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.