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.Know More
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
Organizational restructuring is the process by which an organization changes its internal structure by revamping departments, ownership, or operations and processes. The purpose of restructuring is to make the organization more profitable and integrated. Restructuring is usually a result of a merger, lackluster profits or a change in overall goals.Full Answer >
The Small Business Administration guides people through the process of creating business plans by identifying the basic parts and advising how to efficiently develop those elements. The SBA often advises people to consult local SBA partners, such as the Service Corps of Retired Executives, to assist with writing business plans.Full Answer >
Employee transition planning is the process a company takes when an employee resigns. Rather than losing the knowledge and skills of the departing employee, the company takes affirmative steps to ensure it can continue its business after the departure with little to no interruption.Full Answer >
Organizational politics is the process of using an informal network to gain power and accomplish tasks to meet a person's wants or needs. Organizational politics may be a positive practice when the greater good of the company is affected. However, it can also be negative when people promote self-interests.Full Answer >