Definition: is a phase, a step in a business’s development, in which various strategies and business plans for the future are being created. It is a rather comprehensive and formal process, which is typically overseen by the board of directors or the other top-level business team. During the planning mode stage, a business plan is developed, which involves setting a specific business strategy, figuring out and defining the tactics that will help execute that strategy, and forecasting the expenses, cash flow, spending budget, and future sales.
In a Sentence:
During the planning mode phase, we need to determine our target market and set the financial goals we wish to achieve.
A planning mode always involves creating an effective but realistic business plan.
General business plans are essential during the planning mode stage, but we shouldn’t forget about the product, marketing, management, and financial plans.
Synonyms and related words: adaptive mode, entrepreneurial mode, business plan, business planning, business model