Both business and strategic plans begin with an environmental scan tailored to the organization. However, the business plan focuses solely on the organization’s market and operations. The business plan seeks to take the reader on a tour of the operations of the organization. Beginning with the mission and objectives, it moves through the requirements necessary to achieve them. The table below examines some of the differences between the two types of plans (Olsen, n.d.).
Strategic Plan
Business Plan
Used for implementing and managing strategic direction.
Used to start up a new business or line of service, obtain funding, or direct operations.
Three to five years in scope.
One year or less in scope.
Provides focus, direction, and action in order to move organization forward.
Provides structure for ideas and resources.
Critical to prioritizing resources.
Critical to obtaining funding.
Builds on competitive advantage.
Assesses viability of a business opportunity.
Futuristic in nature.
Tactical in nature.
Used to communicate the direction of the organization to staff and stakeholders.
Used to communicate ideas to investors and lenders.
Reference
Olsen, N. (n.d.). Understanding the difference between strategic plan & business plan. Retrieved from https://onstrategyhq.com/resources/understanding-the-difference-between-strategic-plan-abusiness-plan/
Upon successful completion of the course material, you will be able to:
Develop a business plan for use in strategic planning process.
Evaluate information to support decisions or recommendations.
Demonstrate critical thinking through critical analysis.
Demonstrate systems thinking in the strategic planning process.
Read Chapter 7, “Strategic Planning and the Healthcare Business Plan,” in Essentials of Strategic Planning in Healthcare.
Review the “Coastal Medical Center Comprehensive Case Study.”
Using the information provided in Chapter 7 and the CMC case study, develop a business plan for CMC’s potential new physical therapy clinic. Use the information provided in Exhibits 7.3, 7.4, and 7.5 as the data for the business plan. Make sure the plan includes the following (See Exhibit 7.1):
Executive Summary
Statement of Purpose
Description of the Business
Financial Data
Alternatives
Recommendation
Last Completed Projects
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