Business Strategy is the means by which an organization sets out to achieve its desired objectives. It can simply be described as long-term business planning. Typically a business strategy will cover a period of about 3-5 years, with iterative implementation so that results are realized as quickly as possible.
A business strategy is a set of guiding principles that, when communicated and adopted in the organization, generate a desired pattern of decision making. A good strategy provides a clear roadmap, consisting of a set of guiding principles or rules, that define the actions that should be taken (or not taken) and the things that should be prioritized (and not prioritized) in order to achieve established goals.