Business planning is important because it establishes the direction of the organization. When people plan before launching a business, they avoid many pitfalls that others do not anticipate. With many businesses failing within their first few years, a sound plan is like a compass to navigate through the obstacles.Know More
There are different levels of planning business owners must navigate. Top level planning refers to strategic planning. Strategic planning identifies the overall objectives of the organization. Marketing strategies, hierarchy and the decision to make the company public are all parts of strategic planning.
The next level of planning is essentially operational. Mid-level managers identify business actions that support the firm’s bigger strategy and then implement them. Customer service ratings, sales quotas and attendance tracking are all parts of a business’s operational strategy.
Everyone within an organization contributes to whether or not the organization meets its overall objective. Fortunately, with proper business planning, the process is much easier. Managers can easily identify when a department fails to meet its goals and respond appropriately.
Organizations that do not properly plan, consistently fail to perform. They have no idea what direction the organization must take; therefore it is hit and miss. Until they find leadership that plans and anticipates problems, they continue to underperform.Learn more about Financial Planning
Sun Life Financial provides financial planning services for various life and work situations, according to the company website. Typical products involve plans for financial security, including health and life insurance, and investments for savings and income growth. One unique product available as of October 2015 is the SunFlex Retirement Income investments account.Full Answer >
Some examples of good financial planning include a strategy in which the individual determines his financial situation, develops objectives, chooses and evaluates alternatives, and then puts the strategy into action, according to McGraw-Hill. Another strategy for good financial planning is determining long-range goals and then setting short-term objectives that slowly work up to that goal, explains Wells Fargo.Full Answer >
Good financial planning worksheets are available online from a wide variety of reputable companies, including Charles Schwab, Smart About Money and Kiplinger. The worksheets are categorized to suit specific needs, such as household budgeting and retirement savings.Full Answer >
Although Suze Orman does not have any academic financial qualifications, she displayed a natural flair for financial planning while working for a number of major investment firms, first as a financial adviser, and later a vice president, before writing a number of books on financial management. A number of Orman's books have gone on to become best sellers, making her a household name, and helped launch her career on national TV, notes Biography.Full Answer >