A Definition of Business Strategy
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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 conducted to achieve the desired goals. Without a strategy management has no roadmap to guide them.
Defining your Business Strategy
Defining your 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 define a business strategy
Click here to find an example - Ryanair Business Strategy - Fly for Free!
Click on the following link to read about What Strategy is - according to this article tin the Harvard Business Review - Is Strategy a choice between “do something so dauntingly original that no one can copy you” or “fight to the death with your rivals over the pie.”
What is Strategy, Again?
Importance of Creating a Business Strategy Map
A Business strategy map is a great way to see the whole picture on one piece of paper and to adjust and align business activities to achieve the vision and goals of the company.
It takes the systems thinking approach - everything in an organization and its environment is interrelated and so determines the outputs of the whole system.
Strategy creation is involved because there are so many inter-dependencies. On great way of representing these cause and effect relationships is to use a strategy map. This is the basis of the balanced scorecard approach.
Find out about Balanced Scorecards
Click on the the following graphic to find out more about Business strategy maps
When to Update your Business Strategy
The strategy needs to be frequently reviewed against prevailing external and internal environment ( SWOT analysis ).
This is where business intelligence 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.
Definition of Business Strategy Summary
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.
The definition of business strategy is a long term plan of action designed to achieve a particular goal or set of goals or objectives.
Every business needs to have a plan or strategy to survive!
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