Despite the increasing interest in the intersection between strategic planning and business model management, research and practice struggle to integrate the two activities. By applying a rationalist view and drawing on the formal control theory, we develop an integrated management framework that provides a conceptual model of how to achieve consistency between the relevant goal and the planning levels. Therefore, we decompose the complex organizational activities into the level strategy, business model portfolio, tactics, and operations. For each level, we specify the formal activities and objectives and elaborate how the levels determine each other. Furthermore, we explain how higher and lower level formal control loops ensure alignment and that the appropriate level of the organization responds to changes in the environment. Finally, we discuss how these formal control mechanisms allow for proficient management of the dynamics inherent in strategy and business model management.