Differences between a Business Plan and a Strategic Plan

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Readers of our blog are well aware of our previous post where we highlighted the benefits of having a Business Plan. Today we will be highlighting the differences between a Business Plan and a Strategic Plan and stating why both are needed for a successful business.

As we stated in a previous post, a Business Plan is essentially groundwork planning. It should thus include various milestones and goals you want to achieve. These include your vision and mission statements. Planning these will allow you to look back at your Business Plan in order to keep track of your business’s progress towards meeting those goals and milestones that was set out at the start of the Business Plan/business.

Essentially, a Business Plan should help you stay focused, to not deviate from what you aim to achieve while in business. It reminds you and your employees what needs to be done in order to achieve the expectations that were set out for the business.

One might say a Strategic Plan compliments a Business Plan as both in a way help keep a company on track with their company vision. While a Business Plan only states the intention of what your business would like to achieve in a given timeframe, a Strategic Plan guides a company on the various steps a company should take to achieve the milestones and mission a company wants to adhere to in a Business Plan. These steps are called strategies and collectively they work in tandem to compliment your Business Plan and steer your company and keep it on the correct trajectory in line with your vision.

 

 

Helm Market Consulting offers custom made Strategic Planning solutions at competitive rates. We cater to both SMMEs (Small, Medium and Micro-sized Enterprises) as well as to New Start-up’s and Entrepreneurs. For more about this click here.

HMC also offers Business Plan Development, our teams will work together with you in order to achieve a state-of-the-art business plan for you and your business. To new entrepreneurs, we offer a business plan creation from scratch. To established companies, SMMEs (Small, Medium and Micro-sized Enterprises) and large corporations, we offer you an updated business plan. For more about this click here.

 

Authors: The Pillay Brothers

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