Your business strategy determines how you will achieve the long term goals of your business. In other words, when you know where you are going, your strategy describes which roads you will take to get there. So, strategy is important for the long term viability of your value-added business.
Analyzing an Industry and Industry Analysis—The Five Factors are important aspects of developing strategy.
Strategy involves using a unique set of Business Strategy Terms and Strategic Management Concepts that are important for you to understand. Conducting a SWOT Analysis is another useful strategic planning tool.
For more information on this topic, see the links listed below of articles posted on related Web sites.
Revised September, 2019.