It seems that the two phrases “strategic planning” and “business planning” are used interchangeably, much more than ever. I believe it’s better to see the phrases as different than to generalize them as the same.
Strategic Planning Should Be Organization-Wide
Strategic planning is best viewed as clarifying the overall purpose and priorities of the organization. There are many different ways to do strategic planning, and the contents of the plan vary, depending on the purpose of the planning. However, the focus of the planning should primarily be organization-wide.
Business Planning Should Be Product- or Service-Specific
Business planning is best viewed as planning for a specific product or service. The customers and clients for a particular product or service might be very different than for another product or service. You wouldn’t advertise or sell race cars the same way you’d advertise or sell minivans. Each needs a different business plan.
What do you think?