By Jeff Brunings While a strategic plan is a type of business plan, there are several important distinctions between the two types that are worth noting. A strategic plan is primarily used for implementing and managing the strategic direction of an existing organization. A business plan is used to initially start a business, obtain funding, or direct operations. The two plans cover different timeframes as well.
In response, we were asked about the difference between a strategic plan and a business plan.
The distinction is important in helping you decide what kind of plan can best guide your organization, so we want to share it with you here. Business Planning The business plan addresses the question of aligning your organization to achieve your goals.
What are the opportunities to reach new markets?
How do we generate resources? It also is a way to integrate and align your separate strategic plan, marketing plan, fundraising plan, and however many other plans your organization has collected over the years.
The business plan is integrated, streamlined, and the most effective tool to help you… Hone your strategic focus and goals Pinpoint your desired outcomes and measures of success Clarify your target markets and the value you bring to them Identify the strategic partnerships that will bolster your success Delineate the most effective functions of leadership and management Align your business model and organizational infrastructure to best support your mission Attract the resources you need to make a difference Have more questions about business planning?
Call or email anytime. Submit a Comment Your email address will not be published.The strategic plan can focus on the entire business or specific areas of the business, such as consumer marketing, customer retention and product introduction.
As a result, businesses can have many strategic plans to address various areas of business. A strategic plan is used to communicate the direction of the organization to the staff and stakeholders.
However, a business plan is used to present the entrepreneur’s ideas to a bank. Another way to grasp the difference is by understanding the difference in ‘scale’ between a strategic plan and a business plan.
Difference Between Strategic Planning and Operational Planning June 29, By Surbhi S 2 Comments Planning is an important activity, performed by the management, keeping in view, the vision, mission, goals and objectives of the enterprise.
A few months ago, we sent an email to our nonprofit and agency friends and clients about business planning—a key process for organizations that want to increase their impact and reach their next level of success.
In response, we were asked about the difference between a strategic plan and a business plan. In the surface level, strategic planning and corporate planning are interrelated though, there is difference between corporate planning and strategic planning in the sense that strategic planning refers to the larger extent when compared to the corporate planning.
What Is the Difference Between Strategic Planning & Strategic Implementation?
by Stan Mack. Why Is Strategic Planning Important to a Business? What Is Strategic .