Meaning of the word "failing to plan is planning to fail" in English

What does "failing to plan is planning to fail" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

failing to plan is planning to fail

US /ˈfeɪlɪŋ tu plæn ɪz ˈplænɪŋ tu feɪl/
UK /ˈfeɪlɪŋ tuː plæn ɪz ˈplænɪŋ tuː feɪl/
"failing to plan is planning to fail" picture

Idiom

a proverb suggesting that success requires preparation, and without a plan, one is likely to fail

Example:
You need to prepare for your exams because failing to plan is planning to fail.
The business went bankrupt because the owners didn't realize that failing to plan is planning to fail.