The annual budget planning process is an important part of running a business. It is a process of organizing and allocating resources towards achieving business goals. It involves setting financial goals for the upcoming year, analyzing the current financial situation, predicting future trends and developing strategies to achieve those goals. It is important for businesses to have a clear understanding of their current financial situation in order to create a detailed plan that will help them reach their desired financial goals. The official business definition of the annual budget planning process is the process of determining the amount of money to be spent in the upcoming year on various items. It includes estimating the amount of money that can be allocated for each expense, making sure that the budget is adequate to cover all of the necessary expenses, and ensuring that the budget is within the limits of the business’s financial capabilities. The annual budget planning process can help businesses meet their financial goals and stay within their budget.