchy whether it is upper, middle or lower management. An effective planning will set examples in the industry.

Planning just means figuring out how you are going to do something.   In general, success is more likely if you have a clear idea of what obstacles you face and how you intend to get past them.

Planning helps organizations get a realistic view of their current strengths and weaknesses relative to major competitors. The management team sees areas where competitors may be vulnerable and then crafts marketing strategies to take advantage of these weaknesses. Observing competitors’ actions can also help organizations identify opportunities they may have overlooked, such as emerging international markets or opportunities to market products to completely different customer groups.

Benefits of Business Planning

• Planning helps efficient Use of Resources
• Planning helps identify goals
• Planning offers directions
• Planning uncovers problems
• Planning adds professionalism
• Planning gives perspective
• Planning can help companies grow% faster
• Managing Risk and Uncertainty
• Team Building
• Creating Competitive Advantages