Goal Is to Raise My Company’s Profit

Assignment in MG 101

Khimberly D. Musngi

BSA-1         

1. Enumerate and discuss the steps in planning & cite an example.

Management planning is the process of assessing an organization's goals and creating a realistic, detailed plan of action for meeting those goals. Much like writing a business plan, a management plan takes into consideration short- and long-term corporate strategies. The basic steps in the management planning process involve creating a road map that outlines each task the company must accomplish to meet its overall objectives. The first step of the management planning process is to identify specific company goals or to establish goals. As an owner of a business you should include a detailed overview of each goal, including the reason for its selection and the anticipated outcomes of goal-related projects. Objectives should be quantitative or qualitative terms. For example, I was the owner of a company. My goal is to raise my company’s profit by 15% within 12 months. The second one was to identify resources. All goals should have a financial and human resources to achieve each goal. For example, as a manager how can I achieve my goal which is to increase production if I don’t have an enough human resources? The third one is to establish goal-related tasks. Each goal should have tasks or projects associated with its achievement. To achieve a goal, a manager will need to outline the tasks required to meet that objective. For example, your goal is to gain more profit and its related task is to increase the sales staff. The fourth one is prioritizing goals and tasks. Goals must be order according to its importance. The most important task should be done first. For example, my goal is to gain more profit and its associated task is to increase sales staff. In order to achieve my goal, I should prioritize first the increase in sales staff. The fifth one is to create assignments and timelines. As an owner of a company or a manager, I can’t make all goals together and I can’t do it all. It is important to assign a responsible person in a specific task and to make a timelines for completing associated tasks. For example, as a company owner I should have different manager which facilitate and lead different departments in the company and as a replacement they will get a high monthly wages. The sixth step is to establish evaluation method. It is important to have a strategize method to review the progress of a company throughout the time period. For example, I’m the owner of a company and my strategy to review the progress in each department was having a monthly report from department heads. The last and the seventh step is to identify alternative courses of action. For example, I was a manager and I got an unanticipated events while achieving a task. It is important for me to have a contingency plan if certain aspects of the master plan prove to be unattainable.