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Whereas a business plan is critical if the business is seeking funding.
You should not confuse strategic planning with business planning.
A business plan is about setting short or mid-term goals and defining the steps to achieve them.
Whereas a business plan is used to assess the viability of a business opportunity, and is more tactical in nature.
A strategic plan is used to communicate the direction of the organization to the staff and stakeholders.
Creating a strategic plan is a key part of planning for growth.
A strategic plan helps prepare a realistic vision for the future of your business and maximise your potential for successful business growth.
Smaller companies and startup companies typically use only a business plan to develop all aspects of the business on paper, obtain funding and then start the business.
Many smaller companies – including startups never develop a Strategic Plan.
However, a business plan is used to present the entrepreneur’s ideas to a bank.
Another way to grasp the difference is by understanding the difference in ‘scale’ between a strategic plan and a business plan.