What are the Differences between Business Plans and Business Strategy?

[Suba]

The terms business strategy and business plan are two terms that often confuse many people and many people think that these two terms have the same meaning and function. As a member of the DBucks forum, of course you will understand more about these two terms. Please give your comments, so that everyone will understand, including me.

 

[King Belieal]

It is from the business plan that one is able to draw a strategy. The business plan is the foundation while the business strategy is the pathway.

 

[Augusta]

Business plan is the outline of a company's goals, strategies, and operations, and a business strategy is execution of plan that defines the direction and competitive positioning of a company

 

[Starmix]

It depends on the nature of its direction. There's a plan that doesn't require a strategy meaning your personal thing, whereas, if it's intended for business, there's no strategy if there's no plan. Your strategy must match with your plan. You're going to observe if your strategy boosts sales, if it happens, therfore your plan is effective and impactful.And that makes the difference.

 

[Augusta]

Business plan is for detailing the specific actions and resources needed to achieve strategic goals. Primarily for external stakeholders like investors and lenders, but also used internally.

 

[eLdavis]

Personally i feel the business plan is more like what needs to be done, the goals and target, while the strategy is how to achieve them.

 

[Kera]

Business plans are made before the business started. Business strategies are made as the business is ongoing.