Business planning is the process of outlining and setting goals for a company or organization. It involves creating a comprehensive strategy for achieving these goals and identifying the resources and actions needed to achieve them. A business plan typically includes an overview of the business, market research, competition analysis, target customer identification, marketing and sales strategies, operational plans, and financial projections. The purpose of business planning is to provide direction and structure for a company, helping it to prioritize its resources, set achievable goals, and stay on track towards success. It also serves as a tool for communicating the company’s vision and goals to stakeholders, such as investors, employees, and partners.