The most significant barrier to effective planning is change. Effective planning strategies typically include changes, both real and perceived, to people, systems, processes and structure. This can be highly disruptive to an organization.Know More
People may fear their roles within an organization diminishing or disappearing altogether due to anticipated changes. System technologies may need an overhaul to accommodate the new strategy, and this could affect the ability of employees to do their jobs.
Organizational structure may also be revamped, shifting the chain of command as old departments within an organization are eliminated and new ones are created. Processes will also be under scrutiny during effective planning, and concerns may be raised about how implementing more effective processes could phase out specific jobs.Learn more about Financial Planning
In estate planning, wills and trusts are both essential tools for carrying out an individual's final wishes, but one is not a replacement for the other. Everyone should have a will drafted before they die, even those who create trusts, reports CNN Money. Both instruments have advantages and downfalls.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 >
Some strategic planning model types include the goal-based, basic, scenario planning and alignment models, notes the University of Illinois at Chicago. These are just a few of the many models, and the model that best fits an organization will depend on its size and those participating in the process.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 >