Business strategy refers to the plan of action that outlines where and how an organization will compete and how it will win. It involves key decisions related to the allocation of resources, investments, target markets, competitive positioning, and more. In other words, business strategy provides a roadmap for businesses to create sustainable competitive advantages that will enable them to thrive and succeed in a constantly changing business environment. However, most businesses pursue strategy the wrong way. Either they focus too much on the strategy and ignore the economic reality of such a plan, or they obsess over the numbers and make short sighted decisions to drive revenue and profit at the expense of building an enduring business. In this episode Steve Coughran will explain the fundamentals of strategy, dispel common myths, and help you gain a better understanding of how it works.
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