Strategic Planning For Business

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It includes your company’s organizational structure, marketing plan and financial projections.

A strategic plan, on the other hand, answers "how will I do it? It includes a detailed action plan for the next few years to achieve your company’s goals.

Whereas a business plan could be for new businesses and entrepreneurs who are startups.

A strategic plan is used to provide focus, direction and action in order to move the organization from where they are now to where they want to go.

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.

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.

Both should include a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) and be reviewed regularly so that they’re up to date.

The business plan is a broader, more preliminary document that sets your course when your company may still be nothing more than a twinkle in your eye.

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