Elaborate methods of planning are often used to help develop business strategy. Planning alone does not create strategy because strategy can also stem from inspired thinking. Corporate values also influence strategy because well-managed organizations tend to develop strategy to fit what the people in power think is important. While strategy often stems from planning, many business leaders choose a strategy prior to strategic planning.

Once the firm has the strategy, a plan is developed to implement it. The development of business strategy focuses on the importance of strategic thinking, the human and emotional aspect, gathering multiple inputs, implementation, and SWOT analysis.