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This Episode is about:
What is the difference between a business strategy and a business plan? Till:
* Apart from the fact that we don’t like business plans, as we’ve already talked about it, what’s the difference?
* It’s funny. There are a lot of questions about business plans!
* Probably from the students sitting around and trying to figure out; ‘why am I doing this?’
* I never heard about a business strategy when I was in the university.
* When I started my business, the term never crossed my mind.
* Strategy could be something that you plan to do in the future which is not related to the numbers in your business plans.
* Let’s say that your strategy is to conquer the market with three steps in different business models.
* g. you first make a mailing list than sell products on that list and then, as a third step, you actually put a web platform behind the mailing list.
* That’s something I could think of as a business strategy but not a business plan.
* Does it make sense?
* It does make sense but I am still trying to figure out why this question is being asked in the first place.
* If there is anything in it, you should go to Wikipedia and check out the two definitions, right?
* If you are a business person trying to figure out the difference then you are not doing the right things for your business.
* You shouldn’t have the time to think about this nonsense.
* You should be thinking about implementing the best things, learn from what you’ve done and do it again.
* I can’t imagine myself sitting in the morning and thinking about the difference between this and that.
* If a banker comes to me and asks to develop a business plan not a business strategy, my response would be; do I need a banker or why would I need a banker?
* If someone asks you about your business strategy, how do you answer?
* It might be like a shark-tank question e.g. I want to raise my revenue or if I can get 1% out of a billion people market, I’ll get richer.
* The questions should be a lot more specific.
* Instead of asking about the strategy, which really doesn’t matter, you should go into the ‘why’. E.g. if some gives you money, the question should be ‘what exactly are you gonna do with that money?
* And that can be a plan and a strategy.
* It can be both.
* Unless you are doing some kind of a test, who cares!
* I would agree on that.
* It’s like pronouncing tomato, whichever way you say it, just get it done.
* Plan what you are gonna do in the future and then get some piece of proof on that plan. Like expenses, you can always figure out how much a developer costs or the cost of an office.
* It feels like this was one of those stupid questions.
* Maybe we got to improve and add some super questions!
Are you tired of people glorifying location independence or passive income? Why not focus on financial independence and multiple income streams instead. Lets follow that up with SOPs, outsourcing, automation, systems, taxes, marketing, persuasion, habits, philosophy, opportunities abroad, authority building, sales funnels, conversions and creating good work. Since we are not experts in everything you sometimes see us bring in other guests to fill those knowledge gaps.
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