One of the challenges in developing strategy is how far it has to go. How detailed does it need to be? What aspects of strategy need to be covered? A strategy project, team or organisation will always be able to find more things to consider further. So when is enough enough?
There are several factors that can be part of assessing if the strategy is “good enough”. The overarching consideration is fitness for purpose (which means there needs to be an explicit and articulated purpose) but this can be considered in several aspects:
It addresses the reasons why a strategy was required
See When developing a strategy, start with why you think you need one). In particular, was this more of an exercise in establishing identity, vision, success criteria? Or perhaps developing a case for action?
It addresses the needs of the stakeholders
The strategy should be in a form and have contents that address the needs of the stakeholders
Stakeholders here may include:
- Regulator, Government
- Institutional Investors
- Executive Board
- Employees
- Partners, Collaborators, Ecosystem
- Customers and Citizens
It is important to understand what these needs are and what the conditions of satisfaction would be (and not just to assume the needs). This may seem very obvious but is not always the case – for example in the cautionary tale of Standardisation can destroy value ).
It doesn’t contain things that are not necessary
Antoine de St Exupery said that “Perfection is not when no more can be added but when nothing more can be taken away”. Generally “perfection” is a poor goal for strategy (see a good outcome can be a poor objective ) but the idea of keeping it succinct and focussed rather than dense or in any way comprehensive is recommended.
(Add image of sculpting metaphor? – To sculpt a lion, remove all the bits that aren’t lion)
It can be applied
Depending on what the intent of the strategy was, there will be different natural touch-points into core governance and control processes. A good enough strategy will contain enough direction and insight to guide decisions at the tough points (as opposed to being vague with platitudes that cannot be applied to real -world issues and questions).
Provides insight regarding its own replacement
Strategies need to evolve. Ideally not too frequently, else they cannot provide the stability and direction that is needed for issues of identity, purpose, vision, success etc.
A good strategy will be accompanied by retained working – enough information about how the documented strategy was developed to be able to tell which portions may need to be redeveloped in the light of changing circumstances. A great strategy will include tell-tales, triggers or trip wires – specific indicators of the nature and degree of change that will indicate that a strategic review is in order. See resilient strategy.
This page considers leading indicators of success – those that apply during strategy creation before the strategy is put into action. Lagging indicators of success – those that apply after the strategy is enacted should generally be listed within the content of the strategy.