‘A general direction set for the business and its various components to achieve a desired state in the future’.
Any well-formed strategy results from having a detailed strategic planning process and sufficient business knowledge, available and accessible, to inform its development.
A business strategy allows for both the integrating activities and utilising and allocating the scarce resources within the organisational environment, so as to meet the present objectives and for the positioning of the business for the future.
Whilst planning a strategy is absolutely essential, it is necessary to cognisant, in doing so, that decisions arising from the strategy are not taken in a vacuum and that any consequential activities taken within the business are likely to be met by reactions, positive or negative, from those affected, competitors, customers, employees or suppliers. Anticipating the reaction is an important input into how the strategy is formed.
Defined business strategy will steer change leading to specific business outcomes. How these outcomes are instantiated will be key input into refining and maturing ongoing strategic development.
The execution of Business Strategy will shape the business.