Business Strategy

Business strategies focus on the direction of the business in terms of expansion, maintenance, contraction, etc. Your business strategy should create and sustain a competitive advantage that enables you to consistently earn above-average returns.

Five types of strategies are discussed below. They are:

Growth Strategies – expanding the size of the business
Stability Strategies – maintaining the size of the business
Restructuring Strategies – refocusing the business for improved performance
Succession Strategies – transferring the business to the younger generation
Exit Strategies – ending and leaving the farm business