General purpose of this article is to explain the phases of Business Planning. Business planning is a formal statement of a collection of business goals, the reasons there’re believed attainable, and the blueprint for reaching those aims. It may also contain background specifics of the organization or team looking to reach those goals. Business plans might also target changes in perception and branding through the customer, client, taxpayer, or even larger community. The managers of each business then set up their own operational planning to make certain they meet the small business strategy.