Business planning is basically deciding what to do and what not to do and how to do it. It is the first step of any startup or enterprise. Without any planning, how can someone direct the way of the company. One should prioritise the important areas to concentrate on. It is that bridge that joints "where we are" and "where we want to go". It involves taking important decisions as well as taking the opinions of other employees or co-workers as well, and collectively form a decision. It can be anything, whether it's financial, or expansion, or commencing a new department in the company. But the plans shouldn't be just on the pages, it should be timely ticked off. Or else everything will go futile. Business planning is the rational approach towards the execution of the objectives by the members of the company.
As the phrase goes, "Time and Tide wait for none". So, time is a limited resource. You cannot take forever to achieve your goals. Hence, you need to make boundaries for such cases. But efficiency is the key. You simply cannot afford to create bad quality products in order to meet the deadlines.
An efficient business plan also reduces the risks of uncertainty as well. One can look forward to and anticipate the difficulties and solve them accordingly. And therefore, the efforts also do not go into waste, and avoids confusions and misunderstandings.