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“Operational plans are about how things need to happen,” motivational leadership speaker Mack Story said at Linked In.
The following sections expand on the topic and the four types of planning.
“Planning is about managing resources and priorities in an organized way,” Berry says.
A business plan is a formal written document containing business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved.
It also describes the nature of the business, background information on the organization, the organization's financial projections, and the strategies it intends to implement to achieve the stated targets.
Contingency planning can be helpful in circumstances that call for a change.
Although managers should anticipate changes when engaged in any of the primary types of planning, contingency planning is essential in moments when changes can’t be foreseen.
They may cover the development of a new product, a new service, a new IT system, a restructuring of finance, the refurbishing of a factory or a restructuring of the organization.
An internally-focused business plan is often developed in conjunction with a balanced scorecard or a list of critical success factors.
Ongoing plans include policies for approaching problems, rules for specific regulations and procedures for a step-by-step process for accomplishing particular objectives.
“Strategic plans are all about why things need to happen,” Story said. It starts at the highest level with defining a mission and casting a vision.” Strategic planning includes a high-level overview of the entire business.