WHAT IS A BUSINESS STRATEGY AND WHY ARE THEY IMPORTANT?
BUSINESS STRATEGY
AND WHY ARE THEY IMPORTANT?
A business strategy identifies all of the steps necessary to achieve the larger vision of a business. Knowing how to formulate and execute a business strategy helps business owners to become market leaders in their domain.
In essence, a business strategy serves as the backbone of a business, plotting a course to help founders accomplish their goals.
As business environments become increasingly competitive, business strategies have become more and more important. In a start-up’s initial phases, careful planning is crucial, clarifying goals and identifying the steps necessary to enable the company to reach its vision.
Creating a business strategy helps leaders to identify their business’s strengths and weaknesses, cap-
italise on aspects they already know they are good at and improve other, weaker areas. Devising a business strategy ensures that every aspect of a business is planned for, improving efficiency and ensuing that all team members are aware of what they need to do, with capital allocated properly. A business strategy also enables business leaders to exercise control over operational processes, as well as enabling the business to gain a competitive advantage by differentiating itself from its market rivals.
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