STRATEGY

Here are some reasons why having a strategy is important:

• A well defined business strategy will offer a guide on how your business is performing internally. Also, how you are performing against your competition and what you need to stay relevant into the future.

• A strategy can identify trends and opportunities in the future. It can examine the broader changes in market such as political, social or technological changes, as well as consumer changes, and can develop tactics so your business can modify and develop to suit these future changes.

• A business strategy creates a vision and direction for the whole organisation. It is important that all people within a company have clear goals and are following the direction, or mission of the  organisation. A strategy can provide this vision and prevent individuals from losing sight of their company’s aims.

Finally, by creating a business strategy a company can create a competitive advantage and ultimately understand more about themselves and where they are going.