The Planning Cycle is an eight-step process that you can use to plan any small-to-medium sized project: moving to a new office, developing a new product, or planning a corporate event, for example.
It has eight steps, as outlined below.
Planning is the process which involves defining a problem, assessing the extend to which the problem affects the society, formulating goals with a view to solving the problem, assessing the various intervention measures based on their advantages and disadvantages, selecting the best mode of action, taking steps to implement it, monitoring the progress of the implemented system and evaluation of the results.
The planning cycle is a systematic process that includes eight steps. We use this planning cycle to plan any small-to-large-sized projects in action. This cycle helps you to identify your mistakes and teaches you some lessons from your previous error, and these lessons are helpful for feature planning.
This multi-step process can be used to plan any new project, whether it’s developing a product or planning a fundraising event. By following a series of stages, you will create a well-thought-out plan involving review, analysis, and smarter goal setting. These are the Stages of the business planning cycle.
1. Take stock of the current situation.
2. Examine future scenarios and set goals.
3. Create an action plan to meet your targets.
4. Review the impact of your plan.