Answered Essay: Describe the difference between a strategic plan, a business plan, and an operational plan?

Describe the difference between a strategic plan, a business plan, and an operational plan? What are their similarities and differences?

Expert Answer

Strategic Plan Business Plan Operational Plan
It facilitates a general guide for the management of the organization It is manly formulated to get funds for initiating a business. It is mainly a strategic plan for effective utilization of organizational resources to fulfill strategic plan.
It provides different strategies to be employed to accomplish organisation’s goals It facilitates different strategies to start the business. It includes details about certain activities to be conducted to implement different strategies.
It is mainly focused on organization’s mission in the longer term (3 – 5 years) It is mainly made for the entire business purpose It mainly deals with the day today operations activities.
A strategic plan helps management to develop an operational plan. It helps the management to find out the resources of funds to start the new venture. It is based on strategic plan.
The strategic plan, is mostly a permanent plan for 3-4 years It can change as per the requirement of the new business There can be annual changes in operational plans.
The development of the strategic plan is a responsibility shared and involves different categories of stakeholders. It is mainly made by the top or middle managers. Chief executive and staff of the organization formulate these plans.
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