A business strategy refers to all the decisions taken, and actions undertaken by a business for achieving the larger vision. Knowing what business strategy is and how to execute it properly can help businesses become market leaders in their domain.
When leaders formulate a strategy, it helps them understand their strengths and weaknesses. This way, they can capitalize on what they are good at and improve on their weaker aspects. It ensures that every aspect of a business is planned. This means more efficiency and better and more effective plans.
Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.