As your organization’s strategy evolves it is important to make sure all of the dimensions continue to be addressed. Below is a helpful checklist.
Does your current strategy:
1. Determine and reveal the organizational purpose in terms of long-term objectives, action programs and resource allocation priorities?
2. Clearly identify the businesses the organization is in or is to be in?
3. Attempt to achieve a long-term, sustainable advantage in each of its businesses by responding appropriately to the opportunities and threats in the firm’s environment and the strengths and weaknesses of the organization?
4. Identify the distinct managerial tasks at the corporate, business and functional levels?
5. Lead to a coherent, unifying and integrative pattern of decisions?
6. Define the nature of the economic and noneconomic contributions it intends to make to its stakeholders?
7. Express the strategic intent of the organization?
8. Aim at developing and nurturing the core competencies of the firm?
9. Provide a means for investing selectively in tangible and intangible resources to develop the capabilities that assure a sustainable competitive advantage? From this viewpoint, we are reminded that strategy is the fundamental framework through which an organization maintains continuity and adapts to a changing environment in tandem.
(Supporting research includes Arnoldo Hax’s “The Strategy Concept and Process”, Prentice-Hall, 1991)