Many studies support the idea that the organization who plans before starting a project or a business venture, retail business e.g road side mechanic, barbing, hairdressing retail business auto-wash, beauty salon, tailoring, ad-infinitum are more effective than those who do not plan.
The planning functions have several important goals and chiefly among these goals are discussed as follows;
1. changes in technological environment
Technological changes are so rapid that we cannot predict the interval at which these changes are taking place. production plans have continue to undergo changes as a result of this, there is improvement in the quality of output, thus it has become necessary for small business enterprise owners to plan for possible changes in technology as customers will always demand for technological advanced products to replace the older ones that have become technically obsolete
2. changes in economic environment
The general state of Nigerian economy can be best described as unstable. The national economic policies relating to small and medium scale enterprises, tax rate, inflation and other special concessions to small scale business enterprises most develop a comprehensive plan to out do the unexpected changes arising from the economic environment.
3. changes in financial environment
The financial environment is made up of financial institutions that we usually run to whenever our business require ore capital or whenever we want to finance the acquisition of more business items this environment cannot be said to be always static as to be rest assure of our financial needs. In this view, it logically follows that alternative sources of business finance should be sought for. This can only be possible through planning....
4.changes in the need of the society
As earlier said business makes demand on society and society make demands on business. At this instances it logically follows that, the business exists because of the existence of the society and vice versa' But society's attitudes towards the business is what matters. Attitude of the society to the business is unpredictable as lifestyle, belief pattern etc are not the same and may change at any time, particularly when the activities of the business did not favor them. Planning will ensure positive attitude of the society members towards the business enterprise.
The planning functions have several important goals and chiefly among these goals are discussed as follows;
1. changes in technological environment
Technological changes are so rapid that we cannot predict the interval at which these changes are taking place. production plans have continue to undergo changes as a result of this, there is improvement in the quality of output, thus it has become necessary for small business enterprise owners to plan for possible changes in technology as customers will always demand for technological advanced products to replace the older ones that have become technically obsolete
2. changes in economic environment
The general state of Nigerian economy can be best described as unstable. The national economic policies relating to small and medium scale enterprises, tax rate, inflation and other special concessions to small scale business enterprises most develop a comprehensive plan to out do the unexpected changes arising from the economic environment.
3. changes in financial environment
The financial environment is made up of financial institutions that we usually run to whenever our business require ore capital or whenever we want to finance the acquisition of more business items this environment cannot be said to be always static as to be rest assure of our financial needs. In this view, it logically follows that alternative sources of business finance should be sought for. This can only be possible through planning....
4.changes in the need of the society
As earlier said business makes demand on society and society make demands on business. At this instances it logically follows that, the business exists because of the existence of the society and vice versa' But society's attitudes towards the business is what matters. Attitude of the society to the business is unpredictable as lifestyle, belief pattern etc are not the same and may change at any time, particularly when the activities of the business did not favor them. Planning will ensure positive attitude of the society members towards the business enterprise.
IMPORTANCE OF PLANNING TO BUSINESS
Reviewed by eemyblinks
on
October 21, 2019
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Reviewed by eemyblinks
on
October 21, 2019
Rating:
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