What is the difference between business plan & strategic plan?

The business plan provides a written tour of your business’ operations. This plan identifies the business’ models, missions and objectives. It then takes the reader through the staffing, location, marketing and financing requirements that are needed to meet those objectives. The business plan examines the business’ potential for success, the competing industry and the business’ competitive advantages. In a detailed and organized manner, it reviews and explains every area of the business.

The strategic plan identifies the steps, or strategies, that the business will use to meet, if not exceed, its objectives. The strategic plan can focus on the entire business or specific areas of the business, such as consumer marketing, customer retention and product introduction. As a result, businesses can have many strategic plans to address various areas of business.

Business Plan : Detaialed written statement that describes the nuture of the business , the tatget market , the advantages the business will have in relation to competition, and the resources and qualifications of the owner

strategic plan : Setting of long-term goals for the company , include:

- vision

- mission

- values

- strategic goals

A good business plan is quite detailed, and covers all aspects of the business.  It is most commonly found with new businesses, or new areas of an existing business.

A strategic plan is more commonly found in an existing business.   It focusses on the principal direction the business will take and is less detailed.