Strategic Plan Versus Business Plan

The strategic plan identifies the steps, or strategies, that the business will use to meet, if not exceed, its objectives.The strategic plan can focus on the entire business or specific areas of the business, such as consumer marketing, customer retention and product introduction.Mature businesses often review their business plans annually to benchmark progress and verify that the business is on course to success.

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As a result, businesses can have many strategic plans to address various areas of business.

Business traditionalists often explain that business plans are used for new companies and strategic plans are used for experienced and established companies. Business plans can be used by companies of all ages.

Strategies can provide guidance for different divisions or departments in business.

Business owners often outline their initial strategies in the business plan.

Business plans also provide a roadmap for operating the business.

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Business strategies are specific long-term guidelines for achieving business goals or objectives.

The agency also operates offices around the United States in conjunction with local colleges and universities.

SBA resources include information on writing business plans and creating successful business strategies.

As the company continues to grow and expand its operations, business owners often develop additional strategies.

Business strategies usually require some form of planning.

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