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, such as finances and personnel. A well-structured business plan serves as a roadmap for the organization, guiding decision-making and helping to secure funding from investors or lenders. Additionally, business planning includes setting measurable objectives and timelines to track progress. It often involves creating financial projections and assessing potential risks. Regularly updating the business plan ensures that the company remains adaptable to changes in the market or industry, ultimately supporting long-term success.