Four guidelines for identifying a great strategy:
1) For a strategy to create value, it will be different
2) That difference will matter to customers
3) Your strategy will be profitable
4) Your strategy will be sustainable
A good strategy is:
1) Innovative
2) Clear, and easily explained
3) Purposeful, with a goal or end state
4) Actionable
5) Sustainable
I am still learning, but I have yet to see a great, successful strategy that did not have innovation — in particular a combination of elements not seen before — at its core.
Developing a good strategy is an art, but to borrow a thought from this summer’s Pixar movie “Ratatouille”, Anyone Can Strategize.
1) Measure your market. Start with a true insight.
2) Create clear priorities.
3) Know your strengths.
4) Focus on development. “Chop wood. Carry water.”
5) Know the risks and costs of execution.
Allow mistakes, and learn through them. Many good strategies emerge through the course of daily business. Good strategies come from experience, and experience also comes from bad strategies.