Is Strategy & Plan the same ?
Is Strategy & Plan the same ?
Let us talk about a misconception that a lot of our Entrepreneurs have, we always assume that Strategy and Plan are the same. I am sure most of you would also agree that they are the same, but they are not.
Let’s start with understanding what is Strategy & what is a Plan ?
A plan is a pattern, a scheme or a detailed program to achieve a particular goal and make arrangements to meet a definite purpose.
On the other hand, the strategy is a blueprint, layout, design, or idea which is very flexible and open for adaptation and changes. It is also defined to achieve a particular goal. A strategy is most useful when there is collaboration and innovation are of the utmost importance.
Business Strategy vs Plan:
In a business plan, Management decided to launch a new product for which it will plot a plan and define tasks for research, design, manufacturing, product placement, and marketing with defined timelines and allocated budgets.
However, in a business strategy, management will conduct a detailed study of the past experience and take pointers & learnings from the past to determine what can be done differently and better, earlier in the process of product development. The team will use foresight to determine what customers will want and creative marketing techniques to ensure a winning product.
Summary
A plan give you the steps, while a strategy help you identify & define the best possible steps for Business.
A strategy is bigger than a plan. Strategy answers the most Critical question of “Why” in the business.
