Beyond the Square

Business Plans vs. Business Planning

By Doug Radkey

Although the overall economy hasn’t changed too much, the details surrounding your business may have. How is your market & industry really doing?

What are your competitors up to? What technological or regulatory changes have happened or are going to happen within your business’ environment?

Most people operating businesses know how important it is to have a business plan, particularly if they are looking to secure a loan or other form of financing.

However, a business plan is only half of what your business needs in order to become successful. You also need a strategic plan that will allow you to keep building on your success.

This is all a part of business planning process.

William E Rothschild once said, “What do you want to achieve or avoid? The answers to this question are objectives. How will you go about achieving your desired results? The answer to this, you can call strategy.”

Click here to read more from Doug Radkey and learn more about the difference between business plans and business planning!