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Kinds of Planning

Business Planning. An entrepreneur does business planning before starting the operation of a firm. The prepares a project report that includes necessary information regarding objectives of the firm, the legal and financial structure and administrative aspects including organizational relationship.

Business planning provides a blueprint for building a new enterprise. It is based on anticipation of future requirements, likely hurdles and possible results. It leads to the preparation of project report which is submitted to financial institutions for obtaining capital and various government agencies for obtaining license, registration, industrial shed and for obtaining various concessions form the government.

Corporate or Executive Level Planning. Executive level planning is done by the top management of the company. It covers the entire enterprise. Top managers determine the overall objectives of the enterprise and the steps necessary to accomplish them int height of the resources available.

Functional Planning. Functional planning covers a particular functional area of the business. For instance, if planning pertains to the furnace function of the enterprise, tis is known as “financial planning”. Similarly, there may be plans in other functional areas like production, marketing, purchasing, etc.

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