What is a Business Strategy?

What is a Business Strategy?

Business Tips, Business Tips & Advice
Often overused and broad-reaching, the term strategic planning has become yet another one of those vague buzz phrases that get tossed about with little to no real understanding of what it means. "I've developed an Internet strategy that will make us millions." Merely electing to sell widgets on the Internet is not a business strategy; it is but a component. What is the market? Who are your competitors? Who will buy your product? These types of questions, along with many, many more provide the foundation for developing a solid strategic plan. A successful business strategy is a combination of art and science. It turns a dynamic situation to your advantage to achieve your goals. A business strategy must include a set of (frequently interdependent) decisions and actions that define a…
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