A Definition of Business Strategy
The definition of business strategy is a long term plan of action designed to achieve a particular goal or set of
goals or objectives.
Strategy is management's game plan for strengthening the performance of the enterprise.
It states how business should be conduct to achieve the desired goals. Without a strategy management has no roadmap to guide them.
Creating a business strategy
is a core management function.It must be said that having a good strategy and executing the strategy well, does not guarantee success. Organisations can face unforeseen circumstances and adverse conditions through no fault of their own.
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How to create a business strategy
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The strategy needs to be frequently reviewed against prevailing external and internal environment (
This is where
comes in where you need to constantly monitor how the strategy and the objectives are being executed.
Every 5 to 15 years most companies suffer from some unexpected misfortune. Indeed one part of a strategy should be to build in sufficient buffer or slack to be able to ride out any storm.
Some experts claim that a strategy should be designed to provide competitive advantage for the organisation.
Note, the word strategy derives from the Greek word stratēgos, which derives from two words: stratos (army) and ago (ancient Greek for leading). It could be said that a strategy is a leadership plan.
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