Strategic and tactical plans are different from business plans.
Business plans are often used to sell the company to potential investors and financial backers. In order to do so, they must come to grips with the realities of the company, the marketplace, the existing corporate products and services, the strengths and weaknesses of the management team including its ability to deliver results, and the company’s finances. As a result, the business plan should be the foundation upon which the strategic and tactical plans rest. A strategic and tactical plan that fails to confront the realities represented in the business plan is unlikely to succeed.
While business plans are often externally published documents, strategic and tactical plans, focus on how one will sell the organization’s products and services in the marketplace. These plans are internal to the organization and should not be shared with the public or one’s competitors. They are designed to guide organizations along a path. As a result of determining organizational priorities in the tactical plan, corporate financial commitments are determined.
Business, strategic, and tactical planning are primary responsibilities of leadership. The strategic and tactical plans are iterative, that is, they must be reviewed and revised at regular intervals. The marketplace is dynamic and it is imperative that we plan and adjust for the challenges posed by social and business trends, competitive offerings and changes in our working environment.
Strategy Insight 