Strategic business planning involves setting long-term goals, creating a roadmap, and making informed decisions to achieve business success. It includes defining the company's vision, mission, and values, conducting market research, analyzing strengths, weaknesses, opportunities, and threats (SWOT), and developing strategies to capitalize on opportunities and overcome challenges. Strategic business planning helps align business activities with goals, prioritize resources, anticipate changes, and adapt to market dynamics. It serves as a guide for decision-making, resource allocation, and performance measurement, providing a framework for sustainable growth and profitability.