After Napoleon’s defeat at the battle of Waterloo we learnt that it’s never a good idea to be late for battle and that it’s always a good idea to have a strategy. When it come to business we know it’s not enough to take the journey we must have a destination in mind. But there are many forks in the road. How do you know which fork to take? Every decision will affect the time and the state of your arrival. So apart from setting your destination and packing your bags you need one more thing before you begin. You need a map, one that charts the best course for you to take, keeping in mind the resources that are available. In business this map is known as business strategy.

Strategy is the direction and scope of an organization over the long-term. It involves setting long term goals for your business and making decisions on how to attain these goals. Imagine for a moment that you’ve started a hobby class. When you open some of your friends show interest and are keen on becoming students. It is only natural for some friends to ask you for a discount or special rate. Now the question is do you give them a discount or not? If you do then yours is a class that gives special treatment to those who know you personally. If you don’t then you are a class that treats everyone the same irrespective of their relationship with you. Each course of action has its pros and cons. A sound Business Strategy will guide you in making these decisions. Here is some information on the different levels of business strategy.

Corporate Strategy – is concerned with overall purpose and scope of the business.

Business Unit Strategy – is concerned more with how a business competes successfully in a particular market.

Operational Strategy – is concerned with how each part of the business is organized to deliver the corporate and business-unit level strategic direction.