1. Setting up of objectives: Setting up of objective is 1st step of planning. Plans are prepared with a view to achieve certain goals. Hence, establishing the objectives is an important step in the process of planning. Plans should reflect the enterprise’s objectives. Objectives should clearly define as to what is to be achieved by policies, procedures, rules, strategies, budgets and programs. Plan must make sure that every activity undertaken contributes to the achievement of objectives.
- Prediction of general economic conditions.
- Prediction of market conditions for a specific product or service dealt with by the enterprises.
4.Evaluating different alternatives: Alternative selected should be evaluated in the light of premises and goals. Evaluation involves the study of performance of various actions. Various factors such as profitability, investment requirements, etc., of such alternatives should be weighed against each other. Each alternative should be closely studied to determine its suitability.
6. Implementing the plan: Implementing of plans is the final step in the process of planning. This involves putting the plans into action so as to achieve the business objectives Implementation of plans requires establishment of policies, procedures, standards, budgets, etc.
7. Follow up: This is the final step of planning process.After implementing the plan feedback is needed and new plan is to be drawn as per the requirements.
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