Why does a good strategy is so important for every business
In many of the business plans I have read over the years, I have seen the question asked over again: “Why is strategy important to business?”
It is important to have some idea of what strategy is in order to understand what it means for your business and to ascertain how important it is to your business.
Before you can answer the question, “Why is strategy important to business,” you need to know what strategy is.
The definition of strategy comes from The Dictionary of Modern English and states that it is “the systematic development of a plan or action, intended to achieve a specific objective”.
This definition is a fairly good one and lends itself well to the understanding that there are certain goals that we want to be reached, and these goals need to be carefully planned and organized.
With this in mind, a business can clearly see that they have a strategy if they follow a path to reach their desired objective.
This objective can be anything that would improve the bottom line of the business, including new products, better service, more sales, etc.
There are many different paths to take to reach any of these objectives, and the way the company approaches them will determine whether the company has a strategy.
Now, why is strategy important to business?
Simply put, a company needs a strategy if they expect to succeed in their field. Without a strategy, a business could easily fall by the wayside, or even be left behind in their industry.
A business that does not have a strategy will never reach its objectives, and will eventually fail.