What is the difference between strategic planning and growth planning?
Strategic planning and growth planning are both essential for business development, but they serve different purposes, timeframes, and focuses.
Strategic Planning: A Broader Framework
Strategic planning involves setting the long-term direction of a company. It defines the organization’s mission, vision, core values, and overarching goals.
This type of planning addresses what the business wants to achieve in 3 to 5 years or more, and outlines the broad initiatives needed to get there.
It also includes internal assessments (strengths and weaknesses) and external analysis (opportunities and threats), often via a SWOT analysis.
Strategic planning doesn’t just cover growth but also includes market positioning, talent management, risk management, partnerships, and innovation.
Example: A company deciding to shift toward a digital-first model as part of a five-year transformation strategy.
Growth Planning: A Tactical Component of Strategy
Growth planning, on the other hand, is more focused and operational. It answers the question: "How will we increase revenue, market share, or scale?"
It often involves plans for product expansion, customer acquisition, market entry, or geographic expansion.
Growth plans tend to be shorter in horizon (1–3 years) and are highly measurable with targets like increasing customer base by 25% or launching three new product lines.
Example: A company developing a plan to grow its customer base in Southeast Asia over the next 18 months through a digital marketing push.
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