Good morning ladies and gentlemen!

This morning we are going to talk about business strategies.

Today you are going to hear about what is a business strategy.

A business strategy is an outline of the actions and decisions a company plans to take to reach its goals
and objectives.

A business strategy helps you identify the key steps to take to reach your business goals.

A business strategy allows you to effectively allocate resources for your business activities, which
automatically makes you more efficient.

If you could take a look at this graph, you could see key components of a business strategy.

There are five key components of a business strategy. They include:

1. Vision and business objectives

With a vision for the direction of the business, you can create clear instructions in the business strategy
for what needs to be done and who is responsible for completing each step.

2. Core values

A business strategy guides top-level executives, as well as departments, about what should and should
not be done, according to the organization's core values. It helps everyone stay on the same page and
with the same goals.

3. SWOT analysis

SWOT stands for strengths, weaknesses, opportunities and threats. This analysis is included in every
business strategy, as it allows the company to rely upon its strengths and use them as an advantage.

4. Tactics

People who are responsible for tactics understand what needs to be done, saving time and effort.

5. Measurement

The business strategy also includes a way to track the company's output, evaluating how it is performing
in relation to the targets that were set prior to launching the strategy.

I would also like to give examples of business strategies.

Most innovative product or service.

Many companies, particularly in the technology or automotive space, are distinguishing themselves by
creating the most cutting-edge products. In order to use this as your business strategy, you will need to
define what "innovative" will mean for your organization or how you're innovative.
The second business strategy I want to call Improvement customer service.

This can be a good business strategy if your business has had a problem delivering quality customer
service. Some companies have even built a strong reputation for having exceptional customer service.
Usually, companies have a problem in one specific area, so a business strategy that's focused on
improving customer service will usually have objectives that center around things like online support or
a more effective call center.

It was great seeing all of you here this morning. Thank you for listening so attentively.