Planning for your business is extremely important. Business plans are often confused with strategic plans, but they’re not the same. Every company should have both types of plans and it’s important to know the difference so that you can benefit from both.

Business plan

Writing a business plan is an important step in starting or expanding any business. A business plan provides an essential roadmap for your business that outlines goals and provides details on how you plan to achieve these goals. A business plan describes the foundation of your company, its owners, capabilities, the industry and markets in which it operates, and how it generates revenue. It is also a great tool in communicating your business’ potential to investors and financial institutions.

Strategic plan

A strategic plan, on the other hand, spells out where your organization is going in the future and how it’s going to get there. Through strategic planning, you evaluate your business, its strengths and weaknesses, and its opportunities and threats. You involve the entire organization to assist you as you evaluate where you are, where you want to be, and how you can become the business you envision.

Our consultants have experience in both business and strategic planning. Contact your local Florida SBDC for assistance with this or any management issue