U5A1

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U5A1

Benefits of Planning

Enhances Viability

A plan greatly contributes towards turning concepts into reality. Though business plans vary from company to company, the blueprints of successful companies often serve as an excellent guide for nascent-stage start-ups and new entrepreneurs. It also helps existing firms to market, advertise, and promote new products and services into the market.

Improved Coordination and Control

The significance of co-ordination as a function of management arises mainly from the fact that without harmonized efforts, different activities may result in neglect of the organisational goals. • Control refers to evaluation of actual performance and taking corrective action, if necessary.

Better Use of Time

Time management is the process of organising and planning how to divide your time between specific activities and priorities. The benefits of time management include better habits and greater productivity. Improved time management increases your focus, builds confidence, and allows you to plan your time more effectively. Effective time management helps leaders, entrepreneurs, and small business owners achieve their goals. Managing your time wisely improves work-life balance and increases happiness. Good time management also reduces stress and allows you to achieve your goals faster and easier.

Improved Flexibility

By being adaptable to change, accommodating to requests, and open-minded to new ideas, companies and employees will enjoy a more positive, productive work environment where people feel valued and the work feels more meaningful.

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