A complete business plan typically includes three key parts.This includes a specific description of the goods or services you propose to offer, your target market and your unique selling proposition to customers. This is your organizational structure, HR requirements to staff your team and your needs in terms of space, equipment and distribution. It includes your company’s organizational structure, marketing plan and financial projections.
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.
Whereas a business plan is used to provide a structure for ideas in order to initially define the business.
A strategic plan is critical to prioritizing resources (time, money and people) to grow the revenue and increase the return on investment.
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.
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.
Whereas a business plan is critical if the business is seeking funding.
A strategic plan focuses on building a sustainable competitive advantage and is futuristic in nature.