The main difference between business plan and company’s strategic plan is the fact that business plans are tactical and short term in nature vs. strategic plans are more long term. Business plans are about market customer fit while strategic plans are more focused on vision, mission and values. Strategy is also about sustainability vs. business plan is about making money, potentially in the short term. The below diagram depicts the differences between business plan and strategic plan.
Annual Business Plan Reviews. The business plan and goal setting that you completed as part of the application process will be a critical tool as you begin to build your business. This enables you to gauge your progress and to take corrective action when things don’t go according to plan.
7 Steps to a Perfectly Written Business Plan 1. Research, research, research. 2. Determine the purpose of your plan. 3. Create a company profile. 4. Document all aspects of your business. 5. Have a strategic marketing plan in place. 6. Make it adaptable based on your audience. 7. Explain why …
Business plans should be short and concise. The reasoning for that is twofold: First, you want your business plan to be read (and no one is going to read a 100page or even 40page business plan). Second, your business plan should be a tool you use to run and grow your business, something you continue to use and refine over time.
The following is a template of a financial plan to set up an IT business. It includes the following setting up the business costs (registration fees, legal and accountant fees), setting up of the premises and equipment (purchase of hardware, installation) and starting the operations (promotion, advertising costs, raw materials, etc.). Identify all the financial costs to starting a business is an important part of the business plan when setting up a startup.