planning (noun, plan-ning, \ ˈplænɪŋ \) mode (noun, mode, \ moʊd \)
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
