This post was originally published on March 26, 2024 on LinkedIn

Who “owns” business strategy at your company? Is it someone with a corner office? 

What if I told you that understanding and applying the fundamentals of business strategy is not just for the C-suite executives or those with the word ‘president’ in their job title? Let's demystify this critical aspect of business success together.

What is Business Strategy?

At its core, business strategy outlines how a business will compete successfully (i.e. win) in its market. This blueprint focuses on three crucial elements:

• Consumer Value Proposition: The unique value a business offers to its customers

• Competitive Advantage: How a business shields this value from its competitors

• Resources: Both tangible and intangible assets utilized to bring the value proposition and competitive advantage to life

A skilled business leader weaves these elements into a cohesive plan, tackling questions such as:

• How do we create the most value possible for my consumers?

• How do we prevent competitors from copying that value?

• How do we use our resources to actually make all of the above a reality?

Strategy = Real Decision Making

As it is true for any strategy, business strategy focuses on growth. To do this effectively, we have to focus by  making tough choices between equally appealing options, each with its own set of trade-offs. Business strategy is about deciding whether to pursue path A or B when both could lead to success but in different ways. This kind of decision-making goes beyond choosing the obvious; it's about weighing the pros and cons to chart the best course forward for the company.

How Business Strategy Stands Apart

While strategic decision-making is a universal concept, business strategy is unique because it draws upon everything within a company's control to chart the growth path. It's not limited to choosing the right marketing strategy or product launch plan; business strategy considers all potential growth levers and how they interact to drive the company forward. For a quick recap of some of those alternative levers, check out this article. 

Success with Business Strategy at Any Level

Whether you're an aspirational leader, seasoned manager or stepping into the world of business for the first time, understanding the essence of business strategy is super helpful. If you understand the fundamentals, then you will be better equipped to navigate the complex interplay of creating consumer value, maintaining competitiveness and effectively using resources. All of which sets the stage for thriving in the ever-evolving business landscape.