Business strategy is often described as being a business’ high-level plan to achieve specific objectives and is deemed to be successful when it leads to growth, strong financial performance and market dominance. When a business strategy is unsuccessful, then basically, you’ll need to change your strategy or go out of business. This is why getting your business strategy right from the beginning is all important.
A practical Business Strategy
‘A Business strategy is a company’s working plan for achieving its vision, prioritizing objectives, competing successfully, and optimizing financial performance with its business model.’
The above definition of a Business Strategy is preferred by a lot of firms as it is more accurate and indeed, more comprehensive. The actual choice of the objectives is the core of the strategy, but the strategy should also describe in detail exactly how the business expects to achieve the objectives. As such, the strategy should explain in real terms how the business differentiates itself from its competitors; how its going to earn revenue, and where it expects to get its profit.