Both strategic and business planning are vital to the success of every business. The two are often confused and business owner’s think they are going to be alright if they have one instead of the other. It does not work like that. Over time this may result in many consequences for your business which could cost you time, money and even the life of your nosiness. In his article we highlight the function of both the business plan and the strategic plan.
The Business Plan
At the most basic level, business plan gives a written tour or overview of your business’ operations. This will reflect the business model the business will follow, the mission and the objectives. It shows us the location, pricing, marketing, staffing, financials and so forth. It examines the potential of the business to succeed in the industry and the key competitive advantage the business will have over similar businesses in the market. In a nutshell, the business plan explains every area of the business.
The Strategic Plan
The strategic plan identifies the strategies or steps that the business plans to use to meet their objectives and achieve business goals. This can focus on the business in its entirety or just on specific areas of the business. Businesses can thus have multiple strategic plans for various areas of the business.
It is important to review the business plan at least once a year. Doing this regularly will help the business gauge the success of the business. For assistance with business planning and strategic planning, contact Bigen, your business strategy partner since 1971.
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