What do you look for in a company’s strategy to decide if it is a good investment of your time or money?
I promised to share my second-favourite test of a good strategy, so here it is:
If there’s no “how” it’s not a strategy.
Look for a “how” by checking for words like “through”, “by” or “with” in the strategy statement. Also, check if it makes sense to you that doing those things will get to the desired result. Some of them could boil down to “generally doing a good job in our industry”.
If the statement simply says “Our strategy is to grow the business” or “Our strategy is to be the market leader”, well… that’s not enough to be convincing.
Some statements might talk about “Our Values”, which gives you a sense for what the company is like, but not what it will actually do to be successful.
So, if you’re deciding where to invest your time or money, remember to always look for the “how”.
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