`(i)` Planning is deciding in advance what to do and how to do. Before doing something, the manager must formulate an idea of how to work on a particular task. Thus, planning is closely connected with creativity and innovation.
`(ii)` The plan that is developed has to have a given time frame but time is a limited resource. It needs to be utilised judiciously. If time factor is not taken into consideration, conditions in the environment may change and all business plans may go waste. Planning will be a futile exercise if it is not acted upon for implemented.
`(iii)` Planning is the most challenging activity for the management as it guides all future actions leading to growth and prosperity of the business.
`(iv)` Planning provides the goals or standards against which actual performance is measured. By comparing actual performance with standards, if there is any deviation it can be corrected. Therefore, planning is a pre-requisite for controlling.
`(v)` Planning is purposeful as it focuses on achieving objectives. Specific goals are set out in the plans along with the activities to be undertaken to achieve the goals.
`(vi)` Planning is pervasive. It is required at all levels of manangement as well as in all departments of the organisation. Thus, planning is not an exclusive function of the top management.
