What's Driving Your Business: Defined Strategy or Destination Unknown?
How 3 Simple Questions Will Tell You.
By Peter Christian • Published July 2010
Is a Strategic Plan Different from a Business Plan?
The answer is a resounding "YES"! While a business plan is an integral part of starting a new company or launching a new product/service, the focus of a Strategic Plan is on an established organization. Here's a side-by-side comparison.
| A Strategic Plan: |
A Business Plan: |
| • |
Is for established business and business owners who are focused on growth |
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Is for entrepreneurs who are serious about starting up a new business or businesses launching a new product/service |
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Helps define and build your competitive advantage |
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Defines the purpose of the business/product/service |
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Provides information for analyzing and modifying the existing organizational structure and culture |
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Helps to plan the human resources and operational needs |
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Communicates your strategy to every level of the organization |
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Communicates your vision to funding sources |
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Aligns and prioritizes your financial resources |
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Assesses opportunities and potential obstacles |
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Provides focus and accountability to drive the company forward |
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Provides focus and structure to new ideas |
A Strategic Plan charts the organization's future course by creating a consensus about what the organization is (mission, vision, purpose), how it can excel at what it does (competitive advantage), who the customers are (target audience), and what they want (service).
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