Many people confuse strategy and tactics. The simple difference is that formulating strategy is about what you want to do, your goal, and tactics are about how you plan to go about doing it, the actual operations and processes. A great strategy is useless if you cannot implement it, and great tactics are useless if you don't have an application for them - and great tactics for implementing one strategy might be very poor for another.

When business people talk about a business model, what they think they are referring to is their strategy, but they are actually talking about tactics. This is probably because, whether they admitted it to themselves or not the strategy was to cash out in an IPO rather than to build real value for the long term, but you can't admit that to gullible investors. Skipping strategy leads to a Pyrrhic victory at best. Also see the Innovator's dilemma.

The third branch of both business and war is logistics. If there is a fourth, it is communications. Unless you can get these four into coherence, whether you are a general or a CEO, you will get your ass handed to you on a plate.