A business strategy is a clear set of plans, actions and goals that outlines how a business will compete competitively in a particular market.
A strategic plan focuses on how you will achieve specific initiatives to develop your business.
Every successful business has a strategic plan and knows where it is heading in the future.
Without strategic planning most businesses will not grow and may even go backwards.
A business strategy must take into account a number of important factors including the market, competitors, and the business environment, as well as the company's structure, strengths and weaknesses. It should also be flexible enough to handle change.