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Characteristics of Planning.

1. Planning is goal-oriented.

Planning is made to achieve desired objective of business.
The goals established should general acceptance otherwise individual efforts & energies will go misguided and misdirected.
Planning identifies the action that would lead to desired goals quickly & economically.
It provides sense of direction to various activities.

2. Planning is done for future.

It requires peeping in future, analyzing it and predicting it.
Thus planning is based on forecasting.
A plan is a synthesis of forecast.
It is a mental predisposition for things to happen in future.

3. Planning is an intellectual process.

Planning is a mental exercise involving creative thinking, sound judgement and imagination.
It is not a mere guesswork but a rotational thinking.
A manager can prepare sound plans only if he has sound judgement, foresight and imagination.
Planning is always based on goals, facts and considered estimates.

4.Planning involves choice & decision making.

Planning essentially involves choice among various alternatives.
Therefore, if there is only one possible course of action, there is no need planning because there is no choice.
Thus, decision making is an integral part of planning.
A manager is surrounded by no. of alternatives. He has to pick the best depending upon requirements & resources of the enterprises.

5. Planning is the primary function of management / Primacy of Planning.

Planning lays foundation for other functions of management.
It serves as a guide for organizing, staffing, directing and controlling.
All the functions of management are performed within the framework of plans laid out.
Therefore planning is the basic or fundamental function of management.

6. Planning is a Continuous Process.
Planning is a never ending function due to the dynamic business environment.
Plans are also prepared for specific period f time and at the end of that period, plans are subjected to revaluation and review in the ligh

8 SIMPLIFIED BUSINESS LESSONS FROM "THE RICHEST MAN IN BABYLON"

1. “START THY PURSE TO FATTENING”
Plant the seed of wealth and let the shade from your wealth tree grow. Starting a business will forever be a wise decision.

2. “CONTROL THY EXPENDITURES”
Do not spend more than you earn. Try as much as possible to limit your expenses. Use the Financial 50, 30 & 20 rule.

3. “MAKE THY GOLD MULTIPLY”
Do not put your eggs in one basket. With the help of an investment advisor, put your money in many investment vehicles. Create multiple streams of income.

4. “GUARD THY TREASURES FROM LOSS”
Take calculated risks and don't be misled by your own romantic desires to make wealth rapidly. Prudence is a great attribute for wealth creation.

5. “MAKE OF THY DWELLING A PROFITABLE INVESTMENT”
It is wise to own property and a house of your own. Real estate is a significant part of wealth.

6. “INSURE A FUTURE INCOME”
Wealthy people have always insured their properties and their lives to reduce financial risks. Insurance is part of the wealth formula.

7. “INCREASE THY ABILITY TO EARN”
The more knowledge and skills you acquire for wealth creation, the easier it becomes to build wealth. Wealthy people are usually well educated.

8." SAVE 10% OF WHAT YOU EARN FOR REINVESTMENT.
You can do this by opening an account with a bank which offers a type of account which you can be depositing for a certain period of time without withdrawing. Once you open this type of an account you have to start depositing 10% of your income till you meet your target. Say your target is to save k10,000 in 6 months. You have to make sure you meet your target by end of six months. Once you do that, you can now go to the bank and have your money withdrawn and invest it in your well planned and knowledgeable business.

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