According to proper business planning, what must be identified before strategies for achieving business objectives are developed?

Identifying sufficient resources is a critical first step in developing strategies for achieving business objectives. Resources include financial capital, human resources, equipment, and facilities needed to implement any planned strategies effectively. Without a clear understanding of what resources are available, it's challenging to set realistic and achievable goals.

For instance, if a business plans to expand its operations but does not have enough financial resources or trained personnel, the strategies created may be impractical. This awareness allows for better planning and prioritization of initiatives that align with what can realistically be supported based on available resources.

While market trends, customer satisfaction, and staffing needs are also important considerations in the overall planning process, they are usually addressed after the organization has assessed what resources are at its disposal. Recognizing resource constraints early on helps prevent overreach and guides the development of feasible and sustainable business strategies.