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Difference between Strategic Plan and Business Plan

What is the differeces between strategic plan and business plan. What is the approach you would take in each type of planning process.?

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A business plan is used to provide structure for a business and initially define the business. It is often used by new businesses and start-ups to obtain funding and/or direct operations. It typically involves a timeline of a year or less. In contrast, a strategic plan is used to implement and define the direction of an existing organization. It is used to help businesses grow, and provide focus, direction and action towards the organization's goal. A strategic plan is critical in prioritizing time, money and people in order to grow sales and increase the return on investment. It typically covers a period of three to five years. The strategic plan is focused on building a sustainable advantage over competitors and progressing projects, whereas a business plan is used to assess the viability of a business opportunity.

In order to make a business plan, it would be necessary to determine the products or services which the company planned to ...

Solution Summary

This solution discusses the differences between strategic and business plans. It includes helpful links.