Business plans are broad statement of organisation intensions and an organisation has written business plan for having clarity in goals and about how to perform organisation’s operations. A business plan serve as guide for taking appropriate decisions and contains organisation’s strategic plans. Business plans have policies and statements for business organisations. The purpose of business plan is anticipating the business environment and building strategies and tactics for reducing the business risks and coping with business problems.
Business plans help in minimising the operational cost and ensuring that resources will be utilised economically. Business plans help in identifying possible opportunities for future growth. Strategic plans are prepared for identifying direction and taking decisions on topics those are same to a business plan. The difference is minor that is business plans are prepared for entire organisations and strategic plans are tactics and prepared for a specific project and issue. Business plans used for generating investments. While strategic plans used for effective controlling of the business operations internally. A strategic plan may be on marketing, effectively utilising resource, how to get a big market share.
Business plans help in minimising the operational cost and ensuring that resources will be utilised economically. Business plans help in identifying possible opportunities for future growth. Strategic plans are prepared for identifying direction and taking decisions on topics those are same to a business plan. The difference is minor that is business plans are prepared for entire organisations and strategic plans are tactics and prepared for a specific project and issue. Business plans used for generating investments. While strategic plans used for effective controlling of the business operations internally. A strategic plan may be on marketing, effectively utilising resource, how to get a big market share.