The book "Good Strategy Bad Strategy" is a great introduction to developing effective strategies. https://www.amazon.com/Good-Strategy-Bad-Difference-Matters/dp/0307886239 This blog post summarizes the book's key points. https://www.practicalengineering.management/i/143113023/what-is-a-good-strategy To formalize, here are the critical elements of a good strategy as described in Rumelt's book: - The Diagnosis: involves understanding the current situation and identifying the organization's key challenges. - The Guiding Policy: sets out the overall approach the organization will take to address its challenges. - The Coherent Action: involves a series of coordinated actions designed to implement the guiding policy.