the difference between strategic plan and business plan

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What is the difference between a business plan and a strategic plan.

It is not uncommon that the terms ‘strategic plan’ and ‘business plan’ get confused in the business world. While a strategic plan is a type of business plan, there are several important distinctions between the two types that are worth noting. Before beginning your strategic planning process or strategy implementation, look at the article below to learn the key difference between a business vs strategic plan and how each are important to your organization.

Definition of a business plan vs. a strategic plan

A strategic plan is essential for already established organizations looking for a way to manage and implement their strategic direction and future growth. Strategic planning is future-focused and serves as a roadmap to outline where the organization is going over the next 3-5 years (or more) and the steps it will take to get there.

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A strategic plan serves 6 functions for an organization that is striving to reach the next level of their growth:.

• Defines the purpose of the organization.
• Builds on an organization’s competitive advantages.
• Communicates the strategy to the staff.
• Prioritizes the financial needs of the organization.
• Directs the team to move from plan to action.
• Creates long-term sustainability and growth impact

Alternatively, a business plan is used by new businesses or organizations trying to get off the ground. The fundamentals of a business plan focus on setting the foundation for the business or organization. While it looks towards the future, the focus is set more on the immediate future (>1 year). Some of the functions of a business plan may overlap with a strategic plan. However, the focus and intentions diverge in a few key areas.

A business plan for new businesses, projects, or organizations serves these 5 functions:

• Simplifies or explains the objectives and goals of your organization.
• Coordinates human resource management and determines operational requirements.
• Secures funding for your organization.
• Evaluates potential business prospects.
• Creates a framework for conceptualizing ideas.

In other words, a strategic plan is utilized to direct the momentum and growth of an established company or organization. In contrast, a business plan is meant to set the foundation of a newly (or not quite) developed company by setting up its operational teams, strategizing ways to enter a new market, and obtaining funding.

A strategic plan focuses on long-term growth and the organization’s impact on the market and its customers. Meanwhile, a business plan must focus more on the short-term, day-to-day operational functions. Often, new businesses don’t have the capacity or resources to create a strategic plan, though developing a business plan with strategy elements is never a bad idea.

Business and strategic plans ultimately differ in several key areas–timeframe, target audience, focus, resource allocation, nature, and scalability.

While both a strategic and business plan is forward-facing and focused on future success, a business plan is focused on the more immediate future. A business plan normally looks ahead no further than one year. A business plan is set up to measure success within a 3- to 12-month timeframe and determines what steps a business owner needs to take now to succeed.

A strategic plan generally covers the organizational plan over 3 to 5+ years. It is set with future expansion and development in mind and sets up roadmaps for how the organization will reach its desired future state.

Pro Tip: While a vision statement could benefit a business plan, it is essential to a strategic plan.

Target Audience

A strategic plan is for established companies, businesses, organizations, and owners serious about growing their organizations. A strategic plan communicates the organization’s direction to the staff and stakeholders. The strategic plan is communicated to the essential change makers in the organization who will have a hand in making the progress happen.

A business plan could be for new businesses and entrepreneurs who are start-ups. The target audience for the business plan could also be stakeholders, partners, or investors. However, a business plan generally presents the entrepreneur’s ideas to a bank. It is meant to get the necessary people onboard to obtain the funding needed for the project.

A strategic plan provides focus, direction, and action to move the organization from where they are now to where they want to go. A strategic plan may consist of several months of studies, analyses, and other processes to gauge an organization’s current state. The strategy officers may conduct an internal and external analysis, determine competitive advantages, and create a strategy roadmap. They may take the time to redefine their mission, vision, and values statements.

Alternatively, a business plan provides a structure for ideas to define the business initially. It maps out the more tactical beginning stages of the plan.

Pro Tip: A mission statement is useful for business and strategic plans as it helps further define the enterprise’s value and purpose. If an organization never set its mission statement at the beginning stages of its business plan, it can create one for its strategic plan.

A strategic plan is critical to prioritizing resources (time, money, and people) to grow the revenue and increase the return on investment. The strategic plan may start with reallocating current financial resources already being utilized more strategically.

A business plan will focus on the resources the business still needs to obtain, such as vendors, investors, staff, and funding. A business plan is critical if new companies seek funding from banks or investors. It will add accountability and transparency for the organization and tell the funding channels how they plan to grow their business operations and ROI in the first year of the business.

The scalability of a business plan vs. strategic plan

Another way to grasp the difference is by understanding the difference in ‘scale’ between strategic and business plans. Larger organizations with multiple business units and a wide variety of products frequently start their annual planning process with a corporate-driven strategic plan. It is often followed by departmental and marketing plans that work from the Strategic Plan.

Smaller and start-up companies typically use only a business plan to develop all aspects of operations of the business on paper, obtain funding and then start the business.

Why understanding the differences between a business plan vs a strategic plan matters

It is important to know the key differences between the two terms, despite often being used interchangeably. But here’s a simple final explanation:

A business plan explains how a new business will get off the ground. A strategic plan answers where an established organization is going in the future and how they intend to reach that future state.

A strategic plan also focuses on building a sustainable competitive advantage and is futuristic. A business plan is used to assess the viability of a business opportunity and is more tactical.

10 Comments

I agree with your analysis about small companies, but they should do a strategic plan. Just check out how many of the INC 500 companies have an active strategic planning process and they started small. Its about 78%,

Strategic management is a key role of any organization even if belong to small business. it help in growth and also to steam line your values. im agree with kristin.

I agree with what you said, without strategic planning no organization can survive whether it is big or small. Without a clear strategic plan, it is like walking in the darkness.. Best Regards..

Vision, Mission in Business Plan VS Strategic Plan ?

you made a good analysis on strategic plan and Business plan the difference is quite clear now. But on the other hand, it seems that strategic plan and strategic management are similar which I think not correct. Please can you tell us the difference between these two?. Thanks

Thank you. I get points to work on it

super answer Thanking you

Hi. I went through all the discussions, comments and replies. Thanks! I got a very preliminary idea about functions and necessity of Strategic Planning in Business. But currently I am looking for a brief nice, flowery, juicy definition of “Business Strategic Planning” as a whole, which will give anyone a fun and interesting way to understand. Can anyone help me out please? Awaiting replies…… 🙂

that was easy to understand,

Developing a strategic plan either big or small company or organization mostly can’t achieve its goal. A strategic plan or formulation is the first stage of the strategic management plan, therefore, we should be encouraged to develop a strategic management plan. We can develop the best strategic plan but without a clear plan of implementation and evaluation, it will be difficult to achieve goals.

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Business Plan Vs Strategic Plan Vs Operational Plan—Differences Explained

Noah Parsons

5 min. read

Updated October 27, 2023

Many business owners know and understand the value of a business plan.  The business plan is a key component  of the startup and fundraising process and serves as a foundation for your organization. However, it only tells part of the story. To get the whole picture and have a framework on which to build your business you also need a strategic plan and an operational plan.

• What is a business plan?

In its simplest format, a  business plan  describes the “who” and the “what” of your business. It lays out who is running the business and what the business does. It describes the products and services that your business sells and who the customers are. 

• What is a strategic plan?

A  strategic plan  looks beyond the basics of a business plan to explain the “how”. It explains the long-term goals of the business and how it expects to achieve those goals over the long term. A strategic plan explores future products and services that your business might offer and target markets that you might expand into. The plan explains your strategy for long-term growth and expansion.

• What is an operational plan?

An operation plan zooms into the details of your business to explain how you are going to  achieve your short-term goals . It is the “when” and “where” of your planning process. The operational plan covers the details of marketing campaigns, short-term product development, and more immediate goals and projects that will happen within the next year.

• What is the difference between a strategic plan and a business plan?

First, let’s look at the difference between a business and a strategic plan. For review:

A  business plan  covers the “who” and “what” of the business. The  strategic plan  gives us long-term goals and explains “how” the business will get there, providing a long-term view.

In broader terms, the business plan tells us who by showing us:

• Who is running the business? What makes them qualified? What do they bring to the table that adds value?
• Who is the competition? What do they offer and what makes you different?
• Who is your customer? How big is the market? Where are they? What do they want and how will you give it to them? Also, how will you connect with your market?

The business plan answers the “what” by telling us:

• What the business provides and how it’s provided. 
• Product, services, and operations are all explained so that readers understand how customer needs are met.

The strategic plan, on the other hand, outlines long term goals and the “how”, focusing on the following:

• Where will the business be in 3, 5, or even 10 years?
• How will you expand to offer different products and services over time?
• Will your market and industry change over time and how will your business react to those changes?
• How will you grow your market and reach new customers?
• What needs to happen so you can achieve your goals? What resources do you need to get there?
• How will you measure success? What metrics matter and how will you track them?

So, your business plan explains what you are doing right now. Your strategic plan explains long-term aspirations and how you plan to transition your business from where it is today to where you want it to be in the future. The strategic plan helps you look more deeply into the future and explains the key moves you have to make to achieve your vision.

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• What is the difference between strategic planning and operational planning?

While strategic planning looks at the long term and explains your broad strategies for growth, an operational plan looks at the short term. It explains the details of  what your business is going to do  and when it’s going to do it over the next twelve months or so. An operational plan covers details like:

• What activities need to happen to achieve your business goals?
• When will each activity take place, who will do it, and when do you need to reach specific milestones?
• How will your business operate? What suppliers will you work with? When do you need to have them in place?
• What marketing campaigns will you run and what will they cost?
• What investments will you make in your products and services this year?

The bottom line, your operational plan is the short-term action plan for your business. It’s the tasks, milestones, and steps needed to drive your business forward. Typically an operational plan provides details for a 1-year period, while a strategic plan looks at a  3-5 year timeline , and sometimes even longer. The operational plan is essentially the roadmap for how you will execute your strategic plan.

• How to use your business plan for strategic development and operations

A great business plan can encompass both the basic plans for the business, the long-term strategic plan, and the near-term operational plan. Using a lean planning method, you can tackle all three phases of planning and make the process easy to review and revise as your business grows, changes, and adapts.

Start with a simple plan

The lean planning methodology starts with a simple,  30-minute business plan  that outlines the fundamentals of your business: who you are, what you are doing, and who your customers are. It’s a great way to provide a brief overview of your business.

Expand your plan

From there, you can expand your plan to include your longer-term strategy. Adding greater detail to elements of the plan to explain long-term goals, milestones, and how your products and services will change and expand over time to meet changing market conditions.

Finally, your lean plan will cover  financial forecasts  that include monthly details about the short-term revenue and expenses, as well as longer-term annual summaries of your financial goals, including profitability and potential future loans and investments.

• Use your business plan to manage your business

Regardless of the type of plan, you are working on, you need a team of players on hand to help you plan, develop, and execute both the operational and strategic plans. Remember, your business needs both to give it a clear foundation and a sense of direction. As well as to assist you with identifying the detailed work that has to happen to help you reach your long-term goals. 

Learn how  LivePlan  can help you develop a business plan that defines your business, outlines strategic steps, and tracks ongoing operations. You can easily share it with your team and all of the right stakeholders, explore scenarios and update your plan based on real-world results. Everything you need to turn your business plan into a tool for growth.

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

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Business Plan Vs Strategic Plan: What’s the Difference?

Business Plan Template

• May 6, 2024

Strategic and business plans are both different sides of the same coin! Some entrepreneurs use it interchangeably but they have a significant difference.

Now the question might arise, when to use which, and what is the difference, right?

Worry not—we’re here to guide you through it all. In this article, we’ll learn the differences between a business and a strategic plan, understand their meanings, and know how to use them effectively.

So, let’s kick-start this journey by exploring a business plan vs. strategic plan . Get ready to unlock everything about both!

What is a Business Plan?

A business plan is a written document that outlines a company’s goals, timeline, finances, and strategies for achieving them. It provides a roadmap for the future of your business.

Generally, it includes sections such as an executive summary, company description, market analysis, products & services, financial plan, and much more. Your business plan is a must-have document when it comes to securing funds for your business.

Okay! And what about the strategic plan?

What is a Strategic Plan?

A strategic plan is a document that communicates an organization’s vision, mission, and core values. It focuses more on specifics about how a business will operate and generate profits.

Strategic plans are typically long-term documents, covering a period of three to five years or more, and are used to guide decision-making and resource allocation within the organization.

Key Difference Between a Business Plan and Strategic Plan

It was all about the basic definition of business and strategic plan. Now, let’s compare them side-by-side to understand their use case, and how they are distinct from each other:

Level of detail

A business plan is usually considered a granular and in-depth document. It outlines the tactics and actions necessary to achieve operational objectives. Business plans are usually 15-30 pages long .

A strategic plan typically provides a high-level overview of the organization’s goals and the strategies to achieve them without going deep into the business operations. Strategic plans are generally 10-15 pages long, but the length depends on various factors of the business.

Time horizon

A business plan focuses on a shorter time frame, often one to three years, and is more operational. It focuses on things like product development, marketing strategies, financial projections, etc.

A strategic plan answers the questions related to a longer time frame, usually five or more years. It sets the direction of the company for the future by mentioning the mission, vision, and objectives.

Audience and use

A business plan is primarily used to attract investors, bankers, or partners for securing funding or partnership.

Whereas, internal members, such as senior management or a board of directors, use a strategic plan to guide decision-making.

A business plan explains all the sections like market analysis, products & services, management team, target market, sales & marketing strategies, financial projections, and more.

While a strategic plan has a vision statement, mission statement, core values, action plans, and more. Some of the strategic planning models are SWOT analysis , PESTLE (political, economic, social, technological, legal, and environmental) analysis, Porter’s five forces, and more.

Entrepreneurs and startups use business plans to create a strategy to build a successful business. It is used for assessing how marketable a business idea is and also helps them gauge how they can get the funding to turn this idea into reality.

Established companies use the strategic plan to give them a clear direction for where they want the company to change or develop.

For instance, decisions like changing the products they provide or moving into a nonprofit can be made with the help of a strategic plan.

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Now that we know the key differences between strategic and business planning, let us understand the common pitfalls. 

Common Pitfalls in Execution

Despite the benefits of business planning as well as the strategic planning process , organizations often face many challenges in their strategy implementation. Here are some common pitfalls:

Disparity between strategy and execution:  Without effective execution, even the strategic plan that is the most well-crafted may fail to give results.

Lack of alignment:  Failure to align the business plan with strategic objectives often results in missed opportunities and misallocation of resources.

Inadequate marketing analysis:  Insufficient analysis of external factors leads to missed opportunities or strategic blind spots that can cause more harm to a company.

To overcome these challenges, organizations need to foster a culture of communication, continuous improvement, and collaboration.

The Bottom Line

There is no one-fits-all solution when it comes to this decision! Choosing between a business and a strategic plan solely depends on the needs & objectives of your business.

Moreover, know this planning is not a one-time process! As your business evolves and external factors change, you will need to revise your plans accordingly.

A business and a strategic plan are crucial for guiding any organization to success. By using both methods effectively, businesses can navigate uncertainties, achieve steady growth, and grab opportunities in a constantly changing business world.

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Frequently Asked Questions

Which comes first, strategy or business plan.

Before making a business plan, you should create a strategic plan. A business should know all its long-term growth goals before actually defining how to reach them.

So, first, create a strategic plan, then a business plan, and then edit both of them when needed according to the circumstances.

Can a business plan be used for a strategic plan?

No, both are different. While a business plan details the operational and financial aspects of a business, a strategic plan defines goals and the strategies to achieve them. Therefore, serving different purposes, a business plan can not be used to make a strategic plan.

Is there a sample business plan or strategic plan template available online?

Yes, there are many sample business plans and strategic plan templates available online. You can find such templates on:

• Upmetrics – An AI-powered business plan software
• Small Business Administration Website
• SCORE business plans

Do I need both a business and strategic plan?

Yes, both a business plan and a strategic plan are essential for a company’s growth. A business plan focuses on the initial stages of a business, aiming to get it started. In contrast, a strategic plan focuses on the business’s distant goals and strategies to achieve them.

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Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Business plan vs Strategic Plan - What You Must Know

Like everything else in life, the nature of business needs a plan in place to follow and measure. Crafting a strategic roadmap isn't just a suggestion—it's a necessity.

This is one of the key elements of a startup or even a business division within an organization that is expanding or diversifying. It has every resource element and needs to be mapped out for the business, including projected milestones for the future.

However, every business strategist needs to know that there are some subtle differences between what constitutes a business plan, and the several differences it has with a strategic plan. Let’s walk through the different elements that comprise each and understand the outcome each aims to achieve.

Introducing The Business Plan

A business plan is exactly what the name suggests— a plan to start and run a business or a new entity of an existing business; usually either an expansion in a newer region or a diversification into a new market. Business plans are mainly created for internal reference purposes or external funding purposes, with the latter being the common usage. They form the basis of all business strategies and decisions made at the ownership level in an organization. The most essential components of a business plan include:

Organizational Plan - This is the core of a business plan, and it includes the mission and vision statement, along with the market in which the company plans to operate. This plan also encompasses thorough market research to gauge the potential of the business, crucial for securing funding or sponsorship. It articulates the rationale behind the business's growth trajectory, outlining clear timelines for achieving milestones along the way.

Financial Plan - A robust financial plan is the bedrock of any successful business venture, where cash flow reigns supreme, and a meticulously crafted balance sheet serves as the ultimate scorecard. A financial plan includes some of the most important elements of the entire business plan and includes elements like projected cash flow statements, capital requirements, a summary of projected overheads, a projected balance sheet including assets and liabilities, and income and expense statements.

Remember to regard this as the central nervous system, for it permeates and influences almost every aspiration the enterprise hopes to attain.

Sales and Marketing Plan - We mentioned “almost” everything above for this very reason. Sales and marketing form the other significant component of the business plan. These include sales forecasts and overheads, marketing and brand management summaries, and market share projections that the business hopes to achieve within a time frame.

Business plans are indeed comprehensive and all-encompassing. They form the basis of the business's existence or the rationale for investments in it. But what about translating these plans into action? How do we ensure that the sky-high goals set forth are actually achievable?

The Actionables- A Strategic Plan

Strategic plans constitute the basis of operations and responsibilities within the business. These plans lay the paths out for each member of the organization to follow and define the functional outline and the key outcomes for every project and process within the business. A strategic plan goes on to define the operations and their outcomes within the organization, its departments, and its employees. The single thread connecting strategic planning with the business plan is the vision of the organization, and for obvious reasons— vision serves as the guiding light for strategy formation, which, in turn, directs the day-to-day operations of the business.

Why A Strategic Plan is Crucial to The Organization

In a word— synchronization. A robust and well-laid-out strategic plan establishes the much-needed sync between teams and their objectives. Not only that, it also provides a guide for daily operations alongside the focus and direction that teams often need to get the job done, on time and within budget. When all these components are integrated into a cohesive network, the true value of a strategic plan emerges—a seamless and grand orchestration of departments, teams, and individuals using the resources allocated to them to achieve the key performance indicator that they are responsible for.

Elements to Consider in a Strategic Plan

When tasked with creating a strategic plan for your business, you will need to incorporate certain components that will ensure that the stakeholders are aligned completely with the organization’s goals and objectives. These include:

Vision and Values - The vision statement is the most important component of the strategic plan and the most overarching. It propels the organization towards established goals and the values that every employee and stakeholder must incorporate.

Goals - These are short, medium, or long-term, depending on the scope of the strategic plan. They provide the much-needed context for the organization to undertake initiatives that meet the vision while maintaining the values.

Guiding Principles - Often, organizations face crossroads where they must decide which steps to take next, to reach their vision. Principles are included in strategic plans to align teams towards the vision when faced with a dilemma and form a critical part of strategic planning.

Action Plans - A sum of key initiatives, processes, and projects that are required to be performed on a pre-determined periodic basis for the goal to be accomplished. These also include the time frames for each stakeholder responsible for each option. They usually follow the DACI format for each action (Driver, Approver, Contributor, Informed)

SWOT Analysis - The quintessential component, the Strength, Weaknesses, Opportunities, and Threats analysis of the strategic plan lends context to all business actions vis-a-vis the external environment. This includes competitors, market forces and conditions, identification of internal and external threats, and several other factors.

Read This - SWOT Analysis: How to Strengthen Your Business Plan

Here’s a table highlighting the main differences between a Business Plan and a Strategic Plan with a focus on the key components of each—

Learning All About Strategic Planning

In all businesses, a strategic plan serves as the foundational blueprint, akin to a meticulously drawn map for a general. It provides the essential guidance and direction needed for the entire organization to navigate toward success. It is crucial, therefore, to acquire the necessary skills and certifications for employment as a business strategist who would be entrusted with creating it. Know more about how to become a successful and sought-after business strategist today!

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Business Plan vs. Strategic Plan: What’s the Difference?

by Ken D. Foster | Jul 26, 2023 | Business

A business plan and a strategic plan are both essential frameworks for any type of business. Whether you want to start your business or grow your existing one, formulating these plans is necessary to achieve your business goals.

A business plan and a strategic plan serve different purposes and focus on various aspects of a business. In this article, let’s explore the differences between the two.

Table of Contents

What Is a Business Plan?

A business plan is a comprehensive framework that outlines a company’s vision, mission, and goals, as well as how they plan to achieve them. It is usually created when starting a new business or making significant changes to an existing business.

A business plan helps business owners and management to stay focused on their objectives.

What Is a Strategic Plan?

A strategic plan, on the other hand, is a long-term, high-level framework that outlines a company’s strategic direction and goals. It focuses on defining a company’s vision and implementing strategies to achieve it. A strategic plan is made for an extended period, usually five years.

A strategic plan is developed by a company’s owners, top-level executives, and board members.

Difference Between Business Plan and Strategic Plan

Here are the differences between a business plan and a strategic plan.

Key Elements of a Business Plan

• Company Description: Detailed information about a company’s history, mission, and objectives.
• Executive Summary: A concise overview of the entire business plan, highlighting the most critical points.
• Products (Or Services): A description of the product or services offered by a company. 
• Market Analysis: Analysis of the target market, industry trends, and competitors.
• Marketing and Sales Strategy: An overview of how a company intends to market and sell its products.
• Operational Plan: Details about the day-to-day operations, resources, and logistics.
• Financial Projections: Forecasted financial statements, including revenue, expenses, and cash flow.

Key Elements of a Strategic Plan

• Vision and Mission: Detailed information about the purpose and aspirations of a company. It should also include the core values of a company. 
• SWOT Analysis: An assessment of a company’s strengths, weaknesses, opportunities, and threats.
• Strategic Goals: The objectives that a company aims to achieve in the long term. The goals set should be specific and measurable. 
• Strategic Initiatives: The actions a company should undertake to achieve its strategic goals. Make sure to also formulate the Key Performance Indicators (KPIs) to track progress. 
• Resource Allocation: Identifies the necessary financial, human, and technological resources for implementing the goals. 

A business plan is a comprehensive framework that provides a detailed roadmap for the entire business, while a strategic plan is a high-level framework that focuses on defining the long-term direction and objectives of the company. Both plans are vital for business success and should complement each other to make a company achieve its goals.

If you want help to frame a business plan or strategic plan for growing your company, book a coaching session with Ken D Foster . Ken has over 35 years of experience in personal and business development. He can help you define your company’s vision and accelerate its growth.

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• Strategic planning vs business planning: how they’re both key to success

Any thriving hospitality business needs thorough planning to make sure it succeeds. If you’ve heard the terms business planning and strategic planning, you might think they’re interchangeable, but they’re actually two distinct things companies need at different times for continued success.

The biggest difference is that business plans are mostly used when you are starting to build a business so you can quickly and smoothly create your vision. Strategic planning is what existing companies use to grow and improve their businesses.

If you’re looking for a career in hospitality management, it’s important to know the difference between the two and how to use them to best effect. In this article, we’ll go over what strategic planning and business planning are and how they are important to running a successful hospitality business.

We’ll also look at how you can learn to harness different planning methods and get the skills needed to develop your career.

Business planning

A business plan is one of the first things a fledgling business will draft. Alternatively, it can be used to set business goals when launching a new product or service.

The business plan will usually look at short-term details and focus on how things should run for around a year or less. This will include looking at concepts such as:

• What the business idea is
• Short-term goals
• Who your customers are
• What your customers need
• What investment or financing you will need to start your business
• How you make revenue
• What profitability to expect
• How you can appeal to potential shareholders
• What the short-term operational needs of the business are
• What the company’s values are
• What the budget is for different parts of the business

This means market analysis and research are vital when you are making a business plan.

What are the objectives of business planning?

The primary objective of a business plan is to have all the main details of your business worked out before you start. This will give you a roadmap to use when you launch your business or when you start offering a different product or service.

For example, if you wanted to become an event planner   and open your own event planning business, your plan might include how to get funds to rent an office and pay staff.

Strategic planning

A strategic plan is where you set out the company’s goals and define the steps you will need to take to reach those goals.

A strategic plan would include:

• What current capabilities the company has
• Making measurable goals
• A full strategy for business growth
• How the company’s values, mission and vision tie in with the services and products the company intends to offer
• Who in the organization will handle certain roles
• What the timeline is for reaching certain goals
• A SWOT analysis, looking at the strengths, weaknesses, opportunities and threats in the company
• Examining the external environment for factors that will affect your company using a PEST (political, economic, social and technological) analysis

A strategic plan can be a long-term blueprint. You might find you use basically the same strategic plan for several years.

What is the objective and strategy of planning?

The aim of a strategic plan is to provide a tool that allows you to improve your business, grow the company, streamline processes or make other changes for the health of your business. Strategy implementation and meeting strategic objectives should generally lead to growth.

What is the difference between business planning and strategic planning?

There are a few major differences between strategic planning and business planning, which are outlined below.

Scope and time frame

A strategic plan is usually long-term, typically covering at least two to five years. By contrast, a business plan usually covers a year or less, since this is roughly how long it usually takes for a business to become established.

A business plan focuses on starting a business in its early stages. A strategic plan is used to guide the company through later stages. Put simply, the business plan is about direction and vision, while the strategic plan focuses on operations and specific tactics for business growth.

Stakeholders

A strategic plan will be presented to stakeholders and employees to make sure everyone knows what is going on in the company. This will help reassure everyone with a stake or role in the business.

By comparison, a business plan will often be shown to investors or lenders to help show the business idea is worth funding.

Flexibility and adaptability

A strategic plan typically has more flexibility. This is because it is meant to be in place for a longer period of time and the company should already be established. There is more leeway for refining strategy evolution, while your business plan should remain stable.

Similarities between business planning and strategic planning

Both of these activities will require some of the same analytical components, such as market analysis, financial projections and setting objectives you can track. Of course, both also require you to be highly organized and focused to ensure your business model or strategy development is appropriate for your business.

When to use strategic planning vs business planning

As we’ve already mentioned, you’ll generally use a business plan when you’re setting up a business or moving in a new direction. This will dictate much of the day-to-day running of a business. You would use strategic planning when you want to work on growth and drive innovation.

Can a business plan be used for strategic planning?

No, a business plan and a strategic plan are two different concepts with specific goals. While a business plan outlines short or mid-term goals and steps to achieve them, a strategic plan focuses on a company’s mid to long-term mission and how to accomplish this.

If you want to prepare for success, you need to make sure you are using the right type of plan.

Integrating strategic planning and business planning

While the two plans are different, you may end up using them together to ensure optimal success. As with any type of management role, such as hotel management , strategic and business plan management requires effective communication between different departments.

This includes different strategy managers as well as strategic and operational teams. You also need to make sure that, when you are using either plan, you find the right balance between flexibility and strict adherence to the plan. With strategic planning, this means constant strategy evaluation to assess your tactics and success.

Can strategic planning and business planning be used simultaneously?

In many hospitality careers ,  you’ll want to juggle growth and new directions, so you could end up using both planning types. However, it’s most common for the two to be distinct. This is because you’ll generally be using a business plan only when you are starting a new venture.

What are the career prospects in strategic and business planning?

There are plenty of options for what you can do if you have skills in strategic planning and business planning. Almost every management role will require these planning skills, including how to write strategic planning documents and measure success.

If you want to work in the hospitality sector, you could look into hotel planning and other careers with a business management degree . These will enable you to grow and nurture a business, but there is also a lot of scope to start your own business. Great planning skills can give you a real competitive advantage.

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What skills do I need for a career in planning?

If you want to work in planning and management, you should work on various skills, such as:

• Decision-making
• Analytical skills
• Risk assessment knowledge
• Market analysis and forecasting
• Team management
• Communication, both written and verbal
• Organization

What qualifications can help with a career in strategic planning or business planning?

If you want to work in hotel planning and management, the most common route is to get a hospitality degree from a well-respected hospitality school in Switzerland . This will help you get the skills and knowledge you need to properly plan businesses as well as handle the execution of these plans.

Business degrees also teach you many transferable skills, such as good communication with your strategy team or data analysis, that you can use in almost any role in hospitality. They can also reduce the need to work your way up through the hospitality industry.

How can hospitality school help with planning careers?

Attending hospitality school can help you learn skills dedicated to hospitality as well as more general management, business and planning skills. This includes everything from how to handle a team to specifics such as hotel revenue management strategies .

If you find a hospitality school offering professional hospitality internships , you’ll also get experience in managing hotels and hospitality venues, helping you leap ahead in your career.

Hospitality degrees to kickstart your career

Our international business course combines leading industry expertise with essential internships to provide an exceptional foundation for a thriving career in the hospitality industry.

Both strategic and business planning are vital to build and grow a business. While business planning focuses on setting up the business and handling investment, vision and overall goals, strategic planning concentrates on growing the business and processing operational efficiency and resource allocation on a longer-term basis.

If you want to learn how to develop a hotel business plan  or manage a hospitality venue, one of the best ways to get started is to study for a hospitality degree. This will give you hands-on experience of the strategic planning process or business management as well as the skills you need to succeed.

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Effective Strategic Plans and Business Plans: Understanding the Difference Between

by Waymaker | Jul 25, 2023

• FirstHeading

Defining Strategic Plans and Business Plans

What is a strategic plan, what is a business plan, key components of strategic plans and business plans, elements of a strategic plan, elements of a business plan, the purpose and goals of the strategic plan and the business plan, the purpose of a strategic plan, the purpose of a business plan, the planning process: strategic plans vs. business plans, developing a strategic plan, developing a business plan, the role of stakeholders in each plan, stakeholder involvement in strategic plans, stakeholder involvement in business plans.

• You may also like...[/et_pb_text][et_pb_blog fullwidth="off" posts_number="3" include_categories="current,all" excerpt_length="120" show_more="on" show_author="off" show_date="off" show_categories="off" show_pagination="off" _builder_version="4.27.0" _module_preset="default" header_level="h4" header_text_color="#A49886" header_font_size="28px" read_more_font="|800||on|||||" read_more_text_color="#A49886" read_more_line_height="3em" width="90%" module_alignment="center" custom_margin="||||false|false" custom_padding="||||false|false" border_radii="on|20px|20px|20px|20px" border_width_all="0.25px" border_color_all="#A49886" box_shadow_style="preset3" box_shadow_style_image="preset6" box_shadow_blur_image="41px" global_colors_info="{}" show_more__hover_enabled="off|desktop"][/et_pb_blog][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built="1" _builder_version="4.27.0" _module_preset="default" background_color="#A49886" background_enable_image="off" min_height="310.8px" custom_margin="-25px||||false|false" custom_padding="51px||30px||false|false" box_shadow_style="preset1" locked="off" global_colors_info="{}"][et_pb_row _builder_version="4.16" _module_preset="default" custom_margin="|auto|16px|auto||" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_text _builder_version="4.27.0" _module_preset="default" header_2_text_color="#ffffff" header_2_font_size="77px" header_3_text_color="#ffffff" header_2_font_size_tablet="" header_2_font_size_phone="60px" header_2_font_size_last_edited="on|tablet" global_colors_info="{}"]Get started

In the world of business, the terms strategic plans and business plans are often used interchangeably. However, there are significant differences between these two types of plans that are important for entrepreneurs and business leaders to understand.

Before delving into the differences between strategic plans and business plans, it’s important to define each term.

A strategic plan is a long-term plan that outlines an organization’s goals and objectives and the actions needed to achieve them. It typically covers a three to five-year time period and focuses on broad, high-level initiatives that will position the organization for success in the future.

Strategic planning is a crucial process for any organization that wants to succeed in today’s competitive business environment. It allows organizations to identify their strengths, weaknesses, opportunities, and threats, and to develop a plan of action that will help them achieve their long-term goals.

During the strategic planning process, organizations typically conduct a thorough analysis of their internal and external environments. This includes an assessment of their current strengths and weaknesses, as well as an analysis of the market, competition, and other external factors that could impact their success.

Based on this analysis, organizations develop a set of strategic objectives and initiatives that will help them achieve their long-term goals. These initiatives may include expanding into new markets, developing new products or services, or investing in new technologies.

A business plan , on the other hand, is a detailed plan that outlines the steps a company will take to achieve its short-term goals and to operate on a daily basis. It typically covers a one to three-year time period and includes detailed financial projections, marketing plans, and operational strategies.

A business plan is a critical tool for any entrepreneur or small business owner who wants to succeed. It allows them to identify their target market, develop a marketing strategy, and create a roadmap for achieving their financial goals.

When developing a business plan, entrepreneurs typically begin by conducting market research to identify their target market and assess the competition. They then develop a marketing strategy that will help them reach their target market and differentiate themselves from the competition.

In addition to marketing, a business plan also includes detailed financial projections that outline the company’s revenue and expenses over the next one to three years. This allows entrepreneurs to identify potential financial challenges and develop strategies to overcome them.

Finally, a business plan includes operational strategies that outline how the company will operate on a day-to-day basis. This includes everything from hiring and training employees to managing inventory and fulfilling orders.

In conclusion, while both strategic plans and business plans are important tools for organizations and entrepreneurs, they serve different purposes. Strategic plans focus on long-term goals and broad initiatives, while business plans focus on short-term goals and daily operations.

Strategic plans and business plans are essential tools for any organization looking to achieve long-term success. While both plans share some common elements, they differ in their focus and level of detail.

A strategic plan is a comprehensive document that outlines an organization’s long-term goals and objectives. Key components of a strategic plan include:

• Mission Statement:  This statement defines the organization’s purpose and values, and provides a framework for decision-making.
• Vision Statement:  This statement describes the organization’s long-term aspirations and what it hopes to achieve in the future.
• Objectives:  These are specific, measurable goals that the organization aims to achieve within a set timeframe.
• Strategies:  These are the broad approaches that the organization will take to achieve its objectives.
• Tactics:  These are the specific actions that the organization will take to implement its strategies.

By outlining these key components, a strategic plan provides a roadmap for the organization to follow as it works towards its long-term goals.

A business plan is a detailed document that outlines how a company will achieve its short-term and long-term goals. While it shares some elements with a strategic plan, a business plan is more focused on the day-to-day operations of the business. Key components of a business plan include:

• Executive Summary:  This is a brief overview of the entire business plan, highlighting the key points and goals.
• Market Analysis:  This section provides an in-depth look at the industry and market in which the company operates.
• Marketing and Sales Strategies:  These are the specific tactics that the company will use to promote and sell its products or services.
• Operational Plans:  This section outlines the day-to-day operations of the business, including staffing, production, and logistics.
• Financial Projections:  This section provides detailed financial projections, including revenue, expenses, and profit margins.
• Funding Requirements:  This section outlines the company’s funding needs and how it plans to secure financing.

By including these key components, a business plan provides a detailed roadmap for the company to follow as it seeks to achieve its goals and grow its operations.

Overall, both strategic plans and business plans are essential tools for any organization looking to achieve long-term success. By outlining clear goals and strategies, these plans provide a framework for decision-making and help ensure that the organization stays focused on its long-term objectives.

Strategic plans and business plans are both essential tools for any organization. They provide a clear roadmap for achieving goals and ensuring long-term success. While the two plans are similar in some ways, they serve different purposes and have different goals.

A strategic plan is a high-level document that outlines an organization’s long-term goals and objectives. It provides a roadmap for achieving those goals and helps to align the entire organization around a shared vision. The purpose of a strategic plan is to provide a framework for making strategic decisions that will move the organization closer to its desired future state.

Developing a strategic plan requires careful consideration of an organization’s strengths, weaknesses, opportunities, and threats. It involves analyzing market trends, assessing the competition, and identifying potential risks and challenges. The end result is a comprehensive plan that outlines the steps necessary to achieve the organization’s long-term goals.

One of the key benefits of a strategic plan is that it helps to ensure that everyone in the organization is working towards the same goals. By creating a shared vision and providing a clear roadmap for achieving it, a strategic plan can help to align the efforts of all employees, departments, and stakeholders.

A business plan is a detailed document that outlines an organization’s short-term goals and objectives. It provides a roadmap for achieving those goals and helps to define the company’s market niche, outline its marketing and sales strategies, and determine the funding needed to cover startup costs and ongoing expenses.

The purpose of a business plan is to provide a clear and comprehensive plan for achieving the organization’s short-term goals. This includes identifying potential customers, outlining marketing and sales strategies, and determining the resources needed to launch and maintain the business.

Developing a business plan requires careful research and analysis. This includes assessing the market demand for the product or service, analyzing the competition, and identifying potential risks and challenges. The end result is a detailed plan that outlines the steps necessary to launch and grow the business.

One of the key benefits of a business plan is that it helps to ensure that the organization is well-prepared for the challenges of starting and growing a business. By providing a clear roadmap for achieving short-term goals, a business plan can help to minimize risks and increase the chances of success.

Strategic plans and business plans are both essential tools for any organization. While they serve different purposes and have different goals, they both provide a clear roadmap for achieving success. By developing a comprehensive strategic plan and a detailed business plan, organizations can ensure that they are well-prepared for both short-term and long-term success.

Planning is an essential part of any successful business, but the planning process can differ significantly depending on the type of plan being developed. Strategic plans and business plans have different goals, and therefore require different approaches to planning.

Use Waymaker Academy to learn how to build your business plan.

A strategic plan is a long-term plan that outlines an organization’s goals and objectives, and the strategies it will use to achieve them. Developing a strategic plan typically involves a lengthy planning process that includes input from a wide range of stakeholders, such as executives, employees, customers, and shareholders. The planning process may involve conducting research and analysis to identify opportunities and threats in the market, as well as the organization’s strengths and weaknesses.

The strategic plan should be reviewed and updated annually to ensure it remains relevant and aligned with the organization’s goals. This process may involve revisiting the organization’s mission and vision statements, as well as assessing the progress made towards achieving the goals outlined in the plan. 

One of the key benefits of a strategic plan is that it provides a clear direction for the organization, helping to align everyone around a common set of goals and objectives. It also helps to ensure that resources are being allocated in the most effective way possible, and that the organization is able to adapt to changes in the market.

A business plan, on the other hand, is a shorter-term plan that outlines the company’s goals and objectives for the next one to three years. The process of developing a business plan typically involves a smaller team of stakeholders focused on executing the company’s short-term goals.

The business plan may also include input from investors, lenders, and other external stakeholders who have a vested interest in the company’s success. This may involve presenting financial projections, market analysis, and other data to demonstrate the viability of the business.

One of the key benefits of a business plan is that it provides a roadmap for the company’s short-term goals, helping to ensure that everyone is working towards the same objectives. It also helps to identify potential risks and challenges, and provides a framework for measuring progress and making adjustments as needed.

Overall, both strategic plans and business plans are important tools for any organization. By taking the time to develop a clear plan, companies can ensure that they are working towards their goals in the most effective way possible.

Stakeholder involvement plays a key role in both strategic plans and business plans, although the level and type of involvement can vary depending on the plan.

Stakeholder involvement is critical in the development of a strategic plan, as it ensures that all parties have a voice in shaping the organization’s future. This involvement also helps to build consensus around the organization’s goals and the strategies needed to achieve them.

Stakeholder involvement in a business plan may be more limited, as the focus is on executing short-term goals rather than shaping the organization’s long-term future. However, investors and lenders may play a significant role in the development of a business plan, as they provide funding and have a vested interest in the success of the company.

While strategic plans and business plans share some common elements, they serve very different purposes and are designed to achieve different goals. By understanding the differences between these two plans, entrepreneurs and business leaders can better plan for the future, execute their short-term goals, and position their organizations for long-term success.

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Business plan, strategic plan, operational plan: why all 3 are important

By Homebase Team

When you’re in the early stages of running your business, it’s easy to get lost when thinking about all the things you need to organize in order to grow. This is where making a business plan, strategic plan and operational plan comes into play. 

A business plan outlines the “what” and “how” of your business, while a strategic plan sets the long-term vision. Operational plans dive into day-to-day tasks. We’ll explain their roles, differences, and how they work together. 

In this post, we’ll break down these concepts, explain the difference between them and why all three are important.  By understanding these plans, you’ll gain the tools to steer your ship, set big goals, and navigate the everyday waters with confidence and success.

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What is a Business Plan?

A business plan, just like a blueprint for building a house, shows the general path for your business to follow. Besides the essential facts, it’s the tool that conveys your vision to potential investors, partners, and your own team.

A business plan is your business’s roadmap to success. It’s a detailed guide that helps you understand where your business is headed and how to get there. In this plan, you outline your business goals, what products or services you offer, who your customers are, and how you’ll reach them. 

Writing a business plan is one of many tips for starting a business you can tap into to get off the ground. 

Your business plan includes financials 

Your business plan also includes financial details, like how much money you’ll need and how you’ll make money. It’s important to outline everything because it helps you make smarter decisions, attract investors or loans, and stay on track as you grow. 

Think of your business plan as a game plan that keeps you focused and prepared for whatever comes your way.

What is a Strategic Plan?

A strategic plan is a detailed plan that lays out where you want your business to be in the future and how you’ll get there. In this plan, you outline your long-term goals, the actions you’ll take to move towards those goals, and the major steps to reach those goals.

A strategic plan helps you make smart choices about things like which products to focus on, how to stand out from competitors, and where to expand. It’s like your compass for making decisions that match your vision. 

Goal setting in your strategic plan 

Setting SMART goals (Specific, Measurable, Achievable, Relevant, Time bound) is a clear way to put your strategic plan into actionable tasks. 

This plan also keeps you flexible – you can adjust it as your business grows and the market changes. By having a solid strategic plan, you’re setting yourself up for success, making sure all your actions lead to reaching those big dreams you have for your business.

What is an Operational Plan?

An operational plan is where the nitty-gritty of running your business happens. An operational plan is like your playbook for your day-to-day tasks . 

It spells out exactly how you’ll execute your strategies outlined in your strategic plan and reach your goals outlined in your business plan.

In your operational plan, you break things down: who’s doing what, when and how. It’s like giving clear instructions to your team on tasks, deadlines, and responsibilities.

From managing the kitchen in a restaurant to handling customer orders in a salon, it’s all in the operational plan.

It also covers how you’ll maintain quality, manage resources, and handle any bumps along the way. Think of it as your action plan – turning your grand ideas into reality, step by step. 

What’s the Difference Between a Business Plank, Strategic Plan and Operational Plan?

Business plan.

• Focus: This is the big blueprint for your entire business. It explains what your business does, who your customers are, how you’ll make money, and your long-term goals.
• Timeframe: Usually covers a few years and includes financial projections.
• Use: It’s your pitch to investors and guides your business decisions.

Strategic plan:

• Focus: This is the long-term vision. It’s about where you want your business to go and the major steps to get there.
• Timeframe: Often covers 3-5 years.
• Use: It guides big choices like expanding, new products, and setting direction.

Operational plan:

• Focus: This is the detailed game plan for your day-to-day business operations. It’s about how you’ll execute your strategies.
• Timeframe: Covers the short term, usually a year or less.
• Use: It’s the instructions for your team on tasks, deadlines, and responsibilities.

In short, a business plan is your overall roadmap, a strategic plan sets the direction for growth, and an operational plan makes sure everything runs smoothly day by day. They work together to keep your business on track and thriving.

Why is Having a Business Plan, Strategic Plan and Operational Plan Important?

Having a business plan, a strategic plan, and an operational plan is like having a superhero trio for your business. Here’s why they’re so important:

Business Plan:

• Clarity: It gives you a clear path for your business journey. You know what you’re doing, who your customers are, and how to make money.
• Guidance: It helps you make smart choices and stay on track to reach your goals.
• Attractiveness: Investors and lenders like to see a solid plan before supporting your business.

Strategic Plan:

• Direction: It’s like a compass for your long-term vision. It tells you where your business is headed and how to get there.
• Big Goals: It sets ambitious goals like growing big, launching new things, and standing out from the crowd.
• Adaptation: It helps you adjust when things change, keeping your business aligned with your dreams.

Operational Plan:

• Smooth Sailing: It’s your step-by-step guide for daily tasks. You know who does what and when.
• Efficiency: It makes things run smoothly and helps you manage resources well.
• Quality Control: It ensures your products or services are top-notch and consistent.

Together, these plans are like your business’s superpowers. They make sure your business is not just surviving, but thriving..

Strategic Plan Example

Let’s say your restaurant, Brenda’s Bistro, wants to become the ultimate dining spot in your community, celebrated for your fantastic dishes and top-notch hospitality.

Brenda’s Bistro’s mission is to create unforgettable dining experiences by offering a diverse menu crafted from locally sourced ingredients, while delivering outstanding customer service.

• Achieve a 20% increase in revenue within the next two years.
• Expand the customer base by targeting families and young professionals through special promotions.
• Introduce a new themed menu every season to keep customers excited and engaged.

Strategies and Initiatives:

• Strengthen Brenda’s Bistro online presence by sharing engaging content on your website and social media accounts regularly.
• Partner with local farmers to ensure your ingredients are fresh, sustainable, and support the community.
• Launch loyalty programs and offer discounts to encourage repeat visits.

Key Performance Indicators (KPIs):

• Monitor revenue growth every quarter to track progress toward your goal.
• Collect customer feedback through surveys and online reviews to measure satisfaction.
• Evaluate the success of your seasonal menus based on the number of orders and positive feedback.

How to Make a Strategic Plan

Crafting a strategic plan isn’t a one-size-fits-all deal; each company’s unique goals require a tailored approach. 

Let’s break down the essential steps to shape that core plan.

1. Gather the key people

Start by bringing together the important voices. This usually includes your executive board, managers, and sometimes outside investors. 

Their insights and suggestions are like puzzle pieces that fit into a successful strategic plan.

2: Find your business’ strengths and weaknesses 

Your strategy needs to know where your company stands both inside and out. Begin with a SWOT analysis, checking your internal strengths and weaknesses, plus external opportunities and threats. 

Gather insights from gap analysis, looking at competitors, and listening to customer and employee feedback give you the bigger picture.

3. Set Goals

Now, create goals from all that info. Match these goals with your mission, vision, and values. 

Pick the ones that make a big impact, make sense for the long haul, and line up with your values. Examples can be reaching certain sales targets, or a certain number of followers on your business’ social media. 

4.Make a game plan 

Time for an action plan. Break down each goal into strategies, initiatives, and tactics. Depending on your goals, these could be marketing plans , tech upgrades, or smart partnerships. 

You don’t need tons of details here; that’s what the operational plan covers. Also, set up key performance metrics to measure your progress.

5. Review and and tweak

Schedule regular check-ins to review your plan. This is where you reflect and adjust if needed. Good financial info comes in handy here. 

How often you do this depends on your business’s rhythm – maybe monthly for new businesses or yearly for more established ones.

Remember, your strategic plan is your map to success. Tailor it, review it, and let it guide you toward your goals.

Now that your strategic plan is sorted, let’s dive into the power of operational planning to make those goals a reality.

How to Make an Operational Plan

It’s time to take that big-picture strategic plan and break it into doable steps. First, check out the long-term goals. 

Figure out which departments need to team up to reach which goal. Ask questions like: What kind of resources does the business already have access to? 

What’s missing? Any money financial risks coming up? This helps you see which parts of your business need a boost to hit those goals.

1. Nail down your budget

Make a budget based on what each department in your business needs to reach the big goals. What does your kitchen staff need? How about front-of-house staff?

With your match-up between goals and areas, spread your budget where it’ll give the best bang for your buck. 

Remember to keep some cash aside for surprises and changes. A solid budget is like a shield against unexpected stuff.

2. Set targets

Each goal you’re chasing needs a target. Think carefully here – not too wild that your team loses heart, but not too tiny that the big plan stays out of reach. 

Realistic targets are your secret weapon. An example target could be selling 100 orders’ worth of a certain dish by the end of the month.

3. Check in with your team regularly 

Don’t just set and forget. Schedule regular check-ins with your staff to see how things are going. 

Are you hitting those targets? Are things humming along? 

These feedback sessions with your employees are like checkups for your plan. If things are off, you can tweak the plan to get back on track.

Homebase’s free mobile app has a built-in messenger tool to make it easy to stay connected. Send messages to individuals, groups, or your entire team.

3. Stay open and data-driven

Keep communication flowing during reviews. And don’t forget the data – it’s your treasure map. 

Numbers show where you’re doing well and where there’s room to improve. Use your POS software or an employee management tool like Homebase to help you make data-informed decisions on how to improve your business operations. 

With Homebase’s workforce forecasting and smart scheduling tools, you can save on labor costs for your business. 

With all this, your operational plan becomes a real powerhouse, making sure your business charges ahead toward those big dreams.

Make Your Business Plan, Strategic Plan and Operational Plan Work for You

In the bustling world of business, having a roadmap is essential for success. The triumphant trio of a business plan, strategic plan, and operational plan work together to steer your ship towards greatness. 

These plans aren’t just fancy paperwork – they’re important tools that guide your every move. 

By understanding each plan’s role and significance, you’re armed with the superpowers needed to navigate the complex business waters. 

A business plan provides clarity, a strategic plan offers direction, and an operational plan ensures smooth sailing. Together, they fuel your business’s journey from survival to thriving, making sure you’re not just a player in the game, but a true champion.

Here are 10 small business tools you can use to put these three plans into action.

FAQs About Business Plan, Strategic Plan and Operational Plan

Why do i need a business plan.

A business plan acts as a roadmap for your business journey. It outlines your goals, customers, and how you’ll make money. It’s crucial for attracting investors and making smart decisions. 

What’s the purpose of a strategic plan?

A strategic plan sets your long-term vision and goals. It guides big choices like expanding and standing out. It’s like a compass, helping you stay on course towards success.

What’s the difference between a strategic plan and an operational plan?

While a strategic plan sets long-term goals, an operational plan focuses on day-to-day tasks. It’s like a playbook that tells your team exactly what to do to reach those goals.

Remember:  This is not legal advice. If you have questions about your particular situation, please consult a lawyer, CPA, or other appropriate professional advisor or agency.

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Strategic Planning vs. Business Planning. Yes, There’s a Difference.

Too often when companies embark on a strategic plan, the results are disappointing. A common error involves assembling a long-term business plan, calling it a strategic plan, and complaining about how the exercise is mostly ‘financial,’ with limited use beyond the one-time rollup.  In fact, a 2018 Chief Strategy Officer Survey noted, “Despite the vast effort put into the strategic planning process – 82% of survey participants say that it is a ‘very important’ area – most CSOs are dissatisfied with its output.”

So, what’s causing these frequent unsatisfactory results?

In “ Strategic Planning: You’re Probably Doing It Wrong ,” I outline five common pitfalls of flawed strategic planning efforts. As important as avoiding these pitfalls is understanding there is a significant difference between a strategic plan and a business plan.

Strategic plans center on choice around a company’s most critical go-forward imperatives, with resource tradeoffs inherent in those choices. They are about saying No more than saying Yes to business-as-usual funding and selective investments. Because of their very mechanics, business plans cannot contemplate these tradeoffs.

But first, what is Business Planning and its purpose?

Business Planning

Business planning processes – whether one-year Annual Operating Plan processes or longer-term three-to-five-year plans – are financial vantage points by product and service line, by market. They answer the What for a business: What financial outcomes are you targeting or projecting? Yet, they do little to answer the How , beyond calling out clear expectations and gaps.

As an FP&A discipline, business planning is useful for several purposes:

• Topline and Profit Targeting: Painting an aspirational and more realistic targeted revenue and profit trajectory by business segment and by market. Such targets are assigned to leadership incentive plans, both on one-year and three-year (as in LTIP) bases.
• Gap Identification: Highlighting, with current information, where certain business segments or markets will have a significant gap vs. aspiration or recent history. These gaps elevate critical operational and marketplace challenges.
• New Product Lines/New Market Expectations: Bringing attention to larger unknowns within the core business, such as new product line launch expectations or emerging market revenue trajectory. While uncertain projections, their identification is helpful in revealing higher-volatility aspects of a business.
• Margin and Profit Mix : With segment-level profitability assumptions, the above margin-weighted aspirational targets and more realistic projections can highlight where natural business evolution will enhance or pressure targeted profitability. Typically, a growing, subscale emerging market presence, as well as new product launches, will pressure profit mix and highlight the need for higher profitability in the incumbent core business.
• Long-Term Overhead Budgeting: The above topline projection and profit mix analysis can appropriately shape the scope and scale of a business’ total budget. However, business planning exercises rarely solve how this budget should be allocated between core and adjacent business opportunities, a common frustration of business planning.

With all the framing benefits above, misunderstanding a business plan as a strategic plan can yield damaging outcomes. For example:

• Multiplication rather than Real Choice among strategic imperatives : Frequently, the financial exercise in a business plan paints an aspiration, and business segment owners know a business-as-usual approach will not realize the intended revenue and profit outcomes of that aspiration. This causes business owners to launch more product lines or services, adding multiplicative complexity to the enterprise. Instead, more strategic, enterprise-wide discussions are required to appropriately callout why the core business-as-usual will not generate the aspiration, and what choices must be made to address challenges and change the trajectory, including drawing resources away from business-as-usual pools. Launching more offerings in more markets is not typically an optimal answer.
• Perpetuation of Misalignment : Like an Annual Operating Plan, multi-year business plans tend to engage the commercial P&L owners of the business on inputs within their respective business segment siloes. Functionally, they fail to force cross-business tradeoffs and choices. Worse, they may reinforce a business segment owner’s perception that they have their multi-year budgets as a given reflection of their numbers submission, without a transcendent view on funding and reallocation around decisive imperatives.

Spotlight Example : Nearly all branded consumer businesses are wrestling with how to grow their owned omnichannel differently in the 3-5 year horizon, to offset the pressure from wholesale channel consolidation, and from the Amazon price-matching, profit pool compression effect. Many of these businesses construct multi-year business plans annually without addressing the difficulties of the ‘How:’

• What new capabilities are required to build a different omnichannel approach,
• With what upstream product development to reinforce one’s own omnichannel offering,
• With what re-prioritization and de-prioritization of wholesale partners, and
• With what reallocation of funding from the core business?

When businesses do plan for bolder omnichannel plays, they often do so without a choice-driven reallocation.   Real, sustainable choices come in reallocating product development, field sales, and marketing funding from traditional wholesale channels, amplifying select product line offerings to align with consumer shifts and to drive traffic to preferred channels, including owned and more advantageous omnichannel endpoints than where that traffic will otherwise naturally migrate.

None of the above challenges get solved in a business plan, and business planning in the absence of strategic planning may make certain outcomes worse .

How do organizations move from Business Plan to decisive Strategic Planning outcome?

Initially, divorce the Business Plan entirely and attack the top three to four-year enterprise challenges.

Decouple the strategic plan from a multi-year business planning exercise. Instead, ask each of your business leaders to address corporately defined (by the CEO management team or CSO consortium) top strategic questions facing the company over the next three to five years. Don’t ask for more than a handful of areas; even three to four is a heavy ask. Their considerations should contemplate the a) magnitude of the challenge, b) likely solutions, c) magnitude of the response, and d) potential capability build/partnerships and funding requirements inherent in that response. With that thought pattern, assemble your business leaders in an effort that begins with enterprise-wide trade-offs and debate, rather than within silo business plan projections and incremental solutions.

Crystallize solutions to enterprise challenges, translating them into strategic imperatives.

There are a variety of approaches to ensure the core leadership team is informed, derives realistic solutions, and makes hard decisions against the top enterprise challenges, whether with mutual presentation, small-group forums, facilitated debates, outside support, or other mechanisms. Whatever the strategic planning methodology, aligning executives around strategic choices is not only a necessity for strong strategic planning, but also a pre-requisite for linking any business plan process to a decisive strategic direction.

With strategic imperatives in place, re-visit the Business Plan and link for accountability .

Once the mandate of the top strategic imperatives is clear – with the corresponding magnitude of solution required – only then can a business plan effectively be commissioned. Often, these strategic imperatives necessitate organizational change and a different structure for constructing the business plan. Regardless of whether there is organizational change, the business plan should include critical forcing mechanisms and reallocation targets upfront, prompting business owners to understand that business-as-usual budgets will not be available for select aspects of the business. Their business plan projections should reflect the corresponding impacts, both on the benefits of the focal imperative activations and on the businesses receiving less resource. Seeing decisive strategic choices translate into the more visible “cold hard steel” of the multi-year business plan will bring them to life. This is where the business plan graduates from a modest-value financial exercise to a rallying force behind the strategic imperatives.

In business as in life, one would never define the “what” without first considering the “why” or “how.” Yet that is what flawed multi-year business planning forums may do. Contact HighPoint to move from business planning frustration to impactful strategic planning.

Justin Moser is COO of HighPoint Associates , a strategy consulting firm headquartered in El Segundo, CA. Previously, Justin served as Group CFO and SVP at Mattel over its global commercial finance, brand finance, FP&A, and Investor Relations functions, and headed its North American Online/Amazon Sales and Corporate Strategy teams. He began his career as a Consultant with Bain & Company.

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The difference between a strategic plan and a business plan.

Every business needs a strategic plan. Every business needs a business plan. It’s knowing precisely what each plan entails and when that plan can be of most use that makes the difference between these two essential documents.

Let’s start by defining the purpose behind each type of plan. This can help both budding entrepreneurs and veteran CEOs avoid the mistake of pursuing the wrong kind of plan at the wrong time in the growth cycle of their companies.

The Strategic Plan

As we have noted before, a strategic plan “is a written document that points the way forward for your business.” The focus of a strategic plan can include (but isn’t limited to):

• Expanding business operations
• Reaching into new market segments
• Solving organizational problems
• Potential restructuring a business

By staying focused on your original purpose, goals, and objectives, strategic planning reintroduces you to “the big picture.” It’s the basis for business owners to achieve their vision, which they communicate to stakeholders in a strategic business plan and program.

A strategic plan serves as a roadmap for determining what will likely lie ahead for your business in the next 3-5 years, while also including a series of actions or activities that can turn strategy into operational reality.

Want additional insight? Read 4 Step Guide to Strategic Planning now to learn more

The Business Plan

Generally speaking, a business plan is needed when a company is in its earliest phase of growth. This plan offers a description of how your business will operate, its objectives for growth and financial success, and how it aims to get there. Essentially, it articulates the  why  behind a business. Key elements include:

• Executive summary and mission statement
• Projected staffing and equipment needs
• Short- and long-term marketing strategy
• Financial statement, including anticipated startup expenses and capitalization
• Outline of management structure and operational processes

A business plan “is a broader, more preliminary document that sets your course when your company may still be nothing more than a twinkle in your eye,” notes BDC of Canada. This plan “not only accurately summarizes what your business is all about, but why it’s a viable proposition.”

Strategic Business Planning

Strategic planning is the systematic process for developing an organization’s direction. This includes pinpointing objectives and actions required to achieve that future vision, and metrics to measure success.

A business plan, as described by the Center for Simplified Strategic Planning, Inc., aims to define “the initial goals and objectives of the company, its structure and processes, products and services, financial resources [and] all of the basics that go into forming a company ” and getting it up and running.

TAB offers its members a different kind of approach— strategic business planning . It’s the basis for business owners to achieve their vision, which they will then communicate to stakeholders in a strategic business plan and program.

Action steps embodied in a strategic business plan include:

• Understanding your business. Assess where your business is today. Review core business information and revisit your vision, mission statement, and core values.
• Analyzing your strengths, weaknesses, and threats. Conduct a SWOT analysis to evaluate where your business is operating at peak efficiency and where organizational weaknesses (and threats from competitors) might stunt future growth.
• Defining objectives and set goals. Drill down into specific objectives that will help you achieve your vision—everything from developing new marketing strategies and launching a new product to re-allocating key financial resources.
• Putting the plan in action . Take action steps to translate the plan from paper to reality. Break tasks down into small steps, assign a responsible party to be accountable for each task, and establish a schedule for reviewing your overall plan on a regular basis.

As we enter into a new year, strategic business planning is more urgently needed than ever before. Want to learn more? Register for our free TAB white paper, “4 Step Guide to Strategic Planning.”

Read our 19 Reasons You Need a Business Owner Advisory Board

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Related posts, seasonal swot analysis: reevaluating strengths, weaknesses, opportunities, and threats, unlearning conformity: how to overhaul old business paradigms, top 3 strategic musts for the coming year, 5 “must-have” elements of a strategic plan, what does the future of remote work look like, tips on future-proofing your business, what can predictive analytics do for your business, subscribe to our blog.

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What is the difference between a strategic plan and a business plan?

Mastering Strategy and Business Planning

# Academics

By Swiss Education Group

Understanding the distinctions between a business plan and a strategic plan is most important. These documents serve as fundamental tools for organizational growth and effective decision-making.

A business plan outlines a company's objectives, strategies, and financial projections, both in the short and long term. It typically encompasses an array of elements, including market analysis, product/service offerings, operational details, and financial forecasts.

In contrast, a strategic plan offers a broader perspective, the overarching direction for the organization. It articulates the vision, mission, and core values. This plan takes into account various factors such as market trends, competitive dynamics, and industry forces.

Delving Deeper: Business Plan and Strategic Plan Components

Although both a business plan and a strategic plan are indispensable for organizational success, they serve distinct purposes and focus on different facets of business operations and goals. A thorough comprehension of the primary components of each plan facilitates the crafting of a comprehensive strategy for success.

Key elements of a business plan include:

• Executive summary : A concise overview of the business, its mission, and key aspects of the plan. 
• Company description : Details regarding the organization's history, structure, and offerings. 
• Market analysis : Research findings concerning the target market, competition, and consumer needs.
• Marketing and sales strategies : Plans for promoting and selling the company's offerings.
• Operations and management : Information pertaining to daily operations and key personnel.
• Financial projections : Forecasts for revenue, expenses, and profitability.
• Funding requirements : Present and future financial needs of the company.

On the other hand, essential components of a strategic plan comprise:

• Mission and vision statements : Articulation of the organization's purpose and desired future state.
• SWOT analysis : Evaluation of the organization's strengths, weaknesses, opportunities, and threats.
• Goals and objectives : Clear, measurable targets that the organization aims to achieve.
• Strategies and tactics : Specific actions and plans designed to accomplish goals and objectives.
• Performance measurement : Metrics and key performance indicators (KPIs) utilized to assess progress.
• Resource allocation : Determination of necessary resources, including budget, personnel, and technology, required to execute strategies. 

Business Plan vs Strategic Plan

The fundamental differnce between a business plan and a strategic plan lies in their respective focuses and purposes. A business plan primarily attends to the day-to-day operations and financial aspects of a business, aiding entrepreneurs and managers in understanding operational efficacy, securing funding, and attracting investors or lenders.

Conversely, a strategic plan is predominantly concerned with the long-term direction and growth trajectory of an organization. It assists leaders in setting priorities, making informed decisions, and aligning resources to actualize the company's overarching vision.

Time Frame Considerations

Two distinct temporal strategies come into play when planning for the future of businesses: short-term planning and long-term planning. Short-term planning prioritizes immediate goals and objectives, while long-term planning contemplates the broader horizon and sets the trajectory for future endeavors.

A business plan predominantly addresses short-term goals and objectives, detailing specific steps and actions required to achieve immediate targets. Typically spanning one to three years, a business plan serves as a roadmap for the day-to-day operations of the business.

In contrast, a strategic plan adopts a more expansive approach, focusing on long-term objectives. It establishes the vision and trajectory for the organization over an extended period, often spanning three to five years or more. A strategic plan encompasses broader market trends, competitive dynamics, and overall business environment considerations, guiding decision-making and resource allocation accordingly.

Target Audience Differentiation

Each business plan and strategic plan caters to distinct target audiences with divergent informational requirements. Understanding these audiences is pivotal for crafting effective plans that align with organizational objectives and goals.

The target audience for a business plan typically comprises investors, lenders, and other financial stakeholders interested in assessing the financial viability and potential return on investment of a business venture. Conversely, the primary audience for a strategic plan consists of senior management and the board of directors responsible for steering the organization's direction and decision-making processes.

Alignment of Content and Presentation

Tailoring the content and presentation of business plans and strategic plans to their respective target audiences enables organizations to effectively communicate, secure investments, and align stakeholders toward a common vision. By ensuring alignment with organizational objectives and goals, businesses can enhance strategic execution and drive sustainable growth.

Resource Allocation Dynamics

Resource allocation constitutes a critical aspect of both business plans and strategic plans, albeit with divergent approaches depending on the nature and objectives of each plan.

In a business plan, resource allocation primarily focuses on identifying and allocating resources to support daily operations and achieve short-term goals. This encompasses financial capital, human resources, technology, equipment, and facilities. The overarching objective of resource allocation in a business plan is to ensure efficient and effective utilization of available resources to drive profitability and growth.

Conversely, resource allocation in a strategic plan entails a broader and more long-term perspective. Strategic plans are centered on defining the organization's direction and objectives over an extended period, necessitating the alignment of resources with long-term goals such as market expansion, product development, or strategic partnerships. Strategic resource allocation requires a meticulous assessment of the organization's current and future needs to allocate resources in a manner conducive to achieving strategic objectives.

A fundamental challenge in resource allocation lies in balancing short-term imperatives with long-term investments. While a business plan primarily caters to meeting immediate operational requirements, a strategic plan necessitates consideration of the long-term sustainability and growth trajectory of the organization. Striking a balance between short-term needs and long-term investments is imperative to ensure organizational stability and competitiveness in the marketplace.

Mastering Strategy and Business Planning with César Ritz Colleges

While business plans fulfil unique roles within a company's structure, they operate synergistically to form the business strategy. Business plans delve into the operational and financial blueprints of a company, whereas strategic plans provide a wider lens, outlining the organization's grand vision and pathway toward enduring growth and prosperity. Particularly within the hospitality industry, understanding these concepts is crucial for cultivating a successful enterprise. César Ritz Colleges excels in equipping students with the knowledge and skills to become adept entrepreneurs, emphasizing innovation, entrepreneurship, and business within their curriculum. The curriculum teaches the components of business and strategy and a culminating project, the business plan, teaches student how to put what they have learned into action, preparing them to lead and innovate in the exciting business environment. Through this integrated approach, César Ritz Colleges graduates are poised to achieve strategic excellence and navigate the intricate business terrain with precision and effectiveness.

Discover how you can master the art of business and strategic planning in the hospitality industry with César Ritz Colleges. Download your brochure today to set your own path toward innovation, entrepreneurship, and unparalleled success in your career.

Difference Between Business Plan & Strategic Plan

William E Rothschild once said, "What do you want to achieve or avoid? The answers to this question are objectives. How will you go about achieving your desired results? The answer to this, you can call strategy." These words provide a nearly exact description of the difference between a strategic plan and business plan.

Business Plan

The business plan provides a written tour of your business' operations. This plan identifies the business' models, missions and objectives. It then takes the reader through the staffing, location, marketing and financing requirements that are needed to meet those objectives, according to Indeed Career Guide. The business plan examines the business' potential for success, the competing industry and the business' competitive advantages. In a detailed and organized manner, it reviews and explains every area of the business.

Strategic Plan

The strategic plan identifies the steps, or strategies, that the business will use to meet, if not exceed, its objectives, as explained by 1000 Ventures. The strategic plan can focus on the entire business or specific areas of the business, such as consumer marketing, customer retention and product introduction. As a result, businesses can have many strategic plans to address various areas of business.

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Profit & loss budgets vs. income statements, business plan vs. business strategy, the importance of a business plan, new year business marketing plan & annual strategy goal update, what is the relationship between the business plan, marketing plan & sales plan, common misconceptions.

Business traditionalists often explain that business plans are used for new companies and strategic plans are used for established companies. This is untrue. The difference between strategic plans and business plans is not related to the age of the company. Mature businesses often review their business plans annually to benchmark financials and verify that the business is on course to success.

Business plans are used, at every business-maturity level, to obtain loans, secure partnerships and attract the interest of corporate executives. Similarly, strategic plans can be used by young businesses to develop competitive advantages, solidify operations and secure customer satisfaction. These plans are also beneficial in securing investors because they clearly define the steps and procedures that will be taken to achieve the defined results.

Connections and Dependencies

The boundaries of the strategic plan are defined by the contents of the business plan. The objectives within the business plan not only define the desired results, but the timeframe in which the results should be achieved. It tells the amount of resources, staff and finances that are available. The strategies are developed around those criteria while introducing new areas and information that is needed to attain the desired results.

Adapting to Change

Entrepreneur suggests that small business owners should continually review and update their business plan to stay abreast of constant changes and emerging trends. Regular review of your business plan will help you to judge your business success, identify necessary changes and resolve issues before they develop into disasters. A regular business plan review will also help you to develop strong business forecasts for your business, especially when the information is updated monthly.

As you adjust your business plan, you must also make the necessary adjustments to your strategic plan. While a complete overhaul of strategies is unnecessary, it may be necessary to refine certain areas so that they remain in the scope of the business plan. For instance, if you change the financial structure within the business plan to include a decrease in marketing expenses, the marketing strategies may require expenditure adjustments to remain within the new budget.

• Entrepreneur.com: Updating Your Business Plan
• 1000 Ventures: Business Strategy: Tactics to Beat Your Competition
• Decision Innovation: Strategy Quotes Related to Decision Making
• Indeed Career Guide: Strategic Plan Vs. Business Plan: What's the Difference?
• Think Exist: Strategy Quotes

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What is the Difference Between a Business Plan and a Strategic Plan?

Strategic Planning Expert

By M. Dana Baldwin, Senior Consultant

We often get questions asking what the difference is between a Business Plan and a Strategic Plan.  The first difference is there is a significant difference in intent.  A Strategic Plan is focused on improving a company’s performance, exploiting opportunities and building market share.  A Business Plan is most often used at the beginning of a company’s existence to define the initial goals and objectives of the company, its structure and processes, products and services, financial resources, staffing/talent needs and all of the basics which go into forming a company and getting it functioning.

Elements of this plan usually include:

1.      What products and services the company will offer to the marketplace.

2.      What types of customers the company will target

3.      What skills and capabilities the company will need to compete effectively and where the company will obtain those skills and capabilities

4.      Determining trends in the marketplace, and the characteristics of the market segments the company will initially pursue

5.      Developing how you will sell into the market segments you are intending to pursue.  What demographics will you target?  What are their buying behaviors?  How will competition likely react to your company entering these markets?

6.      What will your costs be in each of the parts of the company?  How will you fund them during the start up phase?  What are your first and second year projections for revenues and expenses?  How will you make a profit?

Usually a business plan is an overall guide to setting up your business, although some will use it as a more detailed one year plan based on the Strategic Plan. Often there is considerable overlap between the two plans inasmuch as they will often cover similar ground.  Generally, however, we envision a business plan as the blueprint for setting up your company and getting it started, and a strategic plan as the ongoing game plan to continually improve market share, volume and profitability.

The intent of a strategic plan is to develop a much more targeted vision of where you want to take your business in the future and how you will accomplish your strategies, goals and objectives, once the business is established and ongoing.  Strategic planning is the 30,000 foot view of where we take the company.  In your strategic planning, your focus turns more toward looking at the current situation, analyzing what your strengths and weaknesses are, determining how best to build on your strengths and avoid being trapped by your weaknesses. 

You will look for your strategic competency, which we define as a sustainable competitive advantage built on the skills, processes and knowledge contained within your company.

By building on your strategic competency, making it better and even more effective as a sustainable competitive advantage, you will improve the opportunities to excel as a company, gaining market share and profitability.

All of the elements of strategic planning, starting with your current situation, working through the analyses of your company, your markets, competition, opportunities and finding out where you may have gaps between your current performance and where you should be in the future, lead to the development of logical, attainable (yet ambitious) strategies which will head you toward winning a higher market share and better profits.

M. Dana Baldwin is a Senior Consultant with Center for Simplified Strategic Planning, Inc. and can be reached at [email protected] .

© Copyright 2009 by Center for Simplified Strategic Planning, Inc., Ann Arbor, MI — Reprint permission granted with full attribution

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The Difference Between a Plan and a Strategy

Setting strategy should push your organization outside its comfort zone.

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Planning is comforting but it’s a terrible way to make strategy, says Roger Martin , former dean of the Rotman School of Management at the University of Toronto. In contrast, setting strategy should push your organization outside its comfort zone – if you’re doing it right.

“Plans typically have to do with the resources you’re going to spend. Those are more comfortable because you control them,” Martin explains. “A strategy, on the other hand, specifies a competitive outcome that you wish to achieve, which involves customers wanting your product or service. The tricky thing about that is that you don’t control them.”

Key topics include: strategic planning, competitive strategy, risk management, innovation, and travel and tourism industry.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

• Watch the original HBR Quick Study episode: A Plan Is Not a Strategy (June 2022)
• Find more episodes of the HBR Quick Study series on YouTube .
• Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

ANNOUNCER: HBR On Strategy .

HANNAH BATES: Welcome to HBR On Strategy , case studies and conversations with the world’s top business and management experts, hand-selected to help you unlock new ways of doing business. Today, we bring you a conversation with one of the world’s leading thinkers on strategy – Roger Martin, former dean of the Rotman School of Management at the University of Toronto.  In this episode, you’ll learn the difference between strategy and planning AND how to escape the common traps of strategic planning. Martin says starting with a plan is comforting to many of us, but it’s a terrible way to make strategy. His episode, called “A Plan is Not A Strategy,” originally aired as part of the HBR Quick Study video series in June 2022. Here it is.

ROGER MARTIN: This thing called planning has been around for a long, long time. People would plan out the activities they’re going to engage in. More recently, has been a discipline called strategy. People have put those two things together to call something strategic planning. Unfortunately, those things are not the same, strategy and planning. So,  just putting them together and calling it strategic planning doesn’t help. What most strategic planning is in the world of business has nothing to do with strategy. It’s got the word, but it’s not. It’s a set of activities that the company says it’s going to do.

We’re going to improve customer experience. We’re going to open this new plant. We’re going to start a new talent development program. A whole list of them, and they all sound good, but the results of all of those are not going to make the company happy because they didn’t have a strategy. So, what’s a strategy? A strategy is an integrative set of choices that positions you on a playing field of your choice in a way that you win. So, there’s a theory. Strategy has a theory. Here’s why we should be on this playing field, not this other one, and here’s how, on that playing field, we’re going to be better than anybody else at serving the customers on that playing field.  That theory has to be coherent. It has to be doable. You have to be able to translate that into actions for it to be a great strategy. Planning does not have to have any such coherence, and it typically is what people in manufacturing want– the few things they want, to build a new plant, and the marketing people want to launch a new brand, and the talent people want to hire more people– that tends to be a list that has no internal coherence to it and no specification of a way that that is going to accomplish collectively some goal for the company.

See, planning is quite comforting. Plans typically have to do with the resources you’re going to spend. So we’re going to build a plan. We’re going to hire some people. We’re going to launch a new product.  Those are all things that are on the cost side of businesses. Who controls your costs? Who’s the customer of your costs? The answer is, you are. You decide how many square feet to lease, how many raw materials to buy, how many people to hire.  Those are more comfortable because you control them. A strategy, on the other hand, specifies an outcome, a competitive outcome that you wish to achieve, which involves customers wanting your product or service enough that they will buy enough of it to make the profitability that you’d like to make. The tricky thing about that is that you don’t control them. You might wish you could, but you can’t. They decide, not you. That’s a harder trick. So that means putting yourself out and saying, here’s what we believe will happen. We can’t prove it in advance, we can’t guarantee it, but this is what we want to have happen and that we believe will happen. It’s much easier to say, I’ll build a factory, I will hire more people, et cetera, than I will have customers end up liking our offering more than those of competitors.

The tricky thing about planning is that while you’re planning, chances are at least one competitor is figuring out how to win. When US air carriers were busily planning what routes to fly and da-da-da, there was this little company in Texas called Southwest that had a strategy for winning. And at first, that looked largely irrelevant because it was tiny. What Southwest Airlines was aiming for was an outcome.

What they wanted to be is a substitute for Greyhound, a way more convenient way to get around at a price that wasn’t extraordinarily much greater than a Greyhound bus. Southwest said, everybody else is flying hub and spoke. They have hubs, and they fly hub and spoke. We’re going to fly point to point so that we don’t have aircraft waiting on the ground because you only make money when you’re in the air.

We’re going to only fly 737s, one kind of aircraft, so that our gates are set up for those, our systems are set up for those, our training, our simulations are set up. We’re not going to offer meals on the flights because we’re going to specialize in short flights. We’re not going to book through travel agents. We’re going to encourage people to book online because that’s less expensive for everybody and more convenient. So, their strategy ended up having a substantially lower cost than any of the major carriers so that they could offer substantially lower prices.

Because it had a way of winning, it got bigger and then bigger and then bigger and then bigger and bigger and bigger and bigger until it flies the most passenger seat miles in America. The major carriers were not trying to win against one another. They were all playing to play, as I say. They were playing to participate, maybe buy more planes, get more gates, maybe grow some, not having a theory of here’s how we could be better than our competitors.

And that was fine until somebody came along and said, here’s a way to be better than everybody else for this segment. And so that segment then goes. It’s gone. And the main playing to play players have to share a smaller pie that’s left over after Southwest takes whatever share it wants.

If you’re trying to escape this planning trap, this comfort trap of doing something that’s comfortable but not good for you, how do you start? The most important thing to recognize is that strategy will have angst associated with it. It’ll make you feel somewhat nervous because as a manager, chances are you’ve been taught you should do things that you can prove in advance.

You can’t prove in advance that your strategy will succeed. You can look at a plan and say, well, all of these things are doable. Let’s just do those because they’re within our control. But they won’t add up to much. In strategy, you have to say, if our theory is right about what we can do and how the market will react, this will position us in an excellent way.

Just accept the fact that you can’t be perfect on that, and you can’t know for sure. And that is not being a bad manager. That is being a great leader because you’re giving your organization the chance to do something great. The second thing I do is say, lay out the logic of your strategy clearly. What would have to be true about ourselves, about the industry, about competition, about customers for this strategy to work?

Why do you do that? It’s because you can then watch the world unfold. And if something that you say is in the logic that would have to be true for this to work is not working out quite the way you hoped, it’ll allow you to tweak your strategy. And strategy is a journey, what you want to have as a mechanism for tweaking it, honing it, and refining it so it gets better and better as you go along.

Another thing that helps with strategy is not letting it get overcomplicated. It’s great if you can write your strategy on a single page. Here’s where we’re choosing to play. Here’s how we’re choosing to win. Here are the capabilities we need to have in place.

Here are the management systems. And that’s why it’s going to achieve this goal, this aspiration that we have. Then you lay out the logic, what must be true for that all to work out the way we hope. Go do it, and watch and tweak as you go along.

That may feel somewhat more worry-making, angst-making than planning, but I would tell you that if you plan, that’s a way to guarantee losing. If you do strategy, it gives you the best possible chance of winning.

HANNAH BATES: That was Roger Martin — Professor Emeritus and former Dean of the Rotman School of Management at the University of Toronto. That video is part of the HBR Quick Study YouTube series – short takes on big topics in business and work. It was edited and produced by Scott LaPierre, with video and animation by Dave Di Iulio, Elie Honein, and Alex Belser. More HBR Quick Study videos can be found on YouTube or HBR.org. HBR On Strategy will be back next Wednesday with another hand-picked conversation about business strategy from the Harvard Business Review. In the meantime, we have another curated feed that you should check out: HBR On Leadership . And visit us any time at HBR.org, where you can subscribe to Harvard Business Review and explore articles, videos, case studies, books, and of course, podcasts, that will help you manage yourself, your teams, and your career. This episode of HBR On Strategy was produced by Anne Saini, and me, Hannah Bates. The show was created by Anne Saini, Ian Fox, and me. Special thanks to Maureen Hoch, Adi Ignatius, Karen Player, Anne Bartholomew, and you – our listener. See you next week.

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Strategy and planning are both essential … but don’t confuse them.

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SANTA CLARA, CALIFORNIA - OCTOBER 29: Brock Purdy #13 of the San Francisco 49ers checks his playbook ... [+] during the fourth quarter of the game against the Cincinnati Bengals at Levi's Stadium on October 29, 2023 in Santa Clara, California. (Photo by Loren Elliott/Getty Images)

Corporate planning season is upon us. With only about a hundred days left in the year, execs are limbering up for the annual marathon of meetings to decide next year’s goals, metrics, and resource allocations. Even those with financial years that don’t start in January are feeling the pull to plan.

In doing so, though, they risk falling into a common trap: confusing planning with strategy.

Make no mistake, good planning is a crucial factor in any company’s success. But that planning should only be the result of a separate effort to review and revise the overall company strategy. With any luck, that strategy, in turn, grows out of a bigger vision of why the company exists and its place in the world.

Unfortunately, though, these very distinct ideas tend to get merged together under the comforting rubric of “strategic planning,” which in reality just means …planning. Strategy doesn’t get more than a cursory glance. And vision gets relegated to Super Bowl ads and success posters.

I recently had a conversation with a chief strategy officer at a media company that perfectly captured the issue. She wanted help figuring out how to confront her business’s growing competitive challenges. Core revenue is declining. New businesses have been slow to develop. And a raft of new competitors have appeared. In other words, she needed a strategy. But she needed to be finished in two weeks because that was the deadline for next year’s planning cycle.

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My advice to leaders in that situation is to just go ahead with the planning, assuming whatever strategy is in place now. But once that’s underway, it’s time to take a step back and face the bigger questions head-on.

The Dangerous Comfort of Planning

Planning is the implementation of a strategy. It’s the process of agreeing and measuring specific actions, such as product launches, cost cuts, or geographical expansion, that over the next year should move an organization toward its longer-term strategic goals. My friend, the renowned management guru Roger Martin, describes planning as a “thoroughly doable and comfortable exercise” that doesn’t question assumptions.

Strategy is a very different beast. If planning is about templates and trade-offs, strategy is about insights and ideas.

A winning strategy should focus on how a business can play and win in a changing and uncertain world over a longer time horizon of 5-7 years. This makes it an inherently uncomfortable process, involving experimentation, risk, and coming face-to-face with painful scenarios such as how competitors or other threats could kill you.

Beyond that lies vision—the bigger “why” of a company’s existence. That could be a higher social purpose—such as Patagonia’s “to save our home planet”—or a more practical vision of where a company sees itself in the world over a longer time horizon stretching out a decade or more.

In short, if you know what you're going to do and when, you have a plan. If you know what might kill you and what you're going to do about it, you have a strategy. And if you know why you should even exist, you have a vision.

Strategy is the crucial bridge between vision and planning, but very few companies spend enough time on it and even fewer are really good at it. In a society that prizes doing things over learning things, planning feels good. It makes leaders and teams feel productive. It enables them to focus on the present rather than the future, which most of us are wired to do . And it’s much easier and more comfortable to tackle than the deep learning required for strategy work.

To be sure, strong planning and execution are vital qualities for businesses to have, and are more important at some times and in some industries than others. During the pandemic, many companies succeeded by just focusing on execution issues like overcoming supply chain challenges. Good planning was a differentiator.

For pharma companies Novo Nordisk and Eli Lilly, the big challenge right now is the planning and operational one of meeting exploding demand for Ozempic and Zepbound, their respective GLP-1 weight-loss drugs. Similarly, Nvidia’s main challenge now is to make enough of its GPU chips to satisfy booming demand for AI capabilities. These companies can focus on execution because they have a winning strategy.

But many companies in a range of industries are crying out for a strategy rather than a plan.

For example, dating apps are struggling as Gen Z singles desert them in droves, jaded by endless swiping and the lack of human connection provided by these sites. The Bumble CEO’s recent pitch for a near future in which personalized AI bots will “date” other users’ bots seemed tone-deaf to the fundamental reason why subscribers are leaving.

Companies like Hinge, Tinder, and Bumble don’t lack a vision—they see their place in the world as helping people to hook up and form relationships. And they have plans, which aren’t working so well. What they desperately need are new strategies centered on somehow restoring trust and humanity to the online dating experience.

Streaming platforms are in a similar mess. Many platforms spent big on content to compete with Netflix but are now losing subscribers who are overwhelmed with viewing choices and are only willing to pay for a couple of services rather than four or five. They need a strategy that differentiates themselves in a crowded market of similar services.

Why Planning Leads to Sameness

Therein lies one of the biggest problems of focusing solely on planning: when you focus solely on execution, you often end up copying the strategy of everyone around you. And that can lead to a sea of sameness.

Novo Nordisk and Nvidia may be coasting right now, but only thanks to a defining vision and strategy that were set years ago.

In Novo Nordisk’s case, the Danish firm’s development of Ozempic was born out of its decades-old push to become the leading developer of more effective ways to treat diabetes. The seeds of Nvidia’s dominance were sown by CEO Jensen Huang’s strategy of differentiating the chipmaker at least as far back as 2006 when he announced the CUDA software technology. That enabled Nvidia’s GPUs to go from chips used in video gaming to more general purpose ones that could be used to power a range of computing functions.

But no company can rest easy in the planning phase and ignore strategy for long. Novo Nordisk needs to be strategically wary of recent progress by other pharmaceutical firms to develop GLP-1 treatments that can be swallowed as pills instead of being injected. AMD’s recent $4.9 billion acquisition of AI infrastructure company ZT Systems is the latest signal that Nvidia’s dominance may be under threat and that it will need a revised strategy to defend it.

For leaders who are crashing into their annual planning cycles now, this isn’t a call to tear everything up and begin a strategy and vision quest. That would likely be a recipe for confusion and chaos. They should go ahead with the planning, but with a clear awareness that it is just planning. Planning season is upon us. But strategy and vision need their own seasons, too.

Dev Patnaik is the CEO of Jump Associates.

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Standalone vs consolidated financials: Understanding the key differences

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The platform for orchestrating performance.

Learn the differences between standalone and consolidated financial statements to make better informed decisions for your business.

As a finance professional, you know that financial statements are an essential tool for evaluating the financial health of an organization. But did you know that there are two primary types of financial statements? In this article, we'll explore the differences between standalone and consolidated financial statements, and why they matter for your business.

Standalone and consolidated statements defined

First, let's define what standalone and consolidated financial statements are. Standalone financial statements provide information on the financial position of a single entity, such as a parent company or a subsidiary. They typically include balance sheets, income statements, and cash flow statements.

Consolidated financial statements, on the other hand, provide a comprehensive view of the financial position of a group of companies, including parent companies and subsidiaries. The consolidation process involves combining the financial information of all the entities under the control of a parent company, eliminating intercompany transactions, and adjusting the financial statements for any differences in accounting policies.

Differences between standalone and consolidated statements

So, what is the difference between standalone and consolidated financial statements? Standalone financial statements provide information on the financial position of a single entity, while consolidated financial statements provide information on the financial position of the entire group of companies. This is important for businesses with subsidiary companies as it allows them to view the financial position of the entire group, rather than just one part of it.

For example, let's say your business has several subsidiary companies. If you were to look at each of their standalone financial statements, you would only see their individual financial positions. However, if you were to consolidate their financial statements, you would see the financial position of the entire group, including any intercompany transactions. This provides a more accurate picture of the group's financial position, allowing you to make better-informed decisions.

Standalone vs consolidated balance sheets

Another important element of financial statements is the balance sheet. A balance sheet provides information on a company's assets, liabilities, and equity. A consolidated balance sheet includes the financial information of all the entities under the control of a parent company, while a standalone balance sheet only includes the financial information of a single entity. 

Consolidated balance sheets provide a more accurate view of the financial position of the entire group, including any differences in equity between the parent company and its subsidiaries.

Standalone vs consolidated profit

Profit is another critical aspect of financial statements. Standalone profit only takes into account the financial performance of a single entity, whereas consolidated profit reflects the performance of the entire group of companies. Consolidated profit is calculated by combining the revenues and expenses of the parent company and its subsidiaries, providing a more comprehensive view of the group's financial performance. Investors can use consolidated profit to assess the financial health of the group as a whole, including the parent company and its subsidiaries.

Why financial statements matter

Now that we've explored the differences between standalone and consolidated financial statements, let's talk about why they matter for your business. First and foremost, understanding your business's financial position is critical for making informed decisions about investments, acquisitions, and strategic planning. Consolidated financial statements provide a more accurate view of your business's financial health, allowing you to make better-informed decisions.

Consolidated financial statements are also important for investors. Investors want to see the financial health of the entire group of companies, including the parent company and its subsidiaries. 

In addition to providing a more accurate view of your business's financial position, consolidated financial statements can also help identify areas of strength and weakness across the group of companies. For example, if one subsidiary is underperforming, consolidating the financial statements may highlight this issue, allowing you to take action to address it.

Which type of financial statement is right for my business?

While there are benefits to both standalone and consolidated financial statements, it's important to consider which type is most relevant to your particular situation. For example, if you are an investor looking to evaluate the financial performance of a specific subsidiary company, a standalone financial statement may be more useful. However, if you are a parent company looking to evaluate the financial position of your entire group of companies, a consolidated financial statement will be more appropriate.

It's also important to note that the process of preparing consolidated financial statements can be more complex than that of standalone financial statements. This is because it involves combining the financials of multiple entities, adjusting for any differences in accounting policies, and eliminating intercompany transactions. As a result, companies may need to invest in specialized software or consulting services to help them consolidate their financial statements accurately.

Another factor to consider is that consolidated financial statements can provide a more accurate picture of a company's financial health, particularly if the company has multiple subsidiaries or operates in multiple markets. By consolidating financial statements, companies can identify areas of strength and weakness across their entire organization, allowing them to make more informed decisions about resource allocation and strategic planning.

Ultimately, whether you choose to use standalone or consolidated financial statements will depend on your specific needs and circumstances. It's important to understand the differences between the two and how they can impact your decision-making process.

In summary, standalone financial statements highlight the financial position of a single entity, while consolidated financial statements provide information on the financial position of the entire group of companies.

Standalone financial statements are useful for evaluating the financial performance of individual subsidiary companies, while consolidated financial statements are more appropriate for evaluating the financial position of parent companies and their subsidiaries as a whole.

By understanding the differences between these financial statements, businesses can make more informed decisions about resource allocation, strategic planning, and investments.

Understand the full picture of your business's financial health with a close-to-disclose solution that ensures accuracy and enhances decision-making.

Fact-checking the presidential debate between Trump and Harris

Vice President Kamala Harris and former President Donald Trump faced off in their first debate Tuesday night, trading barbs on foreign policy, abortion and guns.

Trump advanced a number of debunked conspiracy theories related to migration, crime and voting in the combative showdown, while Harris made misleading statements about manufacturing jobs and whether U.S. troops are in combat zones.

Here's what Harris and Trump got right and wrong on the debate stage in Philadelphia.

Fact check: Trump calls Harris’ dad a Marxist

“Her father’s a Marxist professor in economics, and he taught her well," Trump said.

That’s not what his students say.

In interviews, three of Professor Donald Harris’ former students, who are now economists themselves, told NBC News that they disagreed that Harris’ father is a Marxist. Donald Harris taught at Stanford University for nearly three decades until he retired in 1998, and while he was there, he studied Karl Marx’s economic philosophy among the philosophies of other different thinkers, his students recall. While Harris has spoken about her father’s influence in her early childhood, she has credited her mother for being the parent who shaped her into the person she is today.

Fact check: Did the U.S. leave $85 billion worth of military equipment in Afghanistan?

“We wouldn’t have left $85 billion worth of brand-new, beautiful military equipment behind," Trump said.

This is false.

The Taliban did gain possession of U.S.-made military equipment when they retook power in 2021, but the $85 billion figure is grossly exaggerated. It is a rounding up of the approximately $83 billion in total assistance appropriated for the Afghan military and police during the two-decade war, including training, equipment and housing.

According to a  2022 Defense Department report , the Taliban seized much of the estimated $7.12 billion in U.S.-funded equipment that was in the hands of the former Afghan government when it collapsed, the condition of which was unknown. The report said the U.S. military had removed or destroyed almost all the major equipment it was using in Afghanistan in the months leading up to the U.S. withdrawal.

Fact check: Trump claims Harris ‘wants to confiscate your guns’

“She wants to confiscate your guns,” Trump claimed.

Online posts have advanced a similar false claim. Harris has advocated for gun safety laws, proposing requirements for “anyone who sells more than five guns a year” to conduct background checks and for unlawful gun dealers to face penalties.

Harris responded moments later: “This business about taking everyone’s guns away? Tim Walz and I are both gun owners. We’re not taking anybody’s guns away.”

Fact check: Harris says Trump oversaw manufacturing job losses

“Donald Trump said he was going to create manufacturing jobs. He lost manufacturing jobs," Harris said.

This needs context.

Before the onset of the pandemic, the U.S.  added about 500,000 manufacturing jobs  during the Trump administration. But by the time Trump left office at the height of the pandemic, the U.S. had given up virtually all those gains as a result of the worldwide economic devastation from the virus.

Meanwhile, Trump actually understated the number of manufacturing jobs lost last month:  It was 24,000, not 10,000.

Fact check: Would Trump end the Russia-Ukraine war by giving up Ukrainian interests?

"I believe Donald Trump says that this war would be over within 24 hours. It’s because he would just give it up. And that’s not who we are as Americans," Harris said.

Harris’ comments came during a lengthy exchange that was kicked off when debate moderator David Muir asked Trump, “Do you want Ukraine to win this war?”

Trump responded by saying only that “I want the war to stop. I want to save lives that are being uselessly, people being killed by the millions.” He added that “I will get it settled” because “what I’ll do is I’ll speak to one, I’ll speak to the other, I’ll get them together.”

Harris responded with the above quotation and brought up that the Biden administration had helped bring dozens of countries together to support Ukraine’s defense.

“Because of our support, because of the air defense, the ammunition, the artillery … that we have provided, Ukraine stands as an independent and free country. If Donald Trump were president, Putin would be sitting in Kyiv right now,” she said.

Trump hasn’t publicly discussed what his specific plan to end the war would be.  The Washington Post reported in April that the plan  was essentially a land-for-peace deal.

Citing people who discussed the plan with Trump and his advisers, the Post reported that  Trump would plan to push Ukraine to hand over control  of Crimea and the Donbas region to Russia in any future deal, which would effectively formalize the gains Russian President Vladimir Putin made during his illegal invasion. In exchange, the Post reported, Putin would stop the war. The report attracted criticism across the political spectrum and from Kyiv, with many lawmakers and international figures saying the deal amounted to appeasement.

Regardless of whether such a plan would ever bear fruit, Harris’ latest comments build on the narrative that Trump continues to seek cozy ties with Moscow. Before Russia invaded Ukraine, Trump praised Putin as “genius” and “savvy” for declaring his intention to invade. 

In addition, it’s important to note that Trump didn’t say in his direct response to Muir that he wanted Ukraine to win in the war. He said only that he wanted the war to stop.

And even if Trump won and tried to stop the war, U.S. and European governments say Russia has shown no sign it is genuinely interested in any peace negotiations.

Fact check: Harris says no U.S. military members are on active duty in a combat zone

“And as of today, there is not one member of the United States military who is in active duty in a combat zone, in any war zone around the world, the first time this century," Harris said.

While Congress hasn’t formally declared a war in decades, American troops are certainly in combat zones around the world.

They’re serving in places like Iraq and Syria, where they work with local troops to fight terrorist networks. And they also conduct missions in both places — we saw that late last month in Iraq’s Anbar province, where an operation killed 15 Islamic State fighters and two U.S. soldiers were medevaced for injuries (and five more were injured). And a drone attack in Syria last month injured eight U.S. service members .

U.S. troops are also in Somalia and other parts of Africa, where they support local troops fighting terrorist groups, and they’ve been shooting down Houthi drones and missiles in the Red Sea.

Fact check: Trump claims he saved Obamacare

“Do I save it and make it as good as it can be, or do I let it rot, and I saved it," Trump said.

During Trump’s term in office, he made several attempts to repeal the Affordable Care Act. While those efforts were unsuccessful, Republicans in Congress did repeal its individual mandate, which required people to have health insurance or face fines.

Fact check: Did Trump’s election cases fail on standing?

“No judge looked at it. ... They said we didn’t have standing. That’s the other thing. They said we didn’t have standing. Can you imagine a system where a person in an election doesn’t have standing? The president of the United States doesn’t have standing? That’s how we lost if you look at the facts, and I’d love to have you do a special on it. I’ll show you Georgia, and I’ll show you Wisconsin, and I’ll show you Pennsylvania," Trump said.

Trump falsely claimed that judges rejected the more than 50 lawsuits brought by his supporters claiming widespread fraud because the president did not have legal “standing.”

The  majority of the lawsuits were rejected  because of a lack of evidence of voter fraud, a finding that Attorney General William Barr supported. Judges in Georgia, Wisconsin and Pennsylvania rejected the claims of widespread voter fraud. The Supreme Court rejected Trump’s appeal because of a lack of standing. There is  extensive proof  that the 2020 election wasn’t marred by fraud. 

Fact check: Is ‘migrant crime’ happening at high levels?

“They’ve destroyed the fabric of our country. Millions of people let in and all over the world, crime is down all over the world, except here. Crime here is up and through the roof, despite their fraudulent statements that they made, crime in this country’s through the roof, and we have a new form of crime. It’s called migrant crime. I like that. It’s happening at levels nobody thought possible," Trump said.

This is misleading.

The rate of violent and property crimes dropped precipitously in the first three months of 2024 compared with the same period last year, according to quarterly statistics released Monday by the FBI known as the  Uniform Crime Report . The murder rate fell by 26.4%, reported rapes decreased by 25.7%, robberies fell by 17.8%, aggravated assault fell by 12.5%, and the overall violent crime rate went down by 15.2%, the statistics indicate.

Pressed about the crime rates’ contradicting him, Trump claimed the FBI didn’t “include the cities with the worst crime; it was a fraud.” And while it’s true that some cities data isn’t included in the FBI crime data, city-level data shows similar trends. For example, New York City data compiled  by the police department  indicates that crime was down overall in the first quarter of 2024 there, too.

Under President Joe Biden, over 112,000 migrants with criminal backgrounds have been apprehended at the border, compared with over 63,000 under Trump. The number of people who are on the terrorist watchlist stopped at the border has largely stayed the same, with an estimated 1,400 encounters under Trump and 1,800 under Biden. But the government has acknowledged the difficulty of vetting migrants coming from countries that won’t share criminal history data with the U.S., and investigators have opened more than 100 investigations into the Tren de Aragua, a Venezuelan gang that has spread into the U.S.

Fact check: Are noncitizens being encouraged to vote?

“We have to have borders, and we have to have good elections. Our elections are bad. And a lot of these illegal immigrants coming in, they’re trying to get them to vote. They can’t even speak English. They don’t even know what country they’re in, practically. And these people are trying to get them to vote, and that’s why they’re allowing them to come into our country," Trump said.

It is a crime to register or vote as a noncitizen in all state and federal elections, though Washington, D.C., and a handful of municipalities in California, Maryland and Vermont allow noncitizen voting in local elections. Few people break those laws.

There’s no evidence of “people” trying to get undocumented migrants to vote, either.

Fact check: Trump says ‘fossil fuel will be dead’ under Harris

“If she won the election, the day after that election, go back to destroying our country and oil will be dead. Fossil fuel will be dead. We’ll go back to windmills, and we’ll go back to solar, where they need a whole desert to get some energy to come out. You ever see a solar plant? By the way, I’m a big fan of solar, but they take 400-500 acres of desert soil," Trump said.

Oil and gas production is at an all-time high under the Biden administration, and the U.S. is the world’s top oil producer.

Meanwhile, wind and solar power are rapidly expanding across the country. The U.S. Energy Information Association projects the amount of new solar power coming online will grow by 75% from 2023 to 2025. New wind power is also increasing by 11%.

In the context of the cost of living for Americans, solar and onshore wind are also significantly cheaper sources of energy than fossil fuel. Solar power, on average, costs nearly half the price of fossil gas energy, according to the EIA.

Fact check: Did Trump threaten there would be a ‘bloodbath’ if he doesn’t win the election?

“Donald Trump, the candidate, has said, in this election, there will be a bloodbath if this and the outcome of this election is not to his liking. Let’s turn the page on this. Let’s not go back. Let’s chart a course for the future and not go backwards to the past," Harris said.

This is true, though Trump says differently.

During the debate, Trump hit back at Harris, saying: “Let me just it was a different term, and it was a term that related to energy, because they have destroyed our energy business. ... That story has been, as you would say, debunked.”

Harris was referring  to comments Trump made at a rally in Andalia, Ohio, in March .

At the rally, Trump vowed there would be a “bloodbath” if he’s not elected in November — comments that came during a broader tirade that included his referring to the possibility of an increasing trade war with China over auto manufacturing.

At the Ohio rally, Trump said: “If you’re listening, President Xi — and you and I are friends — but he understands the way I deal. Those big monster car manufacturing plants that you’re building in Mexico right now … you’re going to not hire Americans and you’re going to sell the cars to us, no. We’re going to put a 100% tariff on every single car that comes across the line, and you’re not going to be able to sell those cars if I get elected.”

“Now, if I don’t get elected, it’s going to be a bloodbath for the whole — that’s gonna be the least of it,” he added. “It’s going to be a bloodbath for the country. That will be the least of it. But they’re not going to sell those cars. They’re building massive factories.”

Later, Trump said, “If this election isn’t won, I’m not sure that you’ll ever have another election in this country.”

Trump has continued to refuse to acknowledge that he lost the 2020 election. The doubt he cast on the results of the race helped sow the Jan. 6, 2021, Capitol insurrection.

In response to the comments in March, Trump campaign spokeswoman Karoline Leavitt told NBC News at the time that “Biden’s policies will create an economic bloodbath for the auto industry and autoworkers.”

Fact check: Who is responsible for the botched troop exit from Afghanistan?

“They didn’t fire anybody having to do with Afghanistan and the Taliban and the 13 people who were just killed, viciously and violently killed. And I got to know the parents and the family. They didn’t fire, they should have fired all those generals, all those top people, because that was one of the most incompetently handled situations anybody has ever seen," Trump said.

This is true, but additional context is needed.

It’s true that no one in the Biden administration was held accountable for the final withdrawal of troops from Afghanistan in August 2021, a chaotic event that resulted in 13 deaths.

But Trump and Biden share responsibility for the withdrawal and its consequences. Both publicly supported pulling U.S. troops out and rejected advice from military commanders to keep a small U.S. force on the ground.

Trump and his supporters have tried to solely blame Biden and Harris for the chaotic pullout. The Biden administration, in a National Security Council report last year, tried to pin most of the blame on the Trump administration, arguing that Biden was “severely constrained” by Trump’s decisions.

In February 2020, the Trump administration negotiated an agreement with the Taliban that excluded the Afghan government, reduced U.S. troops levels from 12,500 to 2,500, freed 5,000 Taliban prisoners   in a prisoner exchange and required all U.S. troops to withdraw by May 1, 2021.

In return, the U.S received an ambiguous pledge from the Taliban not to allow Afghanistan to become a base for terrorist attacks against the U.S. and its allies. 

Trump then scaled back U.S. troop levels over the course of 2020 from about 13,000 to 2,500 as part of the deal, even though the Taliban didn’t keep their commitment to reduce violence and it maintained ties with Al Qaeda. Republican lawmakers in November expressed alarm over the troop reductions, with Sen. Marco Rubio, of Florida, warning of a “Saigon-type situation.”

The February 2020 Doha agreement and the troop drawdown presented Biden with difficult choices. Some administration officials were concerned that if the U.S. chose to renege on the Doha agreement, the administration would have to deploy additional U.S. troops in Afghanistan to bolster the small contingent remaining. That, in turn, risked triggering an intensified war with the Taliban.

The head of U.S. Central Command, Gen. Frank McKenzie, recommended keeping a small force of 2,500 in place to counter the terrorist threat from the country and to support the Afghan army. The chairman of the Joint Chiefs of Staff, Gen. Mark Milley, agreed with the recommendation.

Biden eventually moved up the timeline for full troop withdrawal to Aug. 31 (from Sept. 11) as the Taliban made dramatic advances across the country.

In August, Taliban forces seized Kabul without a fight, and Afghan President Ashraf Ghani fled the country amid chaotic scenes at the Kabul airport. Desperate Afghans climbed onto the wings of a U.S. cargo plane and fell from the sky after it took off. 

On Aug. 26, a bombing at the airport’s Abbey Gate during the final days of the withdrawal killed 13 U.S. service members and 170 Afghans and wounded many more people. The attack was carried out by ISIS. 

Fact check: Trump says Harris ‘wants to do transgender operations on illegal aliens that are in prison’

“Now she wants to do transgender operations on illegal aliens that are in prison," Trump said.

CNN  recently reported  that in her response to an American Civil Liberties Union questionnaire in 2019, Harris said transgender people who rely on the state for care, including federal prisoners and detainees, should have access to gender transition treatment. The Harris campaign didn’t answer questions from CNN about whether she still supports that position.

Fact check: Trump says Democrats support ‘execution after birth’

“You can look at the governor of West Virginia, the previous governor of West Virginia — not the current governor, who is doing an excellent job, but the governor before — he said the baby will be born and we will decide what to do with the baby. In other words, we’ll execute it. And that’s why I did that, because that predominates, because they’re radical. The Democrats are radical. ... Her vice presidential pick says abortion in the ninth month is absolutely fine. He also says execution after birth is execution — no longer abortion because the baby is born OK, and that’s not OK with me," Trump said.

While some Democrats, including Walz, support broad access to abortion regardless of gestation age, infanticide is illegal, and no Democrats advocate for it. What’s more, just 1% of abortions are performed after 21 weeks’ gestation,  according to the Centers for Disease Control and Prevention , and they are typically due to serious medical causes.

This is a frequent falsehood from Trump dating to 2019, referring to something former Virginia Gov. Ralph Northam, a Democrat, said on a radio program. NBC News  debunked the claim  then, reporting that Northam’s remarks were about resuscitating infants with severe deformities or nonviable pregnancies. 

Asked what happens when a woman who is going into labor desires a third-trimester abortion, Northam noted that such procedures occur only in cases of severe deformities or nonviable pregnancies. He said that in those scenarios, “the infant would be resuscitated if that’s what the mother and the family desired, and then a discussion would ensue between the physicians and the mother.”

Fact check: Are pets being harmed by migrants?

Baseless rumors have  spread on social media for days  claiming that Haitian immigrants in Ohio are abducting and eating pets. Most of the rumors involve Springfield, which has a large number of Haitian immigrants, but police there knocked down the stories Monday in a statement saying they hadn’t seen any documented examples.

“There have been no credible reports or specific claims of pets being harmed, injured or abused by individuals within the immigrant community,” the statement said.

Republicans, including Vance, have pointed to the claims as evidence that immigrants are causing chaos. Vance, though, hedged somewhat  in a statement  on X on Tuesday, saying, “It’s possible, of course, that all of these rumors will turn out to be false.”

Immigration is  a potent subject  in the presidential face. In an NBC News poll in April,  22% of voters  put immigration and the border as the most important issue facing the country, second only to inflation and the cost of living, at 23%.

John Kirby, the White House’s national security spokesperson,  denounced the claims  about Haitians in Ohio as a dangerous conspiracy theory that could inspire anti-immigrant violence.

“There will be people that believe it no matter how ludicrous and stupid it is, and they might act on that kind of information and act on it in a way where somebody could get hurt,” he told reporters Tuesday.

Fact check: Have the jobs created under the Biden administration been ‘bounce-back’ jobs?

“[T]he only jobs they got were bounce-back jobs. These were jobs bounce back, and it bounced back, and it went to their benefit, but I was the one that created them," Trump said.

The U.S. regained all the jobs lost during the Covid-19 pandemic  in June 2022 . Since then, more than 6 million jobs have been created.

Fact check: Trump says inflation is ‘probably the worst in our nation’s history’

“Look, we’ve had a terrible economy because inflation has — which is really known as a country buster. It breaks up countries. We have inflation like very few people have ever seen before, probably the worst in our nation’s history," Trump said.

Inflation is at 2.9%, the lowest it has been since March 2021, although the rate did reach a peak of 9.1% during June 2022 amid the Covid-19 pandemic. Inflation was at that level at multiple points of the Trump presidency, as well, in June and July 2018.

Fact check: Trump says he has ‘nothing to do with Project 2025’

“I have nothing to do with Project 2025. That’s out there. I haven’t read it. I don’t want to read it purposely. I’m not going to read it. This was a group of people that got together. They came up with some ideas, I guess, some good, some bad, but it makes no difference," Trump said.

Trump has spent weeks trying to push back against associations with Project 2025, a 900-page policy wish list put out by the Heritage Foundation.

It’s true that Trump has disavowed some of the policies in the document and that he didn’t write it, but many of his allies and former aides  are behind it  and have advanced the positions proposed in it.

The Heritage Foundation also had significant influence in the Trump administration. In 2018, it boasted  that Trump and his administration “embraced nearly two-thirds of the policy recommendations” it advanced in a similar document. 

Fact check: Are 21 million migrants coming into the U.S. monthly?

“But when you look at what she’s done to our country, and when you look at these millions and millions of people that are pouring into our country monthly, where it’s I believe 21 million people, not the 15 that people say," Trump said.

According to statistics from U.S. Customs and Border Protection, there have been an estimated 10 million encounters across U.S. land borders during the Biden administration. In July, CBP recorded 170,273 national encounters between and at U.S. ports of entry. The most national encounters recorded since the start of fiscal year 2024 has been 370,887.

Fact check: Would Trump tax cuts create a $5 trillion deficit?

“My opponent, on the other hand, his plan is to do what he has done before, which is to provide a tax cut for billionaires and big corporations, which will result in $5 trillion to America’s deficit. My opponent has a plan that I call the Trump sales tax, which would be a 20% tax on everyday goods that you rely on to get through the month. Economists have said that that Trump sales tax would actually result for middle-class families in about $4,000 more a year," Harris said.

This is true.

A report in May  from the nonpartisan Congressional Budget Office found that extending the Trump tax cuts for 10 years would add $4.6 trillion to the federal deficit.

Harris’ reference to Trump’s “sales tax” actually refers to his proposal to raise tariffs on all nearly all imported basic goods by 10% and by up to 60% on basic goods imported from China. Economists,  including from the left-leaning Center for American Progress , have said those levels of tariffs would pass costs on to consumers, amounting to about $3,900 in additional costs for an average middle-class family.

Jane C. Timm is a senior reporter for NBC News.

Adam Edelman is a politics reporter for NBC News.

David Rohde is the senior executive editor for national security at NBC News. A Pulitzer Prize winner who previously worked at the New York Times and the New Yorker, his latest book is Where Tyranny Begins: The Justice Department, the FBI and the War on Democracy .

What is Business Continuity Technology: Guide for MSPs

Learn what business continuity technologies MSPs should offer for essential functions to continue during a disruption, minimizing downtime and impact.

Pamela Winikoff

Channel Insider content and product recommendations are editorially independent. We may make money when you click on links to our partners. Learn More .

In today’s digital landscape, business continuity is more crucial than ever, with managed service providers (MSPs) playing a crucial role in implementing technology that safeguards their clients’ operations. This comprehensive guide explores the fundamentals of business continuity, its importance, and the various technologies MSPs can leverage to ensure their clients’ businesses remain resilient in the face of disruptions.

What is business continuity?

Business continuity is the ability, and in many instances, the obligation of an organization to maintain its essential operations during and after a disaster or outage. Ongoing continuity in the face of disaster involves planning and preparation to ensure that critical operations continue with minimal disruption and that personnel, assets, and processes remain safe. More than a strategic initiative, business continuity is the organization’s lifeline for maintaining its survival.

MSPs play an instrumental role in safeguarding businesses against unforeseen events that could lead to financial loss and failure by identifying potential risks, developing response plans, and implementing technologies that enable rapid recovery. This three-pronged approach helps businesses minimize downtime, protect their reputation, and maintain customer trust through technologies that enhance security, streamline operations, and provide proactive issue resolution.

Why do businesses need a continuity plan?

The rising tide of sophisticated cyberattacks, ransomware incidents, and other digital threats, along with the increase in natural disasters due to climate change, pose unprecedented risks to businesses of all sizes. In an increasingly interconnected and digital world, businesses face an increasing number of potential disruptions ranging from natural catastrophes and sophisticated cyberattacks to equipment failures and human error.

Without a solid continuity plan, minor incidents can escalate into major crises. The financial impact for each minute of unplanned downtime can be staggering. In industries such as health care, banking, and finance, regulatory compliance requires companies to have robust continuity plans in place. Failure to meet the requirements can result in hefty fines and legal consequences.

A well-designed continuity plan provides peace of mind to employees, customers, and investors and demonstrates that the organization is prepared to handle adversity and can deliver products and services, despite challenging circumstances.

How can businesses create a continuity plan?

Creating an effective business continuity plan is a structured process that requires careful consideration, expertise, and a strategic approach to maintaining continuous operations. This includes following these best practices:

• Conduct a thorough business impact analysis: Identify critical business functions, assess the potential impact of disruptions, and prioritize processes and systems for restoration. This step helps focus resources on the most crucial areas of the business.
• Identify potential risks and threats: Consider natural disasters, cyberattacks, power outages, pandemics, and other potential disruptions. Evaluate the likelihood and potential impact of each threat to develop targeted mitigation strategies.
• Develop specific response and recovery procedures: Create step-by-step actions for during and after a disruption, outlining clear protocols for various scenarios. This ensures a coordinated and efficient response when incidents occur.
• Document the continuity plan: Ensure all aspects of the plan are thoroughly recorded and train key personnel on their roles and responsibilities. This documentation serves as a crucial reference during crises.
• Implement regular testing and updates: Conduct periodic drills and simulations, and keep the plan relevant and effective through regular revisions. This ongoing process helps identify and address potential weaknesses in the plan.
• Develop and manage technological solutions: MSPs should oversee the deployment of necessary tech infrastructure and ensure all systems are properly integrated and maintained to support the continuity plan.

By following these steps, businesses can create a comprehensive continuity plan that prepares them for potential disruptions. In the next section, we’ll delve into the specific types of continuity technology that MSPs can offer to support these plans.

The types of continuity technology MSPs can offer customers

MSPs are uniquely positioned to provide a range of business continuity technologies to their customers with solutions that include backup and recovery, data protection, and compliance solutions, which form the backbone of a comprehensive business continuity plan.

Backup and recovery tools

Backup and recovery tools are fundamental to business continuity. These solutions ensure that critical data and systems can be quickly restored in the event of data loss or system failure. Modern backup solutions offer features like continuous data protection, which captures changes in real-time, minimizing data loss. They also provide options for both on-premises and cloud-based backups, offering flexibility and redundancy.

Recovery tools complement backup systems by enabling rapid restoration of data and systems. This includes features like instant recovery, which allows virtual machines to be spun up directly from backup files, drastically reducing downtime. MSPs should also consider offering disaster recovery as a service (DRaaS) solutions, which provide comprehensive backup and recovery capabilities, often with the ability to failover to cloud-based systems in the event of a major disaster.

Data protection

Data protection technologies go beyond simple backups to ensure the security and integrity of business data. Data protection is crucial in an era of increasing cyber threats and stringent data privacy regulations. Encryption tools, both for data at rest and in transit, are essential components of data protection. These ensure that even if data is intercepted or stolen, it remains unreadable and secure.

Data loss prevention (DLP) solutions help businesses identify and protect sensitive information, preventing unauthorized sharing of confidential data and reducing the risk of data breaches. MSPs should also consider offering advanced threat protection services, including next-generation firewalls, intrusion detection and prevention systems, and endpoint protection platforms. These technologies work together to create a robust defense against cyber threats.

Compliance and regulatory needs

Many industries are subject to strict regulations regarding data protection and business continuity. MSPs can offer solutions that help businesses meet these compliance requirements. Compliance-focused technologies include audit trail and reporting tools, which provide detailed logs of all system activities. These are crucial for demonstrating compliance during audits.

Data archiving solutions help businesses retain records for the required periods while ensuring they remain accessible and tamper-proof. This is particularly important in industries like healthcare and finance. MSPs can also offer governance, risk, and compliance (GRC) platforms, which are comprehensive solutions that help businesses manage their compliance obligations across multiple regulations and standards.

By offering this range of business continuity technologies, MSPs can help their customers build resilient and compliant infrastructures that can withstand and recover from various disruptions, ensuring business continuity and protecting critical data and systems.

How business continuity technology enables disaster recovery

Business continuity technology plays a crucial role in enabling effective disaster recovery . At its heart, disaster recovery is the ability to quickly restore critical systems and data. Backup and recovery tools are essential in enabling the resumption of operations, allowing businesses to retrieve lost data and bring systems back online with minimal downtime. These tools include the following technologies:

• Virtualization technologies: Virtualization technologies enable businesses to quickly spin up virtual machines, either on-premises or in the cloud, allowing for rapid recovery of critical applications, even if physical hardware is damaged or inaccessible.
• Replication technologies: Replication technologies continuously copy data and system states to secondary sites, and in the event of a disaster, operations can be quickly switched to these replicated systems, minimizing disruption to the business.
• Cloud-based disaster recovery solutions: Cloud-based disaster recovery solutions allow businesses to maintain a warm or hot site in the cloud if the primary site goes down.
• Automated failover and failback processes: Failover and failback processes can detect issues and initiate recovery processes with minimal human intervention, further streamlining the disaster recovery process.

The integration of these advanced business continuity technologies is crucial in enabling effective and efficient disaster recovery, helping organizations bounce back from unexpected disruptions and maintain business operations.

The role of MSPs in delivering continuity solutions

MSPs play a crucial role in delivering comprehensive continuity solutions that help businesses remain operational during times of crisis. Their expertise enables them to offer tailored solutions that keep clients’ systems running smoothly through the following levels of support:

• Comprehensive incident detection and response: MSPs offer technologies that detect and respond to incidents in real-time, minimizing disruptions and downtime.
• Tailored continuity solutions: With a deep understanding of client’s IT infrastructure and operations, MSPs customize solutions to address specific needs and vulnerabilities.
• A holistic approach to continuity: By incorporating continuity technologies into their overall managed services, MSPs ensure a seamless strategy that protects every aspect of a client’s business.
• Freeing up internal IT teams: MSPs manage continuity solutions, allowing internal IT teams to focus on core business tasks rather than crisis management.

With their deep expertise and the ability to deliver personalized solutions, MSPs are well-positioned to serve as trusted partners, ensuring that businesses can weather disruptions and continue to thrive. At the same time, they can create new revenue streams for their organization since businesses are willing to pay a premium for these services, which offer peace of mind and risk mitigation.

Challenges and considerations for MSPs

While the benefits of offering business continuity solutions are clear, MSPs may face several challenges in implementing and delivering these services effectively:

• Keeping up with evolving threats and technologies: With new threats and technological advancements emerging regularly, MSPs must stay vigilant and continuously update their knowledge and service offerings to remain relevant.
• Ensuring seamless integration and interoperability: Continuity solutions often involve a complex ecosystem of technologies, which must work together seamlessly and integrate with the client’s existing infrastructure can be a significant challenge.
• Balancing cost and value: Implementing and maintaining robust continuity solutions comes with a significant price tag, making it essential that MSPs find the right balance between offering cost-effective solutions and delivering the protection and value clients expect.
• Addressing client resistance to change: MSPs must be proactive in educating clients, addressing their concerns, overcoming their resistance to change, and demonstrating the tangible benefits of a well-designed continuity plan.
• Maintaining ongoing testing and updates: MSPs must ensure that their clients’ continuity plans and technologies are regularly tested, updated, and refined to address evolving threats and changing business requirements since business continuity is an ongoing process.

By addressing these challenges and considering the unique needs of their clients, MSPs can successfully deliver comprehensive business continuity solutions that position them as strategic partners and trusted advisors.

Bottom line: More than just technology, business continuity is peace of mind

Business continuity technology is not just a safeguard—it’s a competitive advantage. By offering robust continuity solutions MSPs can set themselves apart in a crowded market, and go beyond selling technological services, instead providing peace of mind in an uncertain world, helping organizations build resilient businesses that can weather any storm.

RMM software is essential for MSPs to proactively monitor and manage clients’ IT infrastructures, ensuring resilience and business continuity. Discover the best RMM tools for 2024.

Frequently asked questions (FAQs)

To help clarify key concepts and address common concerns about business continuity, we’ve compiled a list of frequently asked questions. These questions provide insight into how to develop, implement, and maintain effective continuity plans and strategies.

1. What’s the difference between business continuity and disaster recovery?

Business continuity is the overall strategy and plan to ensure critical business functions can continue during and after a disruption. Disaster recovery is a specific component of business continuity that focuses on restoring technology infrastructure and data after an incident.

2. How often should a business continuity plan be tested?

The best practice is to test the business continuity plan at least annually, but many experts recommend testing it more frequently, such as quarterly or semi-annually. Regular testing helps identify gaps and ensure the plan remains effective.

3. What are some common challenges in implementing business continuity technology?

Common challenges include budget constraints, lack of buy-in from leadership, difficulty integrating legacy systems, and ensuring seamless failover and data replication. These issues can make it difficult for MSPs to deliver business continuity services.

4. How can small businesses benefit from business continuity technology?

Small businesses can leverage cloud-based and affordable business continuity solutions to gain enterprise-level data protection, backup, and disaster recovery capabilities without large upfront costs. This helps them stay resilient against disruptions.

5. What role does employee training play in business continuity?

Employee training is critical for the success of a business continuity plan. Training helps ensure employees understand their roles, know how to respond during an incident, and can effectively execute the plan when needed.

6. How can MSPs measure the effectiveness of their business continuity services?

MSPs can measure effectiveness through metrics like recovery time objectives, recovery point objectives, backup success rates, and customer satisfaction. Regularly reviewing these metrics helps identify areas for improvement in the business continuity services.

7. What are the 4 Ps of business continuity?

The 4 Ps of business continuity are the critical that must be addressed to effectively respond to and recover from disruptions and ensure continuity. They include:

• People: Ensuring the safety and well-being of employees and having a plan to maintain critical business functions with available personnel.
• Processes: Identifying and documenting the essential processes required to keep the business running, and having procedures in place to maintain or quickly restore these processes.
• Premises: Protecting the physical locations and facilities necessary for business operations, and having a plan to relocate or operate from alternative sites if the primary premises are unavailable.
• Partners: Collaborating with key suppliers, vendors, and other stakeholders to ensure the continuity of the overall business ecosystem and supply chain. 

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UAE, India sign four key pacts in energy sector

Leaders underscored the need to explore new areas of untapped potential.

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Published: Tue 10 Sep 2024, 8:15 PM

The UAE and India on Tuesday signed four major pacts that will facilitate crude oil storage, long-term supply of LNG and cooperation in the civil nuclear energy sector.

The agreements were inked as Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and Prime Minister Narendra Modi held wide-ranging talks focusing on boosting overall strategic ties in New Delhi on Monday.

In their discussions, the two leaders underscored the need to explore new areas of untapped potential, particularly in nuclear energy, critical minerals, green hydrogen, artificial intelligence, and cutting-edge technologies, according to the Ministry of External Affairs (MEA)

An agreement for the long-term supply of one million metric tonnes of LNG (liquefied natural gas) per annum to the Indian Oil Corporation Ltd by Abu Dhabi National Oil Company (Adnoc) and another between Adnoc and India Strategic Petroleum Reserve Ltd (ISPRL) are among the four pacts, the MEA said.

Emirates Nuclear Energy Company and Nuclear Power Corporation of India Ltd also inked a pact that is expected to enhance cooperation in the operation and maintenance of nuclear power plants, the sourcing of nuclear goods and services from India. It will also provide a framework for exploring mutual investment opportunities and capacity building in the civil nuclear domain.

The fourth pact is the production concession agreement for Abu Dhabi onshore block-one between Urja Bharat and Adnoc.

“The visit of Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to India marks another milestone in the ever-strengthening India-UAE relationship. The Comprehensive Economic Partnership Agreement (Cepa) has already laid a strong foundation for collaboration in key sectors such as trade, investment, energy, and technology. Building on this, the Crown Prince’s visit signals a renewed commitment to expanding into new and emerging areas, unlocking additional pathways for economic growth and mutual prosperity,” said Adeeb Ahamed, managing director of Lulu Financial Holdings, who was part of the delegation accompanying the Crown Prince.

A separate pact was inked between the Gujarat government and the Abu Dhabi Developmental Holding Company PJSC on setting up food parks in India.

The agreement for the long-term supply of LNG for 1 million metric tonnes per annum (MMTPA) is the third such contract signed in just over a year. Both IOCL and GAIL had previously signed long-term agreements for 1.2 MMTPA and 0.5 MMTPA, respectively, with Adnoc.

The MoU between Adnoc and ISPRL provides for exploring Adnoc’s participation in additional opportunities for crude storage in India and the renewal of their storage and management agreement on mutually acceptable terms and conditions, the MEA statement said. The MoU builds on Adnoc’s existing involvement in crude storage at the Mangalore Cavern of ISPRL since 2018.

The production concession agreement for Abu Dhabi Onshore Block one between Urja Bharat (a JV of IOCL and Bharat PetroResources Ltd) and Adnoc is the first for any Indian company operating in the UAE. The concession entitles Urja Bharat to bring crude oil to India, thus contributing towards the country’s energy security, the MEA said.

The MoU on food parks conveys ADQ’s expression of interest in developing Gundanpara in Bavla in Ahmedabad as a highly promising site for this ambitious project, with a view to commencing the project in the second quarter of 2025.

The Crown Prince, who arrived in India on Sunday, visited Mumbai on Tuesday and participated in an India-UAE Business Forum.

A soft launch on the commencement of work on the India-UAE virtual trade corridor took place in Mumbai, the MEA said.

In their talks, Modi and Sheikh Khalid expressed satisfaction over the substantial progress achieved in recent years in the India-UAE Comprehensive Strategic Partnership and discussed opportunities to further deepen the ties in all areas of bilateral cooperation, the MEA said.

“They acknowledged that the success of the Comprehensive Economic Partnership Agreement (Cepa) and the recent entry into force of the Bilateral Investment Treaty (BIT) will provide further impetus to the strong economic and commercial partnership between the two countries,” it said.

MEA spokesperson Randhir Jaiswal said Modi and the Abu Dhabi Crown Prince discussed the multifaceted relations between India and the UAE with an aim to broaden the comprehensive strategic partnership. Their meeting also featured discussions on the UAE and India’s historical bonds of friendship and cooperation across all key sectors, as well as the two countries’ perspectives on several topics of mutual interest.

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