Bad management translates to poor planning by management.
There never seems to be time to prepare Pro Formas or Budgets. Often new managers understand their products but not the financial statements or the bookkeeping records, which they feel are for the benefit of the IRS or the bank. Success may be ensured only by focusing on all factors affecting a business's performance. Focusing on planning is essential to survival. Short-term planning is generally concerned with profit planning or budgeting.