Lesson 3 – What is the difference between a business plan and strategic plan

A business plan is a formal written document containing business goals, methods to achieve goals, and time frame for these goals to be achieved. It also describes the nature of the business, background information on the organization, the organization’s financial projections, and the strategies it intends to implement to achieve the stated goals. A business plan serves as a road map for the nonprofit to follow to achieve its mission.

A strategic plan focuses on strategic goals that will help a nonprofit advance its mission, an outline of its goals, objectives and activities, an assessment of current resources and a strategic analysis.