A planning cycle is the process of combining different aspects of planning into one synthetic unit. Any plan should be practical and cost-effective. A planning cycle commences by analysing whether any plan is likely to succeed or not.Continue Reading
Most plans succeed when they are thought out as a cycle as opposed to being a straightforward process. The initial process of planning is to examine the viability of any initiative and project the success of the plan based on the cost or any other challenges likely to occur.
The next stage of the planning cycle is to examine the strengths and the weaknesses of the plan.This is done based on the internal and external environment of the plan. There are challenges that can be controlled, while the rest are contingent, as they are brought about by external forces. Pressure to change may arise from the internal environment, such as clients who might want a business or an individual to change their working method.
External factors, such as economic forces, competition, fiscal legislature and technology change cannot be controlled, and the planning cycle depends on how well a plan is able to adapt to such changes.
The next stage is to establish the objective of the plan, which is mainly done through the vision and mission statements. Lastly, the planning team explores the plan's available options and chooses the best possible alternative.Learn more about Managing a Business