Without a well-defined strategy, the path to achieving goals is not clearly defined and the business will lack direction, alignment and efficiency.

An effective business strategy is a documented plan on how the business is going to achieve its goals. When developing a business strategy, engage key people within the business and reflect on where you want your business to be in 12 months, five years and 10 years.

The business strategy should outline why you want to achieve these goals and how you will get there.

The main objectives of having a business strategy include: alignment across the business; creates a measure for success; increases adaptability and facilitates decision-making.

It is critical to continuously assess progress and realign your business strategy. You should revisit the business strategy annually, at least.

Rebecca Steltenpool, PKF Business Advisory Principal