The Value of Business Planning in the Context of the 21st Century - Research Paper Example

? The Value of Business Planning in the Context of the 21st Century The Value of Business Planning in the Context of the 21st Century Oakes, L., Townley, B., & Cooper, D. (1998). Business Planning as Pedagogy: Language and Control in a Changing Institutional Field. Administrative Science Quarterly Vol 43 no.2 , 257-292. The planning is the core element of business because management sciences are primarily defined as a set of planned human behavior and therefore, planning is the basic ingredient of management by definition. However, on the other hand, if any organization is not planning adequately then, it is on route to damnation to say the least. Additionally, it is important to mention that too much of something is always bad and same goes with planning. The organizations and managers that succumb to planning unnecessarily do not have sufficient time to implement and translate plans into the reality. The value of modifying strategy was revealed in order to survive in the global corporate arena. Each and every country in the world is known to have divergent cultural norms and therefore, it is imperative for the companies to modify their practices according to the environment of the local economy. Ireland, D., & Hitt, M. (1999). Achieving and maintaining strategic competitiveness in the 21st century: The role of strategic leadership. Academy of Management Perspectives Vol 13 (1) 43-57. The leading firms are famous for building a consortium of strategists and operational management. The strategists are responsible for planning new practices and products and the operational managers are there for making these concepts a reality. The abovementioned division is necessary because those who plan cannot implement and those who implement cannot plan. In this manner, a synergetic relation gets birth and therefore, the doers have to work closely with the thinkers. The planning remained an integral part of the business in all ages but in the era of the 21st century, it is more than an integral now because it is the heart and soul of the commerce. The environment of each and every industry in the world is changing rapidly and therefore, the businesses have to change their strategic stance in order to cope with varying climate. The organizations that are planning without any plan are nonexistent because they cannot survive in the challenging market environment of the 21st century (Ireland & Hitt 1999). The entrance of foreign competition placed a premium on the practice of planning and because of this reason, the companies are needed to use more complex methods of planning in order to live their days peacefully in the modern era that is plagued with technological interventions. The planning got complex and if organizations fail to use sophisticated methods towards scheduling then, they will be going to end up extinct. Agnew, M. (2013). Strategic Planning An Examination of the Role of Disciplines in Sustaining Internationalization of the University. Journal of Studies in International Education Vol 17 (2) , 183-202. The importance and value of strategic planning in the field of education was highlighted. The global educational institutions have to plan vigorously in order keep their course offering aligned with the changing and growing needs of the practical arena. The idea of foreseeing the development of new educational needs is indeed the essence of managing educational institutions in the modern era of the 21st century. The planning is also defined as predicting the future and this is the manager’s way to talk to the future. The managers are always talking to the future on their own way. The planning helps the managers in creating the future. Those business professionals who only talk to the future adapt in order to manage the future. But, the managers who plan in detail somehow end up with the power to manipulate the future to service them and their objectives. Thusly, a new organizational philosophy developed where employees are empowered. The planning took a role of providing a new ways of doing the old things. The entire population of the organizations is willingly or unwillingly engaged in the practice of planning and therefore, the premise that the organizations that are not planning are planning to fail is logically flawed within itself. Nevertheless, the nature and intensity of planning have changed a great deal. In the past, the organizations are known to perform and operate in a local economy and therefore, superficial level of planning was enough at that point in time. The world transformed into a global village and therefore, foreign companies have managed to enter other economies. The image of the company gets blurred without the presence of a strategic planning department or division. The planning is done on a daily basis. The production division receives fresh set of orders every morning. The restaurants and hotels are accustomed to forecasting the demand on daily basis and therefore, it can be established that planning is a sophisticated tool that can help the organization in managing its environment. The challenge of acquiring sufficient resources on a daily basis is most significant challenge that any organization has to face. Hrebiniak, L. (1992). Implementing global strategies. European Management Journal Vol 10 (4) , 392–403. The importance of planning in the business world was discussed. The global economic outlook does not appear to be very conducive towards corporate activities. The resources are getting scarcer with the passage of time. The organizations working in all walks of life have to understand and comprehend the value of planning. The organizations are engaged in planning their workforce needs. They are also planning to meet the changes in demand patterns. They are also looking to increase their proficiency new technology. Whether or not I agree with “Organizations that fail to plant are planning to fail” The common examples of managers who successfully planned include the names of Steve Job and Bill Gates. Both of these gentlemen modified the future in such a way that it has serviced their needs and wants. Planning is also considered as foreseeing the future and getting ready for it. According to leading scientists science is nothing else but the best guess. The humans cannot know everything about the future and that is why they have to take their chances by implementing the plan in the field. All plans are fundamentally fabricated with the help of ascertaining probabilities of all the possibilities. The managers have to take a few risks in terms of putting their plans to work. The companies have to take timely measures regarding their survival in the marketplace. The human evolution occurred as few of our ancestors envisioned the future. As a result, organizational philosophy came into being. The social entities applied division of labor and specialization. The new leadership styles emerged. The participative management became applicable by vigor. The importance of communication in the corporate world got recognized. All of the organizations are busy in planning in one way or another. So the presumption that the company that is failing to plan is planning to fail is illogical. All of the companies are planning and therefore, the question about the presence or absence of planning should never be asked. The quality of planning should be questioned always. The humans are blessed with the ability to plan but only those will survive and manage to thrive in the modern times that have the ability to change the future in order to service their needs as Steve Jobs and Bill Gates did. References Agnew, M. (2013). Strategic Planning An Examination of the Role of Disciplines in Sustaining Internationalization of the University. Journal of Studies in International Education Vol 17 no.2 , 183-202. Hrebiniak, L. (1992). Implementing global strategies. European Management Journal Vol 10 no.4 , 392–403. Ireland, D., & Hitt, M. (1999). Achieving and maintaining strategic competitiveness in the 21st century: The role of strategic leadership. Academy of Management Perspectives Vol 13 (1) , pp.43-57. Oakes, L., Townley, B., & Cooper, D. (1998). Business Planning as Pedagogy: Language and Control in a Changing Institutional Field. Administrative Science Quarterly Vol 43 (2) , 257-292. Appendix A http://jsi.sagepub.com/content/17/2/183.short http://amp.aom.org/content/13/1/43.short http://www.sciencedirect.com/science/article/pii/026323739290003M http://www.jstor.org/discover/10.2307/2393853?uid=3738832&uid=2&uid=4&sid=21103004072777 Appendix B Business planning as pedagogy: language and control in a changing institutional field LS Oakes, B Townley, DJ Cooper - Administrative Science Quarterly, 1998 - JSTOR Language and power are central to an understanding of control. This paper uses the work of  Pierre Bourdieu to argue that an enriched view of power, in the form of symbolic violence, is  central. We examine the pedagogical function business plans played in the provincial ... Cited by 468 Related articles All 4 versions Cite Save [HTML] from aom.org Entrepreneurship education: toward a model of contingency-based business planning B Honig - Academy of Management Learning & Education, 2004 - amle.aom.org ... Traditional pedagogy is frequently in contrast to the needs of entrepreneurial education. ... and learning requirements has not been made in contemporary business planning education. ... modules are designed to conclude with a standardized formatted business plan, complete with ... 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