Matswapati July 4, 2020 Strategic Planning
Strategic plan and business plan are obviously different in some ways. Despite the fact that strategic plans are commonly associated with business, it comes with different contexts compared to business plan. In order to create either a good strategic plan or a good business plan it is important to understand both of them. Specifically, understanding the differences will be greatly helpful.
In terms of the basic, strategic plan is considered as a part of business plan. Still that makes them different in some ways. The differences are worth noting since misunderstanding each type could result in improper plan in the future.
Business plans are intended to be created in accordance with new businesses commonly. As the name implies, this is a plan for a business that is about to be commenced. It will be used to get help in funding from other sources and commonly they are startups. Business plan is made within only a year of time. Once the first year is completed then it will be the time for a strategic plan to me created.
Regarding strategic plan and business plan, the one known as strategic plan is more comprehensive. It is intended to be created by companies and businesses that have been established previously. They have survived the early years in doing business and they wanted to be more serious in the business. Furthermore this type of plan will cover from three to five years of timeframe.
The differences of strategic plan and business plan could underline the question of why is strategic planning important. Proper strategic plan will greatly help business to grow further and bigger. Strategic direction based on the main focus of the business should be there in a strategic plan. On the other hand a business plan will cover basic ideas of the business to start. Easier way to understand it is that a strategic plan will provide the “how” and “when” of an established business. Meanwhile business plan will provide the “who” and “what” of a business to start.
Support of a Team
Business owners will have to have a team to support both business plans and strategic plans. It cannot be created alone and it cannot be done alone. Upon creating each one of them, the team should have been involved so that they will understand everything within the plan. Despite the differences, both strategic plan and business plan are needed to set a clear path of the business to run properly.
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