It’s a long term plan of action designed to achieve a particular set of goals in a business.
A business strategy is supposed to strengthen the performance of a business. To achieve certain goals, a business needs to continue on a specific plan that is used as a road-map to success.
Business strategies are a great way to see the whole picture…like a map of the business. It helps owners adjust activities and align visions so goals are being met.
Here are some examples that may be in a strategy map:
- Financial Perspective
- Customer Perspective
- Process Perspective
- Growth Perspective
Plan to update your map frequently, reviewing it against any successes and failures. While the plan is to execute the strategy without failure, a business owner needs to be realistic and know that unforeseen circumstances can arise. Strategies should be built to sustain any downfall, or failure, a business might encounter. A strategy map should be designed to give the business an advantage, to build up the successes, and to ride out the storms.
For examples of strategy maps, click HERE.