The attention strategic planning has attracted in the recent years is the proof that it is evidently used by successful businesses. Executives and managers alike plan their business objectives and the goals in a strategic manner. Various factors such as competitors, market capture, consumer expectations, etc have to be studied in depth to take better decisions. Thus strategic planning has gained importance. A strategic plan helps the business to reach their desired goals. It works like a route map. It also increases the effectiveness of the business as it deals in a time bound approach. Hence since the early 1960’s strategic planning has grown to become one of the essential tools to lead modern businesses towards their success.