Planning in Business

You have just read about the plans of Indian Oil Company Limited (IOCL). Of course, these are broad statements given by the company and they have to be broken down into steps for implementation. This
is an example of a company with a nationwide reach striving to be one of the top companies in India. Furthermore, every organisation whether it is government-owned, a privately owned business, or a company in the private sector requires planning. The government makes five-year plans for the country, a small business has its own plans, while other companies have big plans, sales plans, production plans. All of them have some plans. All business firms would like to be successful, increase their sales and earn profits. All managers dream of these and strive to achieve their goals. But to turn these dreams into reality managers need to work hard in thinking about the future, in making business predictions, and achieving targets. Dreams can be turned into reality only if the business managers think in advance about what to do and how to do it. This is the essence of planning