Most business owners know and understand the value of a business plan. A business plan is an important part of the start-up and fundraising process and serves as the foundation for your organization. However, it relates only to part of the story. To get the perfect picture and have a framework on which to build your business you need a strategic plan and an application.
What is a business plan?
In its simplest form, a business plan defines the “who” and “what” of your business. It makes clear who is in charge of the business and what the business is doing. Describes the products and services sold by your business and who the customers are.
What is a strategic plan?
A strategic plan looks beyond the basics of a business plan to define “how”. It describes the long-term goals of a business and how it expects to achieve those long-term goals. The strategy explores the future products and services your business may offer and directs markets to which you can expand. The plan outlines your strategy for growth and long-term growth.
What is an on-ground action plan?
The app brings details of your business to explain how you will achieve your short-term goals. The app includes details of marketing campaigns, short-term product development, and immediate goals and projects that will take place over the next year.
What is the contrast between a strategic plan and an industry plan?
First, let’s look at the differences between a business and a strategic plan. For review:
A business plan includes the “who” and “what” of the business. The strategic plan gives us long-term goals and describes the “way” the business will get there, giving it a long-term vision.
In broad terms, a business plan tells us whom we are by showing us:
- Who handles the industry? What permits them? What do they convey to the team that counts significance?
- Who is the competition? What do they show and what pushes you diverse?
- Who is your customer? How big is the market? Where are they? What do they desire and how will you provide them? Also, how will you adjoin with your need?
The business plan responds by saying “what” by telling us:
- What the business offers and how it is provided.
- Product, services, and functionality are all defined so that students understand how customer needs are met.
The strategic plan, on the other hand, sets out long-term goals and “approaches”, focusing on the following:
- Where will the business be in 3, 5, or 10 years?
- How can you expand to offer different products and services over time?
- Will your market and industry change over time and how will your business respond to those changes?
- How do you grow your market and reach new customers?
- What must you do to achieve your goals? What aids do you require to get there?
- How do you measure success? What metrics are critical and how will you follow them?
Learn how LivePlan can help you develop a business plan that defines your business, explains strategic steps, and tracks ongoing operations. You can easily share it with your team and all the right stakeholders, evaluate the situation and update your plan based on real-world results. All you need to do is turn your business plan into a growth tool.