In which phase of the business planning process are business goals typically developed?

In the business planning process, business goals are typically developed during the strategic planning phase. This phase is crucial as it sets the foundation for the organization’s direction and priorities. During strategic planning, leadership analyzes the current situation, identifies opportunities and challenges, and formulates clear, measurable goals that align with the organization’s vision and mission. These goals serve as a roadmap for the organization and guide decision-making throughout the planning and implementation processes.

While defining the business phase involves articulating the purpose and objectives of the organization, and the implementation phase focuses on executing the established plans, it is during the strategic planning phase that the actual goals are conceptualized and defined. Additionally, financial analysis is more concerned with assessing the financial implications of strategies rather than setting specific business goals. Therefore, the strategic planning phase is the correct context for the development of business goals.