Defining the Ingredients

There is not shortage in the business world of overambitious strategies languishing in filing cabinets.

Your strategic vision will need the support of others in order to achieve its goals, and so must be compatible with the demands of your stakeholders. Some of these individuals and groups will have a direct interest in your strategy (for example, your staff, higher managers, and funders), while others--such as shareholders and pressure groups--may have an indirect interest. You will need to identify and obtain support from your most important stakeholders--if your strategy is to be successful. For example, the principal of a school has to take into account the financiers, regulatory authorities, the local community, and competitors (anticipating how they may react) when making strategic decisions.

Finally, your strategy must be capable of being implemented. There is not shortage in the business world of overambitious strategies languishing in filing cabinets. While a good strategy must be challenging, leading the organization into the future, it must also be understandable, practical, and rooted in reality.

ACTION POINT: Ensure your strategy can be implemented and that your stakeholders buy into it.