Differentiation between business plan and strategic framework (strategic plan) is often confused upon. The article will bring forth the key
Business plan and strategic plan are seen as synonyms of each other by many, but that’s not the actual truth. Although, there does exist a bit of overlap between the meanings of the two terms, but there is a significant differentiation that exists among the two. In this article, we will be shedding a light on the same.
A ‘business plan’ explains about “what a business intends to do”, while a strategic plan answers the question — “how would a business execute the business plan”. That’s the primary difference in the simplest of words possible. While a business plan entails a firm’s financial projections, marketing plan, and organizational structure, on the other hand, a strategic framework comprises an elaborative action plan for the near future that can help the business reach its intended goals.
However, both of them must consider SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis, and both kind of plans need to be reviewed from time to time in order to tweak them as per the constantly changing market conditions.
A business plan would typically include answers to the most vital questions a bank, investor, or a potential partner would ask before investing into an organization. It will offer clear and concise understanding of the business goals, its intentions, expansion plans, and the viability. It can be seen as a blueprint to the effective functioning of your business in the first place. A business plan entails the guidelines that are needed to be followed in order to set the business for prospective growth.
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