A business strategy is a well-documented plan on how an organisation is setting out to achieve their goals. A business strategy comprises of key principles that outlines how a company will go about attaining these goals. For example, it will evaluate the needs and expectations of customers, how to deal the competitors and will also examine the long-term growth and sustainability of the organisation. Following a good, distinctive strategy will ensure that a business builds, maintains and strengthens it competitive advantage in the marketplace.
Not all businesses get it right straight away. There are natural weaknesses within all organisations for various reasons. What a business strategy does is to identify areas for improvements and help the company reaches its full potential.
The factsheets and information provided below are resources to help you develop your business strategy.