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Whereas a business plan could be for new businesses and entrepreneurs who are startups.A strategic plan is used to provide focus, direction and action in order to move the organization from where they are now to where they want to go.Therefore, it must contain an action plan with specific activities, due dates and who is responsible for each activity.
It’s often the founding document of a new business.
There’s a lot of overlap between the two, but there are also some crucial differences you should understand. Its purpose is to define where you want to take your business.
Smaller companies and startup companies typically use only a business plan to develop all aspects of the business on paper, obtain funding and then start the business.
Many smaller companies – including startups never develop a Strategic Plan.
Larger organizations with multiple business units and a wide variety of products frequently start their annual planning process with a corporate-driven strategic plan.
It is often followed by departmental plans and marketing plans that work down from the Strategic Plan.
Both should include a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) and be reviewed regularly so that they’re up to date.
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.
The business plan and the strategic plan are both essential planning tools for your business.
Where one may provide more value than the other depends on your stage of growth and what you’re trying to achieve.