A strategy is a method or plan chosen to bring about a desired future, such as the achievement of a goal or the solution to a problem (BUSINESS DICTIONARY n.y.). First introduced in a military sense, strategy development is now used by companies, NGO’s, and communities.

In order to run a successful business, one that generates solid profits year after year, you will need to be do several things right day after day, week after week, and month after month. You will need to keep your costs down, meet customer expectations and avoid major mistakes. You will also need to consistently meet four critical success factors: follow a sound strategy, set the right priorities, hire a committed staff and have a strong self-discipline.

Whether you’re looking to set new business priorities, outline plans for growth, determine a product roadmap or plan your investment decisions, you’ll need a strategy. Coming to the realisation that your organisation needs one is easy. Actually creating a strategy is a little trickier.

These are the fundamental choices that a corporate strategy comprises and they should frame and guide all the decisions that a company’s corporate executives, functions, and staff make every day, including how they run the place, what they buy, what markets they enter, how they measure success, and so on.

Yet, value is perhaps one of the most used and misused terms in the history of management literature. To say the least, a lot of confusion persists not only about the meaning of the term, even more about ways to achieve it in a sustainable way.

Competition has a positive impact, not only on the well being of consumers, but also on a country’s economy as a whole. Competition bolsters the productivity and international competitiveness of the business sector and promotes dynamic markets and economic growth.

Success of any strategy ultimately depends on the Chief Executive’s commitment and leadership to the strategy, as well as the skill and quality of management responsible for execution.  With this in mind, here are ten guidelines that should help your company profit from its strategy.