Business Strategy – What Is It?
It’s a long term plan of action designed to achieve a particular set of goals in a business.
A business strategy is supposed to strengthen the performance of a business. To achieve certain goals, a business needs to continue on a specific plan that is used as a road-map to success.
Business strategies are a great way to see the whole picture…like a map of the business. It helps owners adjust activities and align visions so goals are being met.
Here are some examples that may be in a strategy map:
- Financial Perspective
- Customer Perspective
- Process Perspective
- Growth Perspective
Plan to update your map frequently, reviewing it against any successes and failures. While the plan is to execute the strategy without failure, a business owner needs to be realistic and know that unforeseen circumstances can arise. Strategies should be built to sustain any downfall, or failure, a business might encounter. A strategy map should be designed to give the business an advantage, to build up the successes, and to ride out the storms.
For examples of strategy maps, click HERE.
If you would like to learn more about how this might apply to your business, let’s talk: