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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