A business strategy will first and foremost set the direction for your company. With a clear direction, your business will have something clear to work towards.

Companies without a business strategy will often look at their competitors for ‘best practice’ and this can lead to competitive convergence. With competitive convergence it can become impossible to determine between the companies and the market can become diluted. With a business strategy, however, you can implement a unique plan that will make you stand out from the crowd instead of just following trends.

Without a business strategy, it can be difficult to measure success because you won’t know what you are trying to achieve. A business strategy will set targets that will allow you to measure success by comparing yourself to them. This can help to keep you focused on success and ensure that you are constantly progressing.

A business strategy can also help to keep your employees focused and driven. As the most common reason for leaving a company is a lack of job satisfaction, it is important to ensure that there is always a drive to achieve within the company.