What is the difference between a business model and a strategy?
Strategy and business model are often used interchangeably, but they do not mean the same thing. A strategy shows you how to achieve what you want to achieve. A business model is the process by which a company makes money.
They are both about the "what" and "why" of your company. A business model describes how a company makes money, including the makeup of its revenue, where it gets its sales, and how it invests or reinvests in itself. A strategy is more about the "how" and "what." It describes what you do with your business model—it's a plan for how you execute your business model to achieve your goals. The problem is that sometimes people will use these terms interchangeably when they mean two different things. They'll say they have a business strategy, but they're describing something that's more of a business model, or they'll call it their company's business model when they're really talking about its strategy.
When you need help with a business model or a business strategy, call this law firm for a free consultation:
Parklin Law LLC
5772 West 8030 South, Unit N206
West Jordan, UT 84081
(801) 618-0699
https://parklinlaw.com/business-strategy-and-consulting/
