6 main competitive advantages of Planning for your business

6 main competitive advantages of Planning for your business:

1. To face competition:

Planning helps any organization to face competition. It tries to improve the quality of service to customers. In the case of cooperatives, they have to compete with private and public sector organizations and planning will help them to face any type of competition.

2. for orderly work:

To do the things orderly and systematically planning helps the organisation. “Planning is work half done”. With planning the execution of a job becomes meaningful and methodical. Cooperatives have to undertake works like disbursement of loans, recovery of loans, purchasing, selling etc., in time. A predetermined planning helps to smoothen the work process.

3. Minimizes waste:

Planning avoid wastage of time, resources and energy. This helps to reduce the cost of production or cost of service.

4. Constructive use of resources:

Resources which are scarce and costly can be used economically by proper planning. Consumer cooperatives, through proper planning can purchase goods in time and need not build up unnecessary stocks.

5. Ensures Coordination:

Coordination at all levels will be created by planning.

6. Helps Control:

Planning facilitates control by means of providing mechanism to monitor activities at every stage.