Strategy means a plan of action for a set aim. It is generally intended to accomplish a desired aim or goal. Naturally, a business strategy means to think and draw a good plan of action in order to establish, run and also earn some good amount of money out of running such a business. All businesses should have a strategy in place. Otherwise, it may fail miserably.
Why is it so? It is because, starting a business involves a lot of things like investment, infrastructure, man power, taxes etc etc. It is not a joke or a child's play. So, if anyone starts any business without any knowledge in it besides not framing and following a good strategy for it is only doomed to fail soon.