Your strategy sets the focus and direction for your company. It identifies your best customers and what you'll offer them. It sets your short and long-term goals and defines your competitive advantages. Focusing on your strategy allows you to attain your personal and professional goals.
Strategies are built on your passion first, market research, and in-depth discussions with your trusted advisers (not your best friends who will tell you what you want to hear) around your opportunities and risks.
Regular review of these is recommended to remain relevant as technology and customers' needs changing.
Strategies are most successful when they are written down and shared with your management team and your employees. This increases your employee's sense of belonging and the team's cooperation.
Be sure to listen to your customers, employees and managers feedback, as wisdom always surrounds you. Be careful not to let your ego get in the way of your best interests. As your ego is your single greatest threat to your success.
Owning, managing and growing a business is a daily challenge. You can never stop changing and morphing with the times.