Planning is a complex and important process in which the direction of a company's activities is determined. The basic reasons for planning are: better directioning of organization, greater flexibility, better coordination of work, minimization of risks and uncertainties, orientation to future and changes, better control, development of managers and other planning participants and better time management at the individual level. The planning process in companies begins with defining: business goals, policies, methods and by making a budget. During the planning process, classical methods and modern approaches to planning are used. Classical methods include: forecasting and optimization, and the modern approach to planning include: contingency planning, project management and crisis management. Business planning is documented through the development of a business plan. The business plan shows the activities that the entrepreneur plans to carry out. In order for the planning to be carried out well, it is important that the entrepreneur gathers as much necessary and quality informations as possible that will help him make the right decisions and ensure his successful business. Planning is an important business management process because it ensures the realization of other management functions as well as short-term and long-term goals of the company.