Strategic planning in business refers to the process of setting goals and creating a roadmap for achieving long-term success1. It involves analysing and understanding the current state of the business, evaluating market trends and competitive dynamics, and making informed decisions about the allocation of resources and the direction of the company. A strategic plan provides a framework for decision-making, guiding daily, weekly, monthly, and annual actions1. It serves as a reference point or “true north” for the business, ensuring that all activities and initiatives are aligned with the overall vision and mission. The process of strategic planning typically includes the following steps: Analysis and assessment: This involves evaluating the internal strengths and weaknesses of the business as well as external opportunities and threats. Various tools like SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) may be used to gain insights into the current state of the business and the external environment. Goal setting: Based on the analysis, strategic goals and objectives are defined. These goals are specific, measurable, achievable, relevant, and time-bound (SMART goals), and they provide a clear direction for the business. Strategy development: Strategies are developed to achieve the defined goals. These strategies may involve market expansion, product development, operational improvements, cost optimisation, or any other initiatives that align with the business’s goals and competitive landscape. Implementation and execution: Once the strategies are developed, they are implemented through action plans, resource allocation, and project management. Regular monitoring and review ensure that the plan is executed effectively and any necessary adjustments are made. Evaluation and measurement: Ongoing evaluation and measurement of key performance indicators (KPIs) are essential to assess progress towards the goals and make informed decisions. This allows businesses to stay agile and adapt their strategies as needed. Strategic planning in business helps organisations define their vision, create a roadmap for success, and ensure that all activities are focused on achieving the desired outcomes.