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2. What is  Business Planning? • Planning means pre-deciding jobs that are to be done in the future. • Planning in relation to business means deciding objectives for the firm and developing plans to achieve the decided objectives within a certain time frame. • It bridges the gap between the current situation of the organisation and where it wishes to be in the upcoming days.

3. Importance of Business Planning scholars need to know before working on assignments • It is a very essential function of management, that helps the managers to take the business in the right direction. • The importance of business planning is mentioned below. • Planning gives the right path and direction to run the pre decided business plan. • It deals with uncertainty. • Planning prevents waste of resources and time. • It includes innovation. • Planning makes the decision-making process easy. • Planning sets standards and business goals, etc.

4. Limitations of planning that one should never forget • Everything has a flip side so is Business Planning, along with lots of benefits and importance it has some limitations too. These limitations are noted down. • The predicted plans can’t be changed according to the need of circumstances. This makes planning rigid. • It becomes a challenge for the management to predict the upcoming changes in an environment where economic, political, legal and environmental conditions keep changing. • Planning reduces creativity because once the plan is made we cannot change it according to the dynamic environment. • It is expensive. • Planning lacks accuracy.

5. Strategic planning cycle that one needs to follow while making a business plan • The whole planning and development process of businesses should follow a strategic cycle to achieve the decided organisational goals.

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