Defining Your Business Strategy

Remember, you cannot be all things to all customers. You do not have to be the market leader to compete successfully, but you do need to focus on your company’s strengths to find a way to differentiate from other competitors.
Once defined, your business strategy sets priorities for the company and management team and helps you attract and retain the talented workers you need. Although each department in your company may focus on different priorities to accomplish specific tasks, these priorities should not conflict with the overall strategic direction of the company.
Your business strategy can be defined in either several paragraphs or be written as a set of strategic statements. It is a summary of how the company will achieve its goals, meet the expectations of its customers, and sustain a competitive advantage in the marketplace. Your business strategy should answer this following questions

Why is the company in business? •
What are we best at doing? •
Which customers should we continue to serve or start serving? •
Which products/services should we stop offering, continue to offer, or start offering? •
Why have we decided on these strategic directions?