Compare and contrast a business plan and strategic plan

How you implement your strategy is, however, open to interpretation. Two main schools of thought exist when it comes to business strategy: These are two similar, but separate, schools of thought with their own techniques and methods.

Compare and contrast a business plan and strategic plan

Differences you need to know Share Business plan.

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A business plan answers "what do I want to do? Its purpose is to define where you want to take your business. A strategic planon the other hand, answers "how will I do it? A business plan sets your course The business plan is a broader, more preliminary document that sets your course when your company may still be nothing more than a twinkle in your eye.

If you were to sit down with a potential partner, investor or banker, this document contains the answers to the key questions they are bound to ask. What a business plan contains A complete business plan typically includes three key parts.

Marketing plan This includes a specific description of the goods or services you propose to offer, your target market and your unique selling proposition to customers. How will you market it? Operational plan What do you need to execute your vision?

This is your organizational structure, HR requirements to staff your team and your needs in terms of space, equipment and distribution. However, a strategic plan is different in that it sets out the detailed roadmap you will follow in the next few years to achieve your objectives.

Therefore, it must contain an action plan with specific activities, due dates and who is responsible for each activity. A strategic plan ensures any growth initiative is undertaken in a coordinated, systematic and informed way, for the best possible odds of success.

Living documents Both a business plan and a strategic plan are living documents that must be reviewed at least annually.

Compare and contrast a business plan and strategic plan

The business plan and the strategic plan are both essential planning tools for your business. Share Subscribe to receive, via email, tips, articles and tools for entrepreneurs and more information about our solutions and events.

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Compare and contrast a business plan and strategic plan

Students can save on their education by taking the online, self-paced courses and earn widely transferable college credit recommendations for a fraction of the cost of a traditional course. Aug 08,  · Bottom line, the strategic plan is the action plan for your business.

It’s the task, milestones, and steps needed to drive your business forward. Typically a strategic plan is lined out for a year period, with specific phases rolled out quarterly/5(78). Compare and contrast a business plan, a marketing plan, and a brand communication plan.

Answer: Strategic planning is a tiered process that starts with the business plan, then moves to functional areas of the company such as marketing, where a marketing plan is developed that outlines objectives, strategies, and tactics for all areas of the marketing mix.

A business plan is literally a plan for the business, where that may be a profit making firm, a government or a non profit organization. In private industry, the business plan heart is a business strategy and its business model. These describe business objectives and where the company expects to earn and spend.

Basic Approach to Strategic Planning. A critical review of past performance by the owners and management of a business and the preparation of a plan beyond normal budgetary horizons require a certain attitude of mind and predisposition.

How to Compare & Contrast Strategic Planning & Strategic Management. by Christian Fisher. Comparing and contrasting your organization’s strategic plan with your management strategy can improve resourcefulness and efficiency that leads to successfully achieving organizational goals.

By contrast, strategic management is useful in.

How to Compare & Contrast Strategic Planning & Strategic Management | Your Business