Sticking to your plan is the best way out…..

Sticking to your plan is the best way out…

In order to succeed one needs to plan. Good planning can only occur after an individual or a business has the true ability to assess both the internal and the external situation and can formulate steps, improve strategy and check and evaluate progress and can make the necessary adjustments to stay on target.

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Initial planning:                                                             

In this stage, one needs to look at what the situation really is. Say, for example a person plans to save for his future. In this stage he/she needs to realize the importance of saving and what saving will eventually achieve for him.

Resource planning:

In this stage one needs to tap into his/her resources and make a decision as to how much that person can save periodically. If that person is dedicated to save, he/she can develop resources to save too. Let’s say that same individual makes around $2000 a month on an average. He can cut some unnecessary expenses short and save for his future like eating outside, theatre/cinema etc.

Strategy formulation planning:

After tapping into his resources that individual needs to form a strategy to save. He should be able to control his expenses and should put aside money and valuables on a regular basis and stick to his plan. Sticking to his plan will prove to be a success in the long run.

Strategy implementation:

The strategies that are selected should be implemented by means of budgets and procedures. If that individual does not plan this stage of saving well, then the whole process might be useless. Implementation involves his financial resources and his motivation to achieve what he has planned.

Evaluation and control:

Implementation should be carefully monitored and adjustments should be made to control the strategies of planning.

In a nutshell, if you really want to plan and save, then you have to form strategies and monitor them closely so that those strategies can succeed and help you in the long run.

Make sure you remember that by sticking to your plan you can succeed.

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