The principles of planning

1) Information Plans should be based on accurate and factual information. When detailed information is not available the planner will have to rely on experience and judgement. This should not be a mere guesswork.

2) Time The environment in which a business operates is constantly changing. The plan drawn up for a business will therefore vary according to the period of time for which it is intended. A short time scale demands a detailed business plan. For a longer period the plan will be less detailed.

3) Flexibility A plan should be constantly changed as circumstances change and more information becomes available.

4) Control The existence of a plan does not ensure success. The progress must be constantly checked if it is to be implemented properly. Control relies on accurate information.

2.Comprehension check.

Working in pairs, answer the questions.

a) What is planning?

b) What does the difference between the planning of individuals and planning in business lie in?

c) What sequence of measures does the planning process include?

d) What principles should each business plan be based on?

3.Read the text again. Find and write down words in the text that mean the same as the following words and definitions. They are in the same order as they appear in the text.