What are the fundamental concepts of planning and why is planning important? Planning basically refers to what needs to be done keeping in mind other important points like when it needs to be done and how. It is very beneficial for an organization to spend time planning its activities and resources using sound business concepts. Fundamental planning concepts include: • Situation Analysis: This process involves a thorough review of internal and external factors that helps companies determine their goals and objectives. Furthermore, such data can be used as input for the SWOT analysis which includes the evaluation of the strengths, weaknesses, opportunities and threats that the organization sustains. • Alignment of mission, vision and value: Alignment is one of the most critical concepts in business planning. Every organization must have a clear picture of its stated mission and vision. It is also necessary for its owners to have an idea of ​​why the company exists, what services it provides and who its customers are. Once these criteria are adopted and with the help of business planning, goals and objectives are aligned with the mission, vision and values ​​of an organization. • Clear goals and objectives: Clear goals and objectives in business planning ensure that everyone is aware of the various aspects of the projects they are involved in and this helps achieve greater efficiency and homogeneity between work groups. Additionally, they also provide an indication of the resources that will be needed for success. • Targeted strategies: planning facilitates the development of strategies to best ensure the achievement of established goals and objectives. They are designed to overcome your weaknesses and threats and build... middle of paper... in case one of your current plans doesn't work. Complexity: A good plan cannot be too complicated and difficult to understand by everyone involved in the plan. Everyone needs to have a perfect understanding of what the plan entails and what the expectations are. Completeness: A good plan should be complete but not too detailed. It should find the right balance between covering all the important issues but not overwhelming the plan with details. Meaning: A good plan should include meaningful goals and objectives that can be easily achieved by work groups. The objectives must be adequately defined in order to facilitate the smooth functioning of the plan. Completeness: Incomplete plans tend to lead to confusion, miscommunication, and failure to achieve goals. It is therefore necessary that each plan is completely defined in the right way.