Effective planning hinges on a sound understanding of key activities that entrepreneurs and business managers should apply to the planning process. Here are some examples:
Forecast market expectations
To plan effectively, you will need to estimate potential sales with some reliability. Most businesses don’t have firm numbers on future sales. However, you can forecast sales based on historical information, market trends and/or established orders.
Reliable inventory levels feeding the pipeline have to be established and a sound inventory system should be in place.
Availability of equipment and human resources
Also known as open time, this is the period