Answer: The process of identifying an organization's strategy, objectives, and long-term goals, as well as the steps necessary to attain them, is known as business planning. It is a formal document that explains an organization's overall direction and the steps necessary to meet its objectives. Additionally, it outlines the organization's resources, target market, competitors, and methods for dealing with each of these. Making a business strategy aids an organization in identifying potential risks and developing backup measures to reduce them. Generally speaking, business planning is a crucial step in the development and growth of a successful organization.
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