Business planning is the process of creating a roadmap for a company's future success. It involves setting goals and objectives, identifying strategies to achieve those goals, and outlining the resources and actions needed to execute those strategies. Business planning typically includes elements such as market analysis, financial forecasting, competitive analysis, and risk assessment. The ultimate goal of business planning is to create a clear and actionable plan that guides decision-making and drives the company towards its objectives. It is a crucial aspect of strategic management and helps businesses adapt to changing environments and stay competitive in the market.