Articulate Business Strategy at the Heart of Strong Firm.

COMPANIES often talk about "business models" when discussing their plans to generate income and profit. Seldom, however, do they define a business strategy to successfully implement their business model. A well-crafted business strategy helps entrepreneurs establish priorities, focus energies and align the entire enterprise.

An effective business strategy outlines the specific actions an organization will take to secure new business from target customers. It includes an analysis of the current market factors, which affect the demand for your product or service, as well as a competitive analysis of companies presently in the "space." The business strategy also summarizes competitive strategy, paying particular attention to strengths and weaknesses of the company's total product or service offering.

The business strategy describes the specific type of new business your company is seeking, what results should be expected, and how the company plans to compete against existing competitors. It details how your company plans to get there, identifying the who, what, when, where and why to executing the strategy.