What is a business strategy? A business strategy is an articulation of the overall direction of an enterprise in the medium and long-term. It basically specifies the way an entity competes in an industry. In other words, strategies define the rules and guidelines by which the mission, objectives etc may be achieved. Such strategies can cover the whole business or can relate to functional areas such as operations, marketing, finance or human capital. Strategies differ from tactics which are short-term approaches. Your organization requires a unique strategy to be able to differentiate itself properly in the market. But what are the eight key elements of a good business strategy? What constitute the salient features of a good business strategy? The guidelines are contained in this article.
1. The vision, mission and values of your enterprise are vital. You need to define the purpose of your enterprise. Your vision is where you want to be in the future while your mission is the fundamental reason why you exist. Your enterprise values signify the guiding beliefs that underpin its culture.
2. A SWOT analysis is another important element of your business strategy. You need to analyze your strengths