Creating a golden thread to strategy

Creating a successful strategy involves making choices between multiple desirable paths and selecting the one that will maximise the benefit for your organisation.

This article will guide you through the process of developing a golden thread to strategy, from assessing various potential directions to defining clear goals and initiatives, all encapsulated in a straightforward, one-page document.

What is strategy?

Strategy is about making informed choices between two or more good options. It’s not just about what you will do, but also about what you won’t do.

A well-crafted strategy will help you assess different potential paths and choose the one that will deliver the most benefit and value for your organisation.

The importance of simplicity in strategy

In the quest for a clear strategy, simplicity is crucial. Instead of creating a lengthy document that is difficult to navigate and understand, aim to condense your strategy into a single page.

While this approach challenges some well-established definitions and approaches to defining corporate visions and missions, it makes your strategy easily accessible and actionable.

Strategy on a page

The concept of strategy on a page ensures that your strategic direction is clear, unambiguous, and focused. This framework includes defining the corporate goal, setting numerical targets, identifying key pillars, outlining supporting initiatives, and any other appropriate underlying structures.

Here’s how you can create it: 

• Define the corporate goal. Start by defining your corporate goal. This is the overarching objective that your organisation aims to achieve. It should be specific, measurable, attainable, relevant, and time-bound (SMART). 
• Set numerical targets. Next, set clear numerical targets. These targets will help you measure progress towards your corporate goal. They should be realistic yet challenging, providing a clear benchmark for success. 
• Identify key pillars. Key pillars are the main areas of focus that will support the achievement of your corporate goal. These pillars should align with your organisation’s strengths and strategic priorities. 
• Outline supporting initiatives. Supporting initiatives are the specific actions or projects that will help you achieve your key pillars. These initiatives should be detailed and actionable, with clear timelines and responsibilities assigned. 
• Define underlying structures. Finally, define any other appropriate underlying structures that will support your strategy. This might include organisational changes, new processes, or technological investments.

Example of strategy on a page

To illustrate, let’s consider a hypothetical example: 

• Corporate goal: Become the leading provider of sustainable energy solutions in the region within five years. 
• Numerical targets: Achieve a 20% market share by the end of year three. Reduce scope 3 emissions by 50% by year five.

Key pillars 

• Innovation in sustainable technologies. 
• Expansion into new markets. 
• Strengthening partnerships with key stakeholders.

Supporting initiatives 

• Invest in research and development of new sustainable technologies. 
• Launch marketing campaigns to enter new geographical regions. 
• Collaborate with government and industry partners to promote sustainability.

Underlying structures 

• Establish a dedicated innovation team. 
• Implement a robust project management framework. 
• Upgrade IT infrastructure to support new initiatives.

Quick primer!

What is a golden thread to strategy?

A golden thread to strategy is a clear, consistent line of thinking that connects your organisation’s vision and goals to its actions and initiatives. It ensures that all efforts are aligned and contribute to the overarching strategy.

Why is simplicity important in strategy?

Simplicity makes strategy accessible and actionable. A single-page strategy document is easy to understand, communicate, and implement, ensuring everyone in the organisation is on the same page.

How do you define a corporate goal?

A corporate goal should be specific, measurable, attainable, relevant, and time bound. It is the main objective your organisation aims to achieve, guiding all strategic decisions and actions.

What are numerical targets?

Numerical targets are specific, quantifiable benchmarks that help measure progress towards your corporate goal. They provide a clear standard for success and help keep the organisation focused and motivated.

What are key pillars in a strategy?

Key pillars are the main areas of focus that support the achievement of your corporate goal. They represent the strategic priorities that will drive your organisation’s success.

Why are supporting initiatives important?

Supporting initiatives are the specific actions or projects that help achieve your key pillars. They ensure that your strategy is actionable and that there are clear steps towards achieving your goals.

Creating a golden thread to strategy is about making clear choices, simplifying your approach, and ensuring alignment across your organisation. By defining your corporate goal, setting numerical targets, identifying key pillars, outlining supporting initiatives, and establishing appropriate underlying structures, you can develop a powerful and effective strategy on a page.

For more information, contact Buki Obayiuwana or your usual Crowe contact.