Is it just a business attitude or the mirror that foretells what? Even to set out for the day’s work or engagements, planning is necessary. An important exercise that sets the pace.
CORPORATE PLANNING, WHAT IT IS:
Corporate Planning can be used in different terminologies to mean any of these;
- Long Range Planning
- Corporate Planning
- Business Forecasting
- Business strategy;
All these terminologies mean to express a line of approach to achieve an integrated and systematic long-term benefit. The benefit or the good it seeks to achieve is for the company or firm or organization. Each, no matter the terminology, expresses a line of approach or style of management intention. This management intention is a process to carry-on its framework of business attitude or business mind which attempt to unify the departments of the corporate entity. This unification of departments is to enhance the body of the enterprise for an optimum long-term benefit and business profitability.
A GOOD CORPORATE PLANNING MUST HAVE:
- A survey that embodies long-term period.
- Adopts a systematic and integrated approach
- It must take the economy into account
- It must determine and certainly note the firms position in overall market share.
- The corporate structure must be fully analysed and properly highlighted.
- An in-depth comparison must be made of the firm’s performance as compared on average with its competitors.
- Corporate Planning must make recommendations as to look into the affairs of entire operations. It would do this with the view towards making growth a cardinal desire in the following perspectives.
Research & Development:
Need for new products improvement;
Need to recruit and engage qualified staff in the desired availability, quality and quantity.
3. Sales & Marketing:
The relevance of sales policies, market dominance or share of the market. Standardization of quality, Labelling, branding, design. And the price of products may be recommended also in the market mix
To intensify and ensure production capacity sufficient and adequate for the market. Also to recommend other facilities within a cost of production that is competitive and acceptable.
Corporate Planning from the above analysis can recommend the possibility of re-organization, merger, diversification etc. It can be considered, the melting point for all the plans emanating from various departments of business or enterprise. It puts the firm on ex-ray, underscoring every possibility of harmonization to give effect to functional plans. This would have an interlinked amalgam on the overall company plan. Profitability is the hope or expectation of all business idea.