A business strategy is a long-term plan which sets out how the company will achieve its commercial objectives.
In your business strategy, you need to define how the company will become profitable, what direction the business will have, possible markets both now and in the future, how competitive advantages can be created and asserted against the company’s competitors, what resources are needed in order for the business concept to be feasible to implement and identify external factors which need to be taken into account – which will differ depending on the type of company you have, the industry you are operating in and the market that you have. Strategies for managing intangible assets form part of the business strategy.
The business strategy must be based on conscious, carefully considered choices regarding the direction of the business. You can also say that the business strategy must set out objectives and the purpose of the company, stake out a way forward for achieving what you want to achieve and then following the path in order to achieve the established objective. Some questions you should ask yourself when considering your company’s business strategy:
- Where is the company heading in the long term? Where is it on the road at the moment?
- In which markets will the company/our products have a presence?
- How will we be better than our competitors?
- What external factors do we need to take into account?
- What resources do we need in order to get where we want to be?
Test your business
In the test, we will help you identify your intangible assets: