In the world of sports, a strategy is a plan outlining what you and your team will do to achieve a victory. Similarly, success in the business world also requires a strategic plan that outlines how each member of the team will contribute. In fact, having a well thought out business plan is one thing that nearly all successful companies have in common.
Regardless of the size of your business, the benefits of having a strategy extend from your frontline staff through to management and shareholders. A formal strategy will help to align the efforts of everyone in your organization, and the supporting plan will outline how you will do it.
How can a well-developed strategy help your company to operate at an optimal level?