5 'Need to Know' Strategy Terms

When it comes to strategy, there's plenty of jargon that can make it hard to know what's really important. Here at Strategy HQ, we're on a mission to demystify some of the most commonly used terms.

Making our top 5 'need to know' terms are:

1. Vision

   The long-term aspiration of a business, outlining its desired future state and providing strategic direction

   
   

   Why It Matters: A strong vision inspires stakeholders and serves as a guiding star for all organisational efforts

   
   

   Example: "To be the world's most customer-centric company" (Amazon)

   
   

2. Mission

   A concise statement that explains the purpose of the company, often articulated in a single sentence or brief paragraph

   
   

   Why It Matters: The mission connects the organisation’s day-to-day activities to its broader purpose, ensuring alignment across teams

   
   

   Example: "To organise the world's information and make it universally accessible and useful" (Google)

   
   

3. Strategic Priorities

   The core focus areas that guide the development of business strategies and influence decision-making processes

   
   

   Why It Matters: Prioritisation ensures that resources are allocated effectively to achieve the greatest impact

   
   

   Example: A company may focus on innovation, customer satisfaction, and operational efficiency as its strategic priorities (can be referred to as 'strategic pillars')

   
   

4. Objectives

   Specific goals that a business aims to achieve to support its broader vision, typically defined using the SMART (Specific, Measurable, Achievable, Relevant, Time-bound) framework

   
   

   Why It Matters: Objectives translate the abstract (vision) into actionable and measurable steps, ensuring progress is trackable

   
   

   Example: "Increase website traffic by 20% over the next six months" is a SMART objective

   
   

5. Success Criteria

   Clear deliverables, metrics, or key results that are used to evaluate the success of a project or initiative

   
   

   Why It Matters: Well-defined criteria allow businesses to assess performance and adjust strategies as needed

   
   

   Example: Success criteria for a marketing campaign might include a 10% conversion rate or a 15% increase in brand awareness

   
   

As experts in strategy development, we’re here to help you define your path and achieve your goals. Ready to take the next step? Let’s talk strategy!