How does a business strategy differ to a business plan?

A business strategy and business plan are closely related and serve similar purposes, but there are some key differences between the two.

A business strategy is a high-level plan that outlines a company’s overall direction and goals, as well as the initiatives and tactics it will use to achieve those goals. A business strategy is typically focused on the long-term and outlines the steps the company will take to grow and succeed over time.

A business plan, on the other hand, is a more detailed and comprehensive document that outlines the specific steps a company will take to achieve its goals. A business plan typically includes information on the company’s products and services, target market, competition, marketing and sales strategies, and financial projections.

The business strategy and business plan work together to provide a comprehensive picture of the company’s goals and the steps it will take to achieve those goals. The business strategy provides a high-level overview of the company’s direction, while the business plan provides a detailed roadmap for how the company will achieve its goals.

In short, a business strategy provides the overall direction and vision for the company, while a business plan provides a detailed plan of action to achieve that vision.