4. Inappropriate Planning:

Another big mistake individuals make is inappropriate planning, i.e. planning without having a strategy in place, which leads to inaction and eventually leads to disappointment.

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The advantages of strategic planning are many. It facilitates objective management, minimizes uncertainties, facilitates coordination, improves moral, facilitates control, provides competitive edge, and encourages innovations. A lack of it leads to rigidity, misdirection, time consumption, false sense of security and increased expenses. The bottom line is that planning without having a strategy in place is a perfect recipe for disaster.  And in a majority of cases the lack of commitment and direction among individuals are the culprits behind the failure of a plan.

The solution to this problem is to divide the plans on the basis of short-term and long-term goals. This will help an individual to set a timeline to their respective goals, and help attain the objective with utmost ease.

It is advisable not to just make plans without strong resolve to stick by them.

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