This is the dynamic process of guiding the business as a whole to navigate the opportunities and challenges it faces, in such a way that it helps the business to achieve its business goals.
While a business strategy can be considered a form of a plan, most plans are not business strategies because they lack a lot of the key strategic elements and considerations that a business strategy needs to have.
A business strategy is also distinct from:
- A one off activity
- Marketing strategy
- Sales strategy
Note: The last two items on the list are subordinate to business strategy, because they only focus on one function of the business rather than coordinating what each business function does toward a common goal (like business strategy).
For further information on business strategy and any other terms, it is highly recommended that you download our FREE business glossary via our FREE Resources page. The resources in that section are there to help you get better results in your business, so make full use of them as per your needs.