Planning is a very important activity which involves “deciding what will be done, who will do it, where, when and how it will be done, and the standards bu which it will be done.” Planning is a systematic approach to achieve certain objectives. It attempts to eliminate mistakes inherent to “on-the-spot” decisions.

Planning affords the decision-maker ample time to consider relevant variables before a decision is reached. This is important because the resources required must be identified as early as possible to preclude shortages arising from procurement difficulties.
Planning is not confined to big business firms. If a small business firms would want to reap the benefits of planning, one should be undertaken even on a small scale.

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