Different sources plan the modified steps involved in the planning process, but in this case I will discuss the seven steps involved in the entire process. The first step is setting goals. It is basically about identifying the main objectives and goals that the company wants to establish within a certain period of time. It is a very important section because the company will operate with the goal in mind if this is not clearly established, and therefore the company may lose direction along the way. After the definition of the objectives, we have the development of the planning premises, where the plans are prepared and any underlying conditions defined. This is where an assessment of the environment is carried out and any constraints or opportunities are identified. The third step is to develop a review of the limits. It is normal for a business to have some factors that may hamper the effective functioning of the business and identifying some factors will be helpful in coming up with a proactive measure that can help mitigate them. With this in mind, the planning process can move to step number four where we identify the planning period. The period should be sufficiently long and convenient to allow the realization of the objectives formulated during the first phase. There are many things to consider, including the time it takes to receive capital investment, the expected future availability of raw materials, the development and commercialization times of a new product, among others (Kuldeep, n.d.). The fifth step will be the formulation of policies and strategies to govern the entire functioning of the enterprise. They should be clearly defined and must confirm a company's strategies and objectives. Policies should… be at the heart of the paper… levels of management of a company or business, and therefore managers should remember similar factors, which include environmental factors and many others (Ollila, 2010). The best way to address this issue is to come up with a proactive plan right from the planning stage and make good decisions along the way. ReferencesGideon H., (2007) Principles of Process Planning: A Logical Approach, Chicago: SpringerKuldeep (nd ). What are the steps involved in the planning process? Retrieved December 16, 2013, from http://www.preservearticles.com/201106168040/what-are-the-steps-involved-in-planning-process.htmlOllila, R.G., (2010) Factors Influencing Corporate Decision Making, Chicago : The Office PressWalter, D., (2010) The Decision Making Process: Four-Step Decision Making as a Simple Way to Arrive at Rational Decisions, New York: GRIN Verlag Press