We believe every business should start with the end in mind which is why we assist clients with their business structure, accounting software selection, website and marketing plans.
From a business planning perspective you need to consider the financial outcomes you would like to achieve from the start.
A business plan is used to initially start a business, obtain funding, or direct operations. A strategic plan generally covers a period of 3 to 5 years, whereas a business plan is normally no more than one year.
A strategic plan is for established businesses, organizations and business owners that are serious about growing their organization.
Whereas a business plan is used to provide a structure for ideas in order to initially define the business.
A strategic plan is critical to prioritizing resources (time, money and people) to grow the revenue and increase the return on investment.Within the plan, you need to demonstrate your current financial position and how it will change over the next few years.Of course, having a business plan can deliver substantially more than just a document to satisfy your financiers.Devoting some time to work on your business is an investment that can pay substantial dividends.To succeed you need a clear vision for your business and a business plan will convert that vision into strategies.Whereas a business plan is critical if the business is seeking funding.A strategic plan focuses on building a sustainable competitive advantage and is futuristic in nature.Your vision should outline where you want to take the business in the medium to long term and can be expressed as a series of objectives.So many business owners fail to put pen to paper because they are waiting for more certainty regarding their current financials, funding, sales or partners but your business plan should steer your activity, not the other way around.While a strategic plan is a type of business plan, there are several important distinctions between the two types that are worth noting.A strategic plan is primarily used for implementing and managing the strategic direction of an existing organization.