BENEFITS OF BUSINESS PLANNING
The systematic business planning helps the business to derive its advantages and get benefits out of them. The benefits of business planning include
- Business Planning helps the company to formulate objectives and goals clearly. The company formulates objectives after discussing thoroughly with superiors, colleagues and sub-ordinates. These objectives help the company to achieve stability of business and maximize profits.
- Business planning helps to avoid piece-meal approach and to have integrative approach.
- Business planning helps to view the organization in total rather than department wise
- Business plan aims at the long range plan rather than short-range plan
- Business plan integrates the company plan with the national plans and priorities
- Business plan takes in to consideration the environmental factors. Technological factors influence the business plan significantly.
Technology has been upgraded continuously. The changes in technology are pivotal, resulting in high technology.
- Liberalization, privatization and globalization not only brought significant changes in the economy, but they have intensified the competition. This resulted in tough competition between domestic and foreign companies.
- . Business plan help the company to anticipate the political changes and developments in the national and international scenarios and their possible impact on the business
- . Effective business plan helps the company to achieve its objectives and goals
- . Effective business plan certainly contribute for the achievement of high rate of profits and increases in earnings per share
- . Business Plan helps to determine potential growth and profit.
source: http://www.bulo8.com/business-planning-factors/benefits-of-business-planning
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