A business plan is a management tool, and a strategic plan is a leadership tool. You need both when trying to map out your company's future.
When planning your company's future, asking "what if" questions is a good place to start. However, too often, "what if" turns into "if only" when strategic planning initiatives lack management support, communication and follow through.
It is chosen from alternatives. The strategy selected may be the obvious choice, or it may take some brainpower to develop it. However, there are other alternatives or options for the company to consider in reaching a decision on direction.