Why is strategy important to business?

Running head : Business strategy

Name

University

Course

Tutor

Date

Business strategy and its importance to a business entity

Strategy refers to determination of where one or a business is currently , where it is headed to and lastly how to get to that point . A business strategy generally refers to the overall objectives , goals and vision of an organization and the means of achieving the objectives goals and vision . It is the art of formulation and also implementing specific decisions and actions aimed at achieving the overall goals and

br objectives of an organization . A business strategy as such provides the bigger picture showing how individual activities are organized and coordinate to ensure that the overall desired goals and objectives are met . Since a business strategy gives the overall direction of an organization , without it is difficult to attain or achieve the desired results or goals (Simister , 2007

One of the major importances of a business strategy to an entity is that it gives the overall direction of a business entity . Business strategies are formulated based on the available opportunities as well as threats facing a business , and also the internal weaknesses and strengths . The aim of a business strategy is to ensure that the threats posed by the external environment are minimized and also to strengthen or minimize the effects of internal weaknesses . The opportunities and strengths are combined to ensure maximum productivity is achieved Without a business strategy , it would be difficult for an entity to realize the opportunities available...