What is Strategy?

In the simplest terms possible, strategy refers to either the plans made or the actions taken, in an effort to help an organization fulfill its intended purposes.

If your reason for starting a small business is to make money, then the first question you must ask yourself is how will I do that? But, there is an enormous difference between making money in business and making a profit. Not understanding the difference could mean financial disaster. It is imperative that you know how to make a profit in business, how much profit to expect, and over what period of time should I expect to begin making a reasonable profit. If financial projections have been constructed for your business you will be able to identify that point (after breakeven). Once you ask yourself that question "how do I do that" you now can begin your due diligence gathering the information answer the question and develope your strategy. The strategy should include, your management team, staffing if necessary, marketing/advertising, sales objectives, legal concerns (when applicable) and etc. Once the strategy has been developed and viable your organization is ready to move forward. All of your activities business activities and your organizational structure will be centered around that plan.