Why You Need a Business Strategy - Part 1

Business strategy is the decision and actions taken to achieve the goals of the organization.

A business strategy is the road map which leads to accomplishing the goals. Often times than no, there is a great chance that a fault in the strategy road map results in failure or under productiveness of the business.

Before business can achieve their goals, there must be a strategy and therefore a business without a strategy, is one I term a dream or an idea.

In our today’s world where there is increasing competition, one cannot overemphasize the importance of business strategy as a as a model and guide to achieving business goals.

I would briefly outline a few reasons why a business strategy is of great necessity to your business.

Planning

The plan sets the goals and objectives, the strategy gives you a way to fulfill those goals. The goal is like a destination you are headed, strategy is the vehicle you enter to reach your destination.

Strengths & Weaknesses

When you set a strategy for your business, you shall be able to understand your strengths and weaknesses and better capitalize and, on your strengths, which helps to overshadow or eliminate your weaknesses.

Efficiency & Effectiveness

When there is a strategy, things are mostly properly planned, people know what to do and when and how to do them, these automatic returns a great level of efficiency and effectiveness.

Competitive advantage

Businesses are always looking for a competitive advantage, a way to stand apart from the masses and to offer something that’s just right for a specific target audience. A business strategy capitalizes on the strengths of the business which in turn helps you to build a competitive advantage