Business Plan vs. Strategic Plan

Newbie

What is the difference between a "Business Plan" and a "Strategic Plan"?

terriz

In my opinion, nothing. It's all just semantics.

As long as you can answer these 10 questions about your business, you have what you need to be successful!

Peace,
Terri Z

Newbie

Thanks Terri for the input and the article.

Gary Boye

I don't think it's semantics, Terri, because the vast majority of people who contemplate starting a business--even those with a business plan--don't even know what "strategy" means.

With that said, I think your article is great, and I think you have a good understanding of strategy.

terriz

The reason I say it is just semantics, is because for most small and solo business owners, what they call it doesn't matter as much as getting them to write a plan at all! So if I can get folks past the jargon and get them to take action, preferably with professional help , said professional can guide them to include strategy in their plan.

Just my coaching approach.

SalesGuy

Terri, what percentage of small and solo business owners do you think actually write out a business plan?

terriz

I know of one study of 29,000 business startups which noted that 26,000 of them failed. Of those failures, 67% had no written business plan.

I also recently participated in a survey of solo entrepreneurs which showed that almost half had a written business plan.

I'd say in general, less than half. I'd sure like to see it be a lot higher -- because I truly believe that having a written plan (both going through the thought process AND writing it down) is a key element to achieving success.

Peace,
Terri Z