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Importance of Planning for Irish Business
Bachelor of Business Studies Semester 1
Group 7
Student Details: Bartlomiej Kopera X00135142 Frank Roberts X00142014Franklin Nunes X00142069 Martin Hunt X00124292
Lecturer: Ms. Elizabeth Downes & Ms. Ethna O’Connor
Submission Date: 14th of November 2016
Declaration
The above-named students declare that the content of the Continuous
Assessment project is solely the work of the individuals whose names
appear on this cover sheet. The work of any other authors has been cited
and referenced in full.
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1 Contents
Executive Summary.......................................................................................................2
Terms of Reference........................................................................................................3
Introduction....................................................................................................................4
What is planning?.......................................................................................................4
Nature of business planning.......................................................................................4
Tools used in planning................................................................................................5
Goals...........................................................................................................................6
Different types of business planning..............................................................................7
Strategic Planning.......................................................................................................7
Operational Planning..................................................................................................8
Primary Research into Company..................................................................................10
Importance of Planning................................................................................................15
Conclusion....................................................................................................................18
Appendices...................................................................................................................19
Bibliography.................................................................................................................24
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Executive Summary
Planning is one of the most important processes that has to be followed in order to reach success. As you will see on the next page planning is a
“process of identifying an organization's immediate and long-term objectives, and formulating and monitoring specific strategies to achieve them” (businessdictionary, 2016).
The nature of business planning involves setting up the organization’s goals, establishing a strategy to achieve these goals, and drawing plans for work activities. The four purposes of planning include providing direction, reduce uncertainty, minimize waste and redundancy and establishing goals or standards used in controlling (Robbins & Coulter, 2012).
One of the key aspects of preparing a successful business plan is wide and detailed research of organization’s environment. The PESTLE analysis (Appendix 2) will help to test company’s macro surroundings such as political situation, ecological issues that may affect business as well as local lawful acts, technological demands and new inventions that may change the perspective and stand of the organization. For organization itself and research of its near environment like customers, employees, suppliers and threats of new entrants there are Porter’s five forces tool and SWOT analysis (Appendix 3).
The place that an organization sees itself in the near future , written down and quantified is a short term goal, and if the objective is to be met in more than 3 years that is a long term goal. All goals should be specific, measurable, challenging but attainable, result orientated and target dates (SMART). The company may use traditional goal setting method, where orders flow from top to bottom of the professional ladder or use mutually agreed goals and by using them, measure employee performance.
The different types of organizational planning include operational plans which affect only a certain area of the company and strategic plans which encompass the whole organization. The plans are nothing else than a map of the way that company is going to achieve its goals. The organization can use specific plans where there is no room for interpretation and on the opposite, directional which only show the way and can be transformed. For the once off situation, the company can use a single-use plan. Because of the fast changing environment plans have to be analyzed on the constant basis and managers should never stop planning even if the environment is uncertain (Robbins & Coulter, 2012). And the last but not least aspect which is contingency planning which involves “the generation of alternative courses of action should the unexpected event occur” (Tiernan et al, 2001).
The findings in the theoretic part of the report as well as data gathered during a real life interview, lead to the conclusion that planning business positively affects the organization, performance and is the only way to achieve the established goal which without a plan would be only a wish. Therefore, planning is crucial to an organization, it provides a steady growth and prepares the company for its future.
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Terms of Reference
This report was commissioned by Elizabeth Downes and Ethna O Connor lecturer of the Learning to learn at third level and Business Management module as part of an assessment for that module within the Bachelor of Business in Management at the Institute of Technology Tallaght. It accounts for 30% of the final marks and provides an analysis of The Importance of Planning in Irish Business.
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Introduction
What is planning?
Definition
The word plan originates from Latin word planus, which means flat, level
(latin-dictionary, 2008). This was later translated into French as a map or a drawing
on a level, flat surface and at last in English it emerged into a form that we described
as:
Planning (also called forethought) is the process of deciding in detail how
to do something before you actually start to do it (Collins, 2016).
Nature of business planning
The nature of business planning involves setting up the organization’s goals,
establishing strategy to achieve these goals, and drawing plans for work activities.
The four purposes of planning include providing direction, reduce uncertainty,
minimize waste and redundancy and establishing goals or standards used in
controlling (Robbins & Coulter, 2012).
“Process of identifying an organization's immediate and long-term
objectives, and formulating and monitoring specific strategies to achieve
them. It also entails staffing and resource allocation, and is one of the most
important responsibilities of a management “( business dictionary, 2016).
The planning in business is a little bit like planning the trip. You choose your
destination which is your goal, then you decide when do you want to be there, who do
you take with you, and how much money do you want to spend. But planning your
trip does not include the most important part which is transparency. In order to
achieve your goal as planned, it is utmost important that your plans are clear to all and
all are prepared and motivated. Without that the employees wouldn’t be coordinated
and could end up slowing down the progress and opening gate for inefficiency.
Planning also make managers to look into the future and think about the way we want
to do things, and also about possible obstacles and that reduces uncertainty.
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Tools used in planning
The planning in an organization is deemed the most important practice. Properly
established goals and meticulously tailored work activities may mean “to be or not to
be” in the ever-changing business world.
Every plan should involve understanding of business history, an assessment of
business mission, thorough examination of its environment and a tailored process for
reaching these goals (Small Bussiness Notes, 2016).
As it is rather straight forward to up look your diaries and interview your peers in
order to collect information of the company’s history, the next part of preparing the
plan seems more time and effort consuming. I am writing here about the research of
your organization’s environment.
To help us analyze the macro environmental factors that shape our company we can
use PESTLE diagram (appendix 4) to make sure we research all the important. These
analyses require from us to look around for all the changes surrounding the
organization. P for political aspect that may have an effect on our company, like for
example BREXIT, E for economical, S for social, T for technological which at the
current speed of changes is the one to look at, in my opinion. There are also other
areas to discover, E for ecological which seems to be a trend and L for Law mostly
important for companies that are government run or in order to prosper are required to
possess licenses like CIT.
In order to balance information from our microenvironment, we can use SWOT
analysis (appendix 2). This time the information that we collect covers only the
immediate environment. The abbreviation stands for Strengths, Weaknesses,
Opportunities and Threats and asks us to investigate our suppliers, customers, threats
of new entrants and substitutes.
After gathering all of the information we have to ask questions like;
Where are we at this moment as a company?
Where are we going?
Where do we want to go ?
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How are we going to get there?
The answers we have gathered should point us to the right direction but we can’t
forget that planning is a process (appendix 1) and in many aspects requires an ongoing
evaluation (Montana & Charnov, 2000).
Goals
In this paragraph I would like to tell you more about the crucial part of the planning
process which is setting goals and writing plans that will show us the way. The goals
are the answer to the earlier mentioned question, where do we want to go? They also
are the answer to – what do we want to achieve or how much do we want to earn,
depending on the type of goal and in planning we can distinguish two types:
Stated goals – official statements which do not have to be true and are created for the
shareholders or environment to believe in
Real goals – these are the ones that organization actually pursues
According to Robbins and Coulter (2012), well-written goals should be prepared in
terms of outcomes rather than actions .These should also be measurable and
quantifiable and clear as to a time frame. Challenging yet attainable, written down and
communicated to all necessary organizational members.
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Different types of business planning
There are an ever growing number of types of plans that can be utilised by business.
From the basic “short term” and “long Term” plans to “Strategic” and “Operational”
plans. Another trend is also the “just in time” approach to planning. While there is no
end to the types of plans any business can pursue the all start with a Strategic Plan.
This may include a timeframe and allocation of resources and performance indicators.
Strategic Planning
“Strategy is the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals.” (Chandler, 1962)
A business’s “Strategic Plans” are those that apply to the whole organisation
and are the fundamental goals that will drive the business in the future. They are the
framework for which any other plan must be compared to in order to ensure that it fits
into the overall direction of the business. Having a plan to buy cheap raw ingredients
and sell them at a huge profit may sound straightforward, but, if the strategic plan of
the business is to increase its environmental credentials then this may not be a plan to
follow. The top executives within an organisation are those that will usually set the
strategic plans, or a designated planning department with specialist knowledge and
skills, and this is then used by both the middle management and first level
management teams as a “map” for the plans they want to make. There are a number of
steps a business can take when setting overall strategic plans. (See appendix 2).
Strategic planning requires goals to be set and measured. Setting gaols can
sometimes be the most difficult part of planning. A simple goal is to say “increase
profits”. It is more difficult to say increase profits by 45% over a 6 month period.
When a goal is written down and can be measured and quantified it is there for all to
see and must be attainable within the timeframe you set. Having Key Performance
Indicators (KPI’s) helps you the measure your performance over a period of time and
establish if targets are being met and measuring the likelihood of achieving your goals
as set out in the plan. The term “SMART” goals refer to; Specific, Measurable,
Attainable, Results-orientated and Target dates.
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When a business is attempting to make strategic plans it might use a number of tools
available to it. Some of these tools are listed in appendix MH002 (SWOT analyses)
and appendix 2 (porters 5 forces). Building a picture of the business, understanding
its Strengths, Weaknesses, Opportunities and Treats allows the business to make plans
meet its goals.
“What makes SWOT particularly powerful is that, with a little thought, it can
help you uncover opportunities that you are well-placed to exploit. And by
understanding the weaknesses of your business, you can manage and eliminate threats
that would otherwise catch you unawares.” (Mind Tools, 2016)
From the above you can understand that just the process of planning can in
itself uncover opportunities you may not have been aware of and by bringing all the
information together you will also find strengths in your own business that may have
gone undiscovered. By exploring your own weaknesses you may also expose that
same weaknesses in your competitors and use this knowledge to gain a strategic
advantage in the space you are working in.
Using “Porters 5 forces” in your process of planning will give you a better
understanding of your environment and where your business should focus its
resources and what pitfalls to be aware of. Analysing your competitors (both existing
and possible new entrants) will provide strategic advantage if you plan for this treat
and the taking into account the propensity to substation your business or product
might lend itself to can provide invaluable information to allow you plan for this treat.
Understanding you suppliers will give you a better picture when it comes to
negotiations and on a similar level knowing your customers is important in
understanding your value to them.
Operational Planning
Having Strategic plans for a business is all well and good. Having long term goals
and objectives is futile without the operational plans to achieve them. Operational
plans are plans that can be specific to a particular department of your business or a
specific focus on time frame. Setting goals for short term plans that filter into the
strategic plans is an important factor in achieving the goals set in the strategic plans.
As operational plan will involve the allocation of specific resources, these might
include financial and human resources, having set timelines and specific K.P.I’s.
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Operational plans will be much more detailed than the strategic plans. It will include
not only the statement of a goal but also detail the specifics of achieving this goal.
These types of plans are not as general as strategic plans but the still must be open to a
level of fluidity that will not inhibit your managers or staff in their ability to success
in delivering the goals that are required. It also has to be acknowledged that the best
laid plans can and will fall at the first hurdle. However you must still plan for this
possibility and plan for the possibility of failure. Remember “no plan of operations
extends with certainty beyond the first encounter with the enemy’s main strength.”
(Helmuth Karl Bernhard Graf von Moltke, 1800 – 1891). With this in mind it is
important to evaluate your competitor’s influence, if any, on your ability to achieve
your goals.
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Primary Research into Company The company we researched and interviewed is a small enterprise, Boon Edam Ireland
Ltd., consisting of a total staff of 21, an Irish subsidiary of a Dutch company who is a
manufacturer of specialist door systems, security turnstiles and high security anti-
tailgating solutions. (Appendix 8)
The interview was conducted by Group 7 member Frank Roberts (X00142014) with
the Managing Director, Mr. John Le Gear on the 24 October 2016 on the company
premises from 13:00 to 14:00.
The importance of planning
When we delved into this it became apparent that planning is very important to this
small entity but the MD was at pains to point out that equally important is the
implementation of planning. This company uses tools such as S.M.A.R.T. planning
approaches and regularly assess its position in the markets using S.W.O.T. and also
referred to P.E.S.T.E.L. being used as a tool to analyse the markets. As the MD said,
“We can plan all we like but if we don’t act on our plans, then it is all for nothing”.
Who is responsible for planning within the company?
Boon Edam Ireland Ltd. Is not an overly hierarchical company so everyone has a part
to play in planning, monitoring progress and initialisation of plans. Ultimately the
MD makes the final decisions but he allows individuals directly involved in the
process to make the decisions and implement the plan.
The MD is dependent on the individuals of the company to realise and issue within
their area of responsibility, suggest plans to tackle them and drive the change within
the organisation. This is a very hands-off management approach and the staff seem
happy and comfortable taking this responsibility. For long term and strategical issues,
instructions come from the Dutch parent company to instigate global strategical plans,
for example, “to gain more market share in the security sector”, this would be the
responsibility of the Sales Manager to formulate a strategy on how this could be done,
then it would be brought to the monthly staff meetings to make sure everyone is aware
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of the issue, aware of the proposed plan and at that point the staff can have their say
on any comments, questions or if they would like any changes, then it will be the
responsibility of the Sales Manager to instigate the plan and monitor its progress and
make it happen.
A corporate long term strategic plan
Boon Edam Ireland was instructed in 2013 by the Dutch parent company that they
were to double their turnover by 2020. This lead to a lot high level meetings dealing
with strategies and plans on how this could be accomplished. This involved everyone
in the entity and through a series of meetings a 7 year plan was outlined:
Developing existing clients in existing markets more efficiently and professionally
Searching for and developing new clients in existing markets
Developing new markets, gaining more market share and increasing the value of what
the company does
The Sales Manager was given the task to choose the targeted markets where potential
growth was expected, then using an abridged version of P.E.S.T.E.L., reviewing what
regulations govern the markets, who was already active in the markets and with what
technology, norms and trends within the market and what impact would greater
activity in the targeted markets could affect other structures of the company.
Boon Edam Ireland had a strong presence in the specialist door market but not so
active in the security market so once this P.E.S.T.E.L. analysis was completed it was
decided by the MD to target the security market. To take this further a S.W.O.T.
analysis was carried out by the MD on the security market and how Boon Edam
Ireland could perform better in this market.
The Sales Manager then determined S.M.A.R.T. tactical plans to direct and focus
specific efforts to best realise the potential for growth and how best to increase
interest in the products and solutions that Boon Edam Ireland provide, increase their
customer base and develop existing customers.
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An example of a tactical plan
Boon Edam Ireland operates in a number of different markets. Some markets they are
recognised in Ireland as being the number one solutions provider, however in other
markets they may not have had such a strong presence and this was one item they
wanted to tackle. Take for example they wanted to become the “go to” company in
Ireland for security doors and turnstiles. They examined the market in Ireland using a
S.W.O.T. analysis and P.E.S.T.E.L. approach as in 4.3. Gaining traction in this
market alone had the potential for the growth they needed to achieve their 7 year
strategic plan.
As part of the tactical plan to achieve recognition and growth in this market sector:
The Sales Manager joined various security associations and studied in one of the
security institutes to become a qualified security risk assessor, this in turn allowed
him to socialise and mingle amongst security specialists, gaining recognition in this
specialist field and in turn this helped Boon Edam Ireland to better understand the
preferences, drives and priorities of the organisations and individuals in the security
market. This allowed Boon Edam Ireland to focus on the market in a more
professional manner and gave the initial traction to begin their growth in this sector.
Following this in early 2015 the Dutch factory launched a new security product and
the launch of this new line was timed along with some security events where they
targeted end users and integrators.
A short term operational plan
A current short term plan is one of homogenisation amongst the various individuals
and departments and how everyone present themselves. Primarily it encompasses the
standardising of the format and layout of communications of quotations, reports and
other written documents. It is important for Boon Edam Ireland to portray a
professional and consistent image to their customers and suppliers. When a client
sees a report from the service dept. and then a quote from the sales dept., simple
things like the position of the company name and logo, the structure of the layouts and
the design will portray a more organised and professional company image.
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Contingency plans
Contingency plans involve “the generation of alternative courses of action should the
unexpected events occur” (Tiernan, et al., 2001).
As a small enterprise, Boon Edam Ireland is built on the reputation and
professionalism of their individual employees who build personal contacts with
clients and organisations. A major factor is the impact that a senior member of staff
leaving could have on the organisation. They could take many client contacts with
them that it could potentially be catastrophic to the business.
To counter this, the MD believes that if they invest in their employees that this will
reduce the risk of them leaving. This will only reduce this risk and not completely
remove this risk so Boon Edam Ireland have invested in a CRM package that manages
and monitors all of their interactions with customers and suppliers. This would make
it easier for other members of staff to step into a vacant position and continue the
good work of a previous employee.
Boon Edam Mission Statement
“Based on our experience over the years, it is our mission to develop
the world’s most premium, innovative and effective entry solutions
through a customised approach, fit for use to our client and their
clients” (Boon Edam Group Holding B.V., 2016).
Boon Edam as a global entity is very proud of their 140 year heritage. Started in 1873
by Mr. Gerrit Boon in Amsterdam simply calling them-selves “Boon” and almost 100
years later they moved to a larger premises in the provincial town of Edam and
changed their name to “Boon Edam”. Their speciality is custom designed and built
entrance revolving doors, this is what Boon Edam Ireland is most recognised for
within the construction sector.
In the late 1990’s they developed their traditional revolving door into an anti-
tailgating product and since then their focus has been to develop themselves as a
world leader in anti-tailgating security entrance solutions.
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Boon Edam Ireland SWOT Analysis
A SWOT analysis is a tool that can be used to analyse an individual, any part of a
business or the business as a whole. To perform an effective S.W.O.T. analysis is to
compare where the business is today and where is could be.
Boon Edam Ireland SWOT Analysis of business structure:
Strengths: Well established within specialised sectors in Ireland, strong branding
Strong market place awareness
Educated, loyal, ethical and enthusiastic staff
Strong team ethic amongst staff, locally and globally
Weaknesses: Lacking a CRM
During market growth there is a limited ability to be proactive
Some disconnect within the organisation
No structured marketing plans
Opportunities: The current construction sector buoyancy
Strong emphasis in the Irish market on protecting assets
Involvement in setting standards with NSAI FDI
Threats: There is a predicted oversupply in the Irish construction market
(Appendix 3)
Fluctuating British Pound to Euro rates in NI Market
Cash rich and hungry competitors awakened by lift in market
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Importance of Planning
Importance of planning is understanding the situation of the business this is the
foundation of for any plans. As wells as knowing where you want to go, it is vital to
understand where you are coming from why you are where you are, and what assets
you have in your resources (Stutely, 1999).
Planning is perhaps the most basic of all management functions. It was defined as:
“the systematic development of actions programmes aimed at reaching agreed business
objectives by the process of analysing, evaluating and selecting among the opportunities
which are foreseen” (Jones 1974:3).
Nowadays it is vital to manage all your sources when you are running a business.
Competitiveness is a primary key that all entrepreneurs must take into consideration.
It is extremely easy to get bogged down in ordinary problems and forget the bigger
picture. Structured planning can change your organisation to be a successful company
to a hopeless one.
Therefore, adjusting the planning of an organisation is a tenacious process to manage
the future of an organisation. Planning is a great tool that is in everyone’s access, it
will enable you to concentrate all resources on continuous improvements, reducing
costs and increasing your capital invested.
Planning occurs within an environment context. If managers do not understand this
context, they are unable to effectively plan. Understanding the scenario, you are in, it
is extremely important for planning. Moreover, understanding the purpose of planning
is essentially the first step to identify the opportunities and threats.
Griffin (Griffin, 202) defines planning as
“Planning is the primary input for developing tactical goals. Tactical plans, in turn, combine
with the tactical goals to shape organisation goals”.
Seeking to reduce the amount of uncertainty faced by the organisation. While no
organisation can predict the future events with certainty, without planning
organization are leaving things to chance,
Michiels (1986:259) defines an enterprise without planning as
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“an enterprise without a plan is like a ship sailing in dense fog without any navigational means
the only thing it can possibly be sure about is whether it is afloat or not”.
In addition, organisations need plans to guide future actions. Planning has been
defined as a process of establishing aims and objectives and choosing a course of
action to ensure that objectives are achieved. Planning is a critically important
function for all organisations providing the frame work for all subsequent decisions
(Tiernan,etal.,2001).
Business must take advantage of it, by establishing goals and targets,team building,
managing risk and uncertainty events, creating competitive advantages to use
resources effectivelly.
Yet plan we must. The process of planning may be more important than the plans that
emerge. The planning occasion requires managers to schedule “thinking time”.
Managers must think about what has happened, what is happening, and what might
happen. Managers must set goals and get agreement. The goals must be
communicated to everyone. Progress towards the goals must be measured. Corrective
actions must be taken when the goals are not being achieved. Thus, planning turns out
to be an intrinsic part of good management”.
Furthermore, through progress and an integrated approach. planning ultimately gives
the organization a direction, economically viable and profitable objective. If the plan
is implemented correctly, the outcome will reach what had been planned by the
organization. Planning to succeed, the plan will include a progress as well as most
suitable way to achieve the targets.
Entities cannot permit themselves to become contented with how they are currently
doing.Being aware of threats and opportuinites in business nowadays it is the most
important issue.Businesses that are not aware what is happening in their external
environment are likely to lose ground to competitors. It is extremelly important
planning ,organising, leading and controling in an organisation (Robbins & Coulter,
2016).
Stutely stated that
“The main stage of planning are defining corporate objective, internal and external analyses,
revising corporate objectives and formulating strategic, tactical and operational plans”.
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Planning is based on previous experience and outcomes. One part of the plan cannot
be focus on the detriment of other parts of the plan. Each part is interconnected, with
other parts of the plan.
It is impossible to predict all events that may occur on the outside. However,
unforeseen events must be dealt with quickly, before catastrophe reach the
organisation. By understanding potential risks to your business and finding ways to
minimize their impacts, you will help your business recover quickly if an incident
occurs.
Furthermore, it is essential a contingency planning. Managerial planning is usually
considered as micro level planning. It helps in combining resources to fulfil the
overall objectives of the extension organization (Waldron, et al., 2005). This involves
the generation of alternative courses of actions should unexpected events occur in the
business environment
Marshall (Marshall, 1992) stated that
“Contingency planning anticipates possible problems or changes that may occur in the future
and prepares to deal with them effectively as they arise”.
Therefore, targeting competitors where they may be vulnerable and take advantage of
these weaknesses. Observing competitors actions can also help organizations identify
opportunities that may have been overlooked. Nonetheless, planning takes place at
various levels of the organization involving all departments to a greater or lesser
degree. Taking into consideration a variety of possibilities such as: strategic focus,
setting priorities, managing change, developing accountability, managing cash,
strategic alignment, milestones, performance indicators and realistic regular reminders
to keep on track. Those who pursue a clear vision can achieve a huge amount.
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Conclusion
Ultimately, it has been concluded that, planning business positively affect
organization, performance, or more specifically, it conducts positively affects from
top to the bottom of an organisation. Therefore, planning is important to an
organisation, it provides a steady growth and prepares the organization for its future.
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Appendices Appendix 1.
(Free-Stock-illustration.com, 2015)
Appendix 2:
Appendix 2:
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(Kyle, 2014)
Appendix 3:
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Appendix 4
(Heckrodt, 2014)
Appendix 5:
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Given to me by MD of Boon Edam from one of their presentations about how to
maximise value from each client in a more professional manner and create better ROI
for clients.
Appendix 6:
Given to me by MD of Boon Edam from a recent SWOT analysis on their sales
process.
Appendix 7:
(Jones Lang Lasalle, 2016)
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Appendix 8:
Company: Boon Edam Ireland Ltd.
Unit 1 Naas Road Business Park, Muirfield Drive, Dublin 12
www.boonedam.ie
Type of business: Irish subsidiary of a Dutch holding company
Private Limited Company Established in January 2003
Design, manufacture, install and service Revolving doors,
Automatic Doors, Security Anti-tailgating Doors, Security
portals, Optical Pedestrian Barriers and Turnstiles.
Market sectors: Construction, security, services & facilities management
Subsidiary responsible for Island of Ireland
(Republic of Ireland and Northern Ireland)
Employees: 21 staff based out of offices in Bluebell
Consisting of:
9 administrative, accounting, sales and office based staff
11 technical staff involved in service, maintenance, installations
and operations
1 Irish based director
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