Foundations of Planning

Post University

Foundations of Planning

Nick Petrizzi

Principles of Mgt. 105.33

Dr. Jill Thayer

        Planning is one of the most important factors in order for a company to succeed and grow. It is the main focus and defines the company’s objective’s or goals, establishes an overall strategy, and develops a hierarchy. While it is not always a guarantee that success for a company will come with planning, but it has been proven that it will improve their performance and success over time. It is unusual for a company to succeed just on luck alone.

        There are four main reasons why managers should engage in planning. Planning gives managers a direction to move in, it reduces the impact of change, it will reduce waste and repetitiveness, and it helps set standards for the company to follow and distributes control. Members of the company are able to coordinate with each other and generate teamwork by understanding where the organization in going and what must be done by each individual. A lack of planning, however, will normally result in others working against each other. But planning reduces that uncertainty and clarifies the consequences of certain actions.  

        As much as planning is a vital part for a company to succeed, many managers face a challenge while being committed to the process for MBO to work. A company needs direction but planning may create rigidity. By formal planning, you lock a company into specific goals and timetables which could create the assumption that the environment will not change during the time that the objectives cover. If that assumption is incorrect, then the manager who is following that certain plan may have trouble adjusting to the change. Forcing a manager to take action when the environment is constantly changing could cause all sorts of problems. You take all intuition and creativity away when you formal plan and your vision make become set in stone as they evolve. Formal planning typically follows a method that will reduce the vision. The managers’ focus tends to be on today’s competition instead of surviving tomorrow by formal planning. It normally does not allow a manager to be creative and potentially reinvent the industry that they are in. Some companies have had success by choosing to dive into uncharted territory, designing and creating new techniques and industries as they go instead of formal planning. Even though there are many challenges and obstacles that arise while going through the process of MBO, it is essential that you stick to the plan and stay on track if you want to succeed as a manger and company.

        SMART goals are specific, measurable, achievable, realistic, and timely. These are the types of goals that you need to set in order to be successful and help move a company forward in many ways, including the performance and motivation of each employee. Creating SMART goals, you provide focus for all of your employees. When they know what to focus on, they are able to prioritize their projects and tasks which will increase productivity and benefit the company. It also provides employees will motivation which gives them reason to complete their daily goals. If they can expect awards for completing certain goals, then their motivation level will further be increased. Finally, SMART goals improve the way everyone works together as a team, increases an employees’ worth to the company, and also offers measurability.

        My three SMART goals in relation to completing this course and obtaining my degree are keeping up with and completing all my assignments on time, setting aside certain days and times of the day to complete school work, and take winter and summer classes in order to achieve my degree in the shortest time possible. All three of my goals are essential for me to complete if I want to have success while attending classes, get my bachelors degree in finance, and get the job that I desire. I do not feel that any of these goals are unrealistic and I am confident that if I follow all of them, I will graduate ahead of time and start my new career in the finance field.

        There are many factors that prevent me to make effective decision making. Those factors include, but are not limited to, video games, television, social media, and alcohol. All of these factors can hinder my decision making process because they can cloud my judgement and make me chose the wrong option. These factors can easily affect my SMART goals if I let them to but so far I have stayed focused and not allowed them to. If I choose to play video games, watch television, or go out drinking instead of doing school work or studying, then my grades are going to be negatively affected. It is important to me that I complete all of my school work and prioritize what needs to get done first before I can allow myself to play any video games or watch some television. None of these factors have affected me in my actual work environment. I never stay up too late watching television, going on social media, playing video games, or drinking because I know that it would affect my performance at work the next day and make me miserable. Now while I am attending Post University, I have to make it my main focus that I do not allow any of these factors to affect any of my SMART goals.