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Things to consider first when developing a business strategy

When developing a strategy try and reflect on the following questions:

  1. Suitability – does the strategy close the gap between where the organization stands and where the organization wants to go? Does it really meet the long term strategic objectives of the business?
  2. Acceptability – is the strategy scceptable by key stakeholders of the organization. A strategy would usually involve a trade off between efficiency, equity, sustainability which needs to be carefully balanced.
  3. Feasibility – is the strategy feasible given the organization’s available resources?

A strategy which scores high in all of these axis can be pursued with an appropriate plan of action.