Differences Between Strategic and Business Plans

Differences between Strategic and Business Plans
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Differences between Strategic and Business Plans
Table 1
Differences between Strategic and Business Plans
Strategic Plan 1 A strategic plan is deliberative effort to perform actions and make decisions that guide and shape an organization by determining what it is, things it does, and why (Bryson, Edwards, & Slyke, 2018). Business Plan In contrast, a business plan depicts how a firm will operate daily and the flow of money. 2 In addition, a strategic plan comprises a company’s description, executive summary, vision, value, mission statements, a SWOT analysis, an action plan, and description of business goals, strategic priorities, and corporate directions in achieving the set objectives. Besides, a business plan has an executive summary, vision, value, mission statements, an operating plan, a list of stakeholders, financial requirements, and a marketing and sales plan (Rajnoha et al., 2019). 3 A strategic plan defines the direction that an enterprise should follow to facilitate growth, and it determines resource allocation