What is Business Strategy

What is business strategy?

Most business owners, particularly smme’s and micro enterprises started out without a clear blueprint of how it would operate in order to reach set goals. In fact, many start out of necessity, and with an idea, or solution to a societal or personal problem. Very few have clearly defined goals, nor a strategy plan of how to reach these goals. It is therefore critical to have definite goals with set time lines in order to develop a simple strategy plan; which will govern the process in reaching these set objectives for your business. These clear objectives include, making a profit, being able to pay yourself a salary as the business owner, or buying a property for the business.

A strategy is a sequence of actions or plans designed to achieve a certain goal. It is the roadmap of how you intend to reach the goals you have set for your business and is a key component of a good business plan.

Consider this: Without a strategy plan…
You cannot tell whether you are moving in the right direction or not
You would not know where to focus your energy and resources
You would have difficulty to guide your growth
You would be unable to assign priorities
You would not be able to manage every facet of your business
It is therefore an integral part of the growth and expansion of any business venture.

Written by Rushda Behardien.

Join us on 02 July as we delve into what goes into a business strategy and how to compile a compelling business plan for your business. To book click here.