Since the 1960s, strategic planning has been considered “the best way” to establish and implement strategies that would help the company succeed relative to its competitors (Mintzberg 1994). The success of any type of business, whether small or large, stems from the foundations of planning. Whether it is planning the operations within the company, what types of employees will help in the development of the organization or even planning to set goals and achieve them. However, businesses that decide to ignore the basic need for planning may find themselves facing a failing work environment when it comes to the success of what they do. However, that being said, there are also positives that can be seen in businesses that don't necessarily have a strategic plan. Finally, some implications for business planning will be presented. The importance of business planning is vital as it creates opportunities for new employees, defines work methods and ethics. In addition to creating a structured diversity of work, bringing out the best in each employee. In order to help plan a business, it all starts from the first step of creating a business plan, which ultimately helps the business achieve what it has set out to achieve. Butler (2010) stated that the important thing in business is to remember that a business plan will not automatically result in high profit levels or the creation of a successful business. The business plan acts as a mechanism to demonstrate incremental progress of work and can be monitored, so businesses are able to respond to any future issues or change any part of their business. As part of the business plan, organize the bu...... middle of paper ......ments. However, while businesses that fail to plan do not necessarily plan to fail, it can be statistically proven that if a business has a plan, it will most likely succeed. According to a study by Sexton and Van Auken in 1985, 20% of non-planners failed within three years, compared to 8% of companies that engaged in planning. So while businesses can still fail at planning, it is a safer bet that if no strategic plan is involved, the business will ultimately not reach the level it thought or wanted to reach. Through the demonstration of relevant sources, it is proven that society has different attitudes towards this notion. But in the end, it really depends on the type of management the company has chosen to follow and how it treats its employees...