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:

  1. Financial Perspective
  2. Customer Perspective
  3. Process Perspective
  4. 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.

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If you would like to learn more about how this might apply to your business, let’s talk:

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As a Business Coach from Chicago North Shore, I understand that time is your most valuable asset. Now, I can help you recreate your dreams and vision…and accomplish the goals you first set out to achieve with your business. Ultimately, you will experience a better quality of life because of your commitment to invest in yourself with the help of a Business Prophet Coach and personal mentor.