Strategic and Business Plans

Many small companies never develop a Strategic Plan, they typically use only a Business Plan to develop all aspects of the business. Small business owners feel that strategic plans are for large companies. However, a strategic business plan can benefit companies of all sizes. Small businesses may utilize the document to develop the strategies necessary to attract and retain the customers it needs to succeed.

Before beginning your strategy implementation, take a look at the difference between a business plan and strategic plan to ensure you are on the path to success.

Business plans provide companies with the tools to track growth, establish a budget and prepare for unforeseen changes in the market place. A strategic plan includes elements a business can utilize to attract financing and manage company objectives.

A strategic plan is primarily used for implementing and managing the strategic direction of an existing organization. A business plan is used to initially start a business, obtain funding, or direct operations.

The two plans cover different time frames as well. A business plan covers your short-term to mid-term goals, on the other hand, a strategic plan covers your mid-term to long-term goals.

A strategic plan is used to provide focus, direction and action in order to move the organization from where they are to where they want to be. However, a business plan is used to initially define the business by providing structure for ideas.

While a business plan is used to assess the viability of a business opportunity, a strategic plan focuses on building a sustainable competitive advantage and is futuristic in nature.

Your business needs to be on the path headed towards success, speak to experts (Dominion Consulting, 07049173547, advisory@dominionconsultingng.com) that can get move your business from where it is right now to where it needs to be.