The importance of a strategy for your business

“To the person who does not know where he wants to go there is no favorable wind.” – Lūcius Annaeus Seneca

To have favorable wind…it is critical for a company to have a business strategy as it creates a clear vision for the business. With a clear vision, those that form part of the company are able to be aligned to the goals of the business.

A business strategy comprises of the business decisions that are made by a company as well as the actions that carried out in order to accomplish business goals and securing a competitive position in the market.  Overall, a business strategy is the pillar of the business which transcends all aspects of the business leading to the desired goals.

A strategy of a business can be reduced to one of three generic strategies namely, cost leadership, differentiation, and focus.

In light of the above, it is critical for a business to have a marketing plan in order to ensure that its business strategy is formulated and well communicated to the business as a whole.