Why do we need a strategy?

Why do we need a strategy?

Strategy is one of the business jargons that scare most of the small business owners and new Entrepreneurs. Actually most small business owners don’t even bother to know about strategy as it sounds like one another textbook terms which don’t work in real time. And some Entrepreneurs believe strategy is only for million dollar luxury brands  having deep pocket to spend on additional departments. But why should scholars and professors of leading educational institutes around the world press so hard on the importance of Strategy? What in reality is strategy? If it is needed for business growth, how are small businesses surviving without them? Dictionary meaning point’s strategy as a plan of action designed to achieve an overall aim. Is Strategy just a business term for planning as pointed in the dictionary?

The answer is a Both YES and NO.

Yes, Strategy is planning. But it is not just one of the common budget plans that corporate firms carry out as part of their operation. It is not any other monthly plans that small business owners and sole traders do to carry out the day to day activities. Strategy is those plans that can help small armies to defeat massive empires. It is those plans that will ensure business sustainability and even prosper during hard economic times. It is those plans that will empower small businesses to fight against mighty corporate. It is those plans that can enable small business owners and Entrepreneurs to emerge as successful corporate empires. And the final question, “Why do every business need strategy?” The reason is very simple. Strategy is like a compass of the ship. If you don’t already have one, it is very important to have not only to reach the destination but also to compete with the competitor. The difference between successful business and a struggling business has been never the number of working hours. It is always the clear planning to succeed which is called Strategy.