Strategic vs. Traditional Business Plans: Understanding the Differences

I was a business student at my University. I was confused at first in understanding the differences between the strategic and business plan. But later, when I worked on various assignments and case studies, I understood the differences between the two. A traditional business plan is about launching or running a business. However, a strategic business plan focuses on the long-term growth of the company.

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What Is a Traditional Business Plan?

A traditional business plan outlines the foundation of the business. This plan is usually used while starting a new business or pitching funds to investors. Banks and investors require a traditional business plan to provide financial support.

It includes various sections, which are listed below.

• Executive summary

• Company Description

• Market Analysis

• Products Or Services

• Marketing Strategy

• Financial Request

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What Is a Strategic Business Plan?

A strategic business plan focuses on the long-term goals of the Company. It highlights where the Company wants to be in the near future.

It covers teh following sections listed below.

• Vision statement of the Company

• Strategic objectives

• SWOT analysis

• PESTLE analysis 

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Strategic VS Traditional Business Plan

The differences between strategic and traditional business plans are listed below.

1. Purpose

A traditional business plan focuses on starting and running a business. A strategic business plan focuses on long-term vision and competitive advantage.

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2. Analysis Tools

A traditional business plan uses analysis tools like market research and breakeven analysis.

A strategic business plan uses analysis tools like SWOT, PESTLE and many more.

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Final Words

I have listed the differences between the strategic and traditional business plan assignment. I struggled to cite the sources and write an assignment in proper structure and format, then connected with online strategic business plan services like Assignment World.