What is the business planning cycle?

The business planning cycle is a continuous process used to strategically manage a business, ensuring it remains aligned with its goals and adapts to market changes. In Canada, this cycle typically includes the stages of analysis, strategy formulation, implementation, and monitoring. Businesses start by analyzing their current situation and market environment, then develop strategies to achieve their objectives. These strategies are implemented through specific actions, and their progress is regularly monitored and evaluated. Based on the outcomes, adjustments are made, starting the cycle anew to keep the business on track towards its goals.