Why planning is important

(Posted on 15/12/16)

As we start 2017, many of us are busy planning our new year’s resolutions, businesses are busy planning their year ahead. It is vital for any business to know what they want and expect to happen in the forthcoming 12 months. Here are some reasons why planning is extremely important in the New Year.

 

1. Grow your business

Most businesses develop a business plan when they first set up. However, by keeping the business plan as a live document and revisiting it on a regular basis you will have a clearer understanding of what you are trying to achieve and will be better positioned to seek and secure the investment to help your business grow.

 

2. Commit your business to a particular course of action

Planning permits to you to assess future opportunities, choose one and then commit to a particular course of action. By committing to one course of action, all goals and motivations are aligned.

 

3. Planning for uncertainty

But a plan can also detail and outline alternative future scenarios that although may not be the intended outcome, still need to be considered. By scenario planning you can prepare for a circumstance before it has caused any lasting damage. It short, a plan can ensure that you are prepared for all eventualities.

 

4. Ensure all bases are covered

Planning means that you can cover all the bases you need to when you are taking an idea from conception all the way through to launch. We all know how easy it is to react to events as they happens rather than focus on what’s important. Effective planning can minimize this risk.

 

Planning is a small task that can make a huge difference to your business!