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The difference between strategic management and strategic planning. Both strategic management and strategic planning terms mean the same! The difference is that the latter one is more used in the business world while the former is used in the academic environment.
A business needs to have both a strategic plan and a budget. The strategic plan lays out the direction and goals of the business and guidelines for actions to achieve those goals, while the budget looks at the money needed to support achieving those goals.Budgeting is only one part of the strategic planning process.any approaches to strategic planning are available. One approach is to start with a strategic analysis of where the organization is now, including its strengths and weaknesses and the economic, social, political and technical environment in which the business operates.