What’s Your Business Strategy?

If I were to ask you what your business strategy was, would you be able to give a clear and concise answer?  I wouldn’t be surprised if the answer was, “I don’t know.”

Thousands of entrepreneurs make the mistake of having a great business idea, but not knowing how to implement it.

The Business Dictionary defines business strategy as, “A long-term approach to implementing a firm’s business plans to achieve its business objectives.”

A business strategy won’t define what your business is, whether it’s selling real estate or face cream. A business strategy will determine how you run your business-how you go about selling your product or service and what your specific goals are.

Author and Professor, Petter Gottschalk, recommends that your business strategy include these five things:

• Mission

• Vision

• Objectives

• Market Strategy

• Knowledge Strategy

A business strategy will include clear cut goals. These goals will help you identify if you are performing optimally, or if there is room for improvement.