In order to be highly effective a strategy needs to be:
- Factual – i.e. based on accurate information about the customers, the market, the industry and the economy.
- Meaningful – i.e. it has to be both strategically sensible and understandable by all staff.
- Achievable – it has to be realistic and within the grasp of the business.
- Actionable – meaning it has to outline a series of actions that can be carried out right through the organisation.
- Measurable – strategies need to be assessed for how well they are implemented and how well they work.
- Adaptable – a good strategy needs to be modified along the way to incorporate improved information, fill gaps in the initial thinking and “iron-out bugs” discovered in implementation.
- Profitable – it ultimately must create value for the organisation, whether that be in the form of monetary profit and/or other outcomes of value.