impacts_of_business_strategy





















Business Strategy

A business strategy can be defined as the combination of all the decisions taken and actions performed by the business to accomplish business goals and to secure a competitive position in the market. (Pahwa, 2020)

Importance of Business Strategy

A business objective without a strategy is just a dream. It is no less than a gamble if you enter into the market without a well-planned strategy. With the increase in the competition, the importance of business strategy is becoming apparent and there’s a huge increase in the types of business strategies used by the businesses. Why the business needed strategy? (www.feedough.com, 2020).

·         Planning

A business strategy is a part of a business plan. While the business plan sets the goals and objectives, the strategy gives you a way to fulfill those goals. It is a plan to reach where you intend to.

 ·         Strengths & Weaknesses
Most of the time, you get to know about your real strengths and weaknesses while formulating a strategy. Moreover, it also helps you capitalize on what you’re good at and use that to overshadow your weaknesses (or eliminate them).

 ·         Efficiency & Effectiveness
When every step is planned, every resource is allocated, and everyone knows what is to be done, business activities become more efficient and effective automatically.

 ·         Competitive advantage
A business strategy focuses on capitalizing on the strengths of the business and using it as a competitive advantage to position the brand in a unique way. This gives an identity to a business and makes it unique in the eyes of the customer.

·        Control
It also decides the path to be followed and interim goals to be achieved. This makes it easy to control the activities and see if they are going as planned. (Bianca, 2019)




Source : (Author)



Conclusion
Strategic management is more important to the growth of business. Most companies have a good strategic plan for nearly 5 years long. But some companies do not consider about the strategic plan as a result growth of the business goes down.

References
www.feedough.com. (2020).
Bianca, A. (2019). The Impact of Strategic Management on Organizational Performance. Retrieved from smallbusiness.chron.com.
Pahwa, A. (2020, January). business-strategy-definition-levels-examples. Retrieved from www.feedough.com.


B.A. Lankeshwara

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