By Michelle Welfare on imd.org
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In this step you'll learn about business strategies and how to develop one. A business strategy provides the guiding principles for many organizational decisions, such as hiring new employees or developing new products. It helps to define the methods and tactics needed to take within a company and provides a framework for management. It is important to understand the difference between a business strategy and a mission statement. A business strategy consists of a vision, objectives, core values, SWOT analysis, tactics and operational delivery, resources and resource allocation, and measurement and analysis. It is important to create a business strategy to share the organizational vision and goals with employees and create a common thread across a business. The steps to build a business strategy include defining a vision, setting objectives, analyzing the business and marketplace, defining a competitive advantage, and building a framework. To measure the success of a business strategy, Key Performance Indicators should be defined.