In any organization—whether a startup, a non-profit, or a global enterprise—strategy is the guiding force that aligns action with purpose. But crafting a solid strategy isn’t just about setting goals or listing to-do items; it’s about making thoughtful decisions that account for context, capabilities, and change. Whether you’re developing a marketing plan, a business model, or a long-term vision, here are five critical factors to consider when creating a great strategy:
For A Great Strategy – Define a Clear Objective
Your strategy needs a destination. What are you trying to achieve, and why does it matter? The objective should be specific, measurable, and aligned with your organization’s broader mission. Vague ambitions like “grow the business” or “become more innovative” aren’t helpful unless they’re backed by concrete, trackable goals. A clear objective creates focus—and focus drives results.
Tip: Use the SMART framework (Specific, Measurable, Achievable, Relevant, Time-bound) to evaluate your objectives.
Understand the Landscape
No strategy exists in a vacuum. You need a realistic understanding of the internal and external factors that will affect your plan. This means analyzing your competitors, market trends, customer behavior, regulatory environment, and internal strengths and weaknesses.
Tools that can help:
- SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)
- PESTLE Analysis (Political, Economic, Social, Technological, Legal, Environmental)
- Porter’s Five Forces
Identify Key Stakeholders
Every strategy impacts people—whether it’s your team, customers, investors, or partners. Identifying and involving key stakeholders early in the process builds alignment and increases buy-in. Their perspectives can help surface blind spots and ensure that your strategy is not only desirable but feasible.
Ask yourself: Who needs to support this for it to succeed?
Be Realistic About Resources
Even the best ideas fail without the right resources behind them. That includes people, time, money, technology, and infrastructure. Be brutally honest about what you have—and what you don’t. Then either adapt your strategy to fit your constraints or make a clear plan for how to secure the missing pieces.
Pro tip: Prioritize ruthlessly. It’s better to execute a focused plan well than to spread yourself too thin chasing too many goals.
Plan for Uncertainty to keep Your Great Strategy Great!
Every strategy is a bet on the future—and the future is unpredictable. That’s why the best strategies are both clear and flexible. Build in mechanisms to monitor progress, reassess conditions, and pivot when necessary. Think of your strategy as a living document, not a fixed blueprint.
Consider:
- What are the major risks or assumptions?
- How will you track success or failure?
- What’s your Plan B (or C)?
Conclusion
A great strategy balances ambition with insight, and vision with execution. By considering your objective, environment, stakeholders, resources, and the inevitability of change, you set yourself up not just to plan—but to win.
Whether you’re building a new initiative or rethinking your organization’s direction, take the time to reflect on these five essentials. Your future self (and your team) will thank you.
For even more insights you could try the “inside the strategy room podcast” from Mckinsey…