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A business strategy typically is a document that clearly articulates the directi

on a business will pursue and the steps it will take to achieve its goals. In a
standard business plan, the business strategy results from goals established to
support the stated mission of the business. A typical business strategy is devel
oped in three steps: analysis, integration and implementation.
In the analysis step of business strategy development, one of several methods is
used to analyze a firms market, resources, obstacles to success and specific adv
antages. The goal of strategic analysis is to identify what a business wants to
accomplish, the strengths it can bring to bear on accomplishing the goal and wea
knesses that need to be addressed prior to integration and implementation. Strat
egic assessment methodologies can include evaluating the business environment, g
aming various competitive scenarios, determining what market forces are at work
and rating competitors, among others.
Integrating a business strategy usually is one of many steps in a larger busines
s planning process. A business plan begins with an overall vision. From the visi
on, a mission statement for the business is constructed, usually the shorter and
more precise the better. A mission leads to specific goals the business will ac
hieve to accomplish its mission and that in turn leads to strategy to achieve go
als. Specific tactics are usually then developed to support the business strateg
y.

This process usually begins with senior managers who then communicate the strate
gy to respective teams. Each team is made to understand how the strategy will af
fect its daily activities. Taking the business strategy to the lowest level of t
he company possible helps integrate the strategy throughout the firm. Business s
trategy can be applied to small businesses, too.
Implementation of the business strategy typically follows assessment and integra
tion. Individual teams in the company, which understand respective roles in brin
ging the strategy to pass, implement the specific tactics developed to support t
he strategy. At the implementation stage, individual business units or teams oft
en have a subsection of the business strategy on which they focus.
Business strategies usually include a measurement component as well. The measure
ment component of the business strategy is derived from the overall goals establ
ished to accomplish the business mission. Goals are broken down, usually by both
business unit and time estimated to accomplish them. The business strategy incl
udes a component to periodically compare current progress against goals. Based o
n how well the business strategy has led to goal achievement, the strategic anal
ysis process is repeated to adjust the strategy as necessary.