Business Strategies

A business strategy is a strategic plan which defines how a business or organization plans to achieve its goals and objectives. A business strategy includes strategies and tactics how to achieve business goals and objectives.

Five elements make up a business strategy, including:

Vision

A vision statement seconds the long term goals of an organization. A company's vision must align with its mission, strategic plan, organizational culture, and core values. The vision statement helps a company maintain a unified purpose as it works towards a common goal.

Goals

A business goal is a specific target or result that an organization wants to achieve in the short or long term. Business goals can take many forms, such as continuous improvement or increasing revenue. 

Values

Values are the principles that drive a business or organization. They impact all relationships within and outside an organization and help differentiate a company from its competitors.

Action

Action plans are a collection of initiatives and projects executed to achieve business goals. Action plans help ensure that everyone contributes to completing the objectives within the project's timeframe. A successful action plan sets realistic expectations, so it is not uncommon for action plans to go through several revisions.

SWOT Analysis

An essential component of the strategic plan is the SWOT analysis. SWOT is an acronym that stands for:

Strength: A company identifies its strengths.

Weakness: A company identifies its weaknesses.

Opportunities: A company identifies opportunities to improve performance and results.

Threats: A company identifies active or potential threats.

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