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
According to money.CNN.com, two of the best online sites for retirement planning are AARP.org and the United States Government site MyMoney.gov. Since AARP (formerly the Association for Advancement of Retired People) is an organization devoted to retirement-aged people, their website is a top-rated resource.Full Answer >
Individuals should start planning for their financial future as early possible, ideally in their teenage years, as stated by Investopedia, a website dedicated to investing knowledge. Teenagers can learn how to make basic budgets and create short-term and long-term savings goals. Teaching teens how to plan and save for their future needs is a simple way to help them prepare for their future.Full Answer >
A person should start planning for retirement as soon as he or she is able to earn any amount of money. Saving for retirement is especially important since the average American spends a period of about 20 years in retirement, according to the US Department of Labor.Full Answer >
Various free retirement planning checklists can be found online at Forbes, Financial Mentor, U.S. News and World Report and many other sites. Each site takes a slightly different approach, but all require careful thought and calculations.Full Answer >