For people working outside of strategy departments the difference between strategic planning and long term planning might not be apparent. There is however a marked contrast between the two, with both serving critical functions in the continued success of an organisation.
Strategic planning is normally conducted by an organisation's most senior executives, with emphasis placed on determinng the companies mission, vision and overarching strategy. Strategic planning is also an ongoing process, where management continuously reappropriate resources to initiatives that need to be prioritised.
Long term planning is about setting the process by which the strategic plan will be achieved. It's about aligning your project to fit in with your strategic goals and coordinating departments so that they're in sync and ready to hit the organisations' targets. In contrast to Strategic planning, Long term planning is normally given a timeframe, often over five years depending on the strategic objective it is trying to accomplish.
Above all, strategic planning is about defining policy and a mission that the company wants to promote, like sustainability for example. Strategic Planning is about allocating resources to meet these demands. Both strategies are imperative, and both aid growth and profitability, so it's important that companies get them right.