Most businesses have a business plan but not a strategy. A plan is important, but a strategy makes the plan actualize and brings the goals highlighted in the plan to life.
A strategy is a line of thought, an argument for certain steps to take in order to obtain specific results. A strategy is a reasoned way of doing things, often differently.
In the case of a business, a strategy helps grow a business in ways like increasing market share, attracting ideal customers, developing a product, penetrating a particular market, and so on.
On the other hand, a plan is often general: We want to do this and this by this time. We require this amount of capital and these kinds of skills; we want to get to this location.
A question: Does strategy come before or after a plan? The answer: Both before and after. They work hand in hand; part of the plan could involve strategy. For example, some skill combinations for hiring could be a strategy to produce better products than the competition. A strategy could also come in the process of problem-solving.
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