Business Planning is the process of outlining a company's goals and the strategies to achieve them. It involves analyzing the market, identifying target customers, and determining the resources needed. A well-structured plan serves as a roadmap for the business, guiding decision-making and helping to secure funding. A typical business plan includes sections on market analysis, financial projections, and operational plans. It is essential for both new and existing businesses, as it helps to clarify objectives and measure progress over time. Regularly updating the plan ensures that the business remains aligned with changing market conditions.