Title: Why business strategy is important? - evolve evolve
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Content: Why business strategy is important? - evolve evolve
A business strategy, in simple terms, is a documented plan on how an organisation is setting out to achieve their goals. A business strategy contains a number of key principles that outlines how a company will go about attaining these goals. For example it will explain, how to deal with your competitors, look at the needs and expectations of customers, and will examine the long term growth and sustainability of their organisation. The reason why having a strategy is so important is because it gives business time to get a sense of how they are preforming, what their capabilities are, and if these capabilities are able to help them grow. Business strategy
Not all businesses get it right straight away. There are natural weaknesses within all organisations for various reasons. What a business strategy does is try to remedy these weaknesses so that companies don’t trip up and suffer their impact too greatly. Strategies look at these future risks and help develop ways in which they can overcome these obstacles. Here are some reasons why having a strategy is important: