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In simple words:
A business plan covers the “who” and “what” of the business.
The strategic plan gives us the “how” and “when.”
strategic plan with time line normally for several years , but business plan is normally one year plan
strategic plan is long term and business plan is short term
Strategic Plan is related to building the competitive advantage of a company. Companies may build competitive advantage by using its existing resources like building brand equity , reducing costs, innovative product, increasing operational excellence , improvised supply chain etc. Companies aim at winning new businesses and remain profitable in the interest of stakeholders. Strategic plans are more proactive and are generally driven by the top managements to contain the competition around.
While Business Plans revolves around documents covering broad level strategies of various functions like marketing , operations , engineering , IT , HRM etc. The strategies in context are high level and are generally aligned with the overall strategic plan. The ultimate objective of business plan also is to remain profitable, being considerably agnostic to the competition. Business plan captures business cases as to how the ultimate benefit to the consumer can translate to wealth maximization of shareholders. Business plans are more like routine annual process across many companies.
Hope this suffices.
Strategic planning we used for short term and business planning we used for long term.
