Which is NOT a step in business planning?

Reviewing previous year's profits is not a direct step in the business planning process. While evaluating past financial performance can provide valuable insights and inform future decisions, the core steps in business planning focus on identifying opportunities or problems, defining specific objectives, and weighing various alternative actions to take moving forward.

Business planning is primarily about setting a course for future action based on current and emerging conditions, rather than solely reflecting on past performance. This involves a proactive approach, centering on what can be achieved in the future rather than analyzing what has occurred in the past. Therefore, while reviewing profits might assist a business in understanding its financial health, it does not constitute a fundamental step in the actual planning process.