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Business Strategy Examples February 5, 2020 A business strategy is a powerful tool for helping you reach your business goals, defining the strategies and tactics you need to take within your company. The business strategy also guides many of your organizational decisions, such as hiring new employees. Creating a business strategy thats in line with the vision you have for your company takes time and development. In this article, we will discuss what a business strategy is and why its important, the components of a business strategy and 10 examples of business strategies to help you generate ideas for your own company. Related: The 5-Step Strategic Management Process What is business strategy? A business strategy refers to the actions and decisions that a company takes to reach its business goals and be competitive in its industry. It defines what the business needs to do to reach its goals, which can help guide the decision-making process for hiring and resource allocation. A business strategy helps different departments work together, ensuring departmental decisions support the overall direction of the company.