I have been running workshops recently with the amazing Danielle Heward, where we take our delegates through each part of the strategy pyramid.
It all starts with your WHY, and this should be a constant in your strategy – it is the reason your business exists. Your purpose may be general in nature or may have a strong social purpose. I really like this definition as it covers both aspects:
“an aspirational reason for being which inspires and provides a call to action for an organisation and its partners and stakeholders and provides benefit to local and global society”
(https://hbr.org/resources/pdfs/comm/ey/19392HBRReportEY.pdf)
Your Vision is your long term aim/objective – WHAT does your business look like in say 5 years time? The Business Model Canvas is a great tool to map out this future state.
The Strategy is the medium term plan on HOW you are going to achieve your vision and this in turn informs your areas of priority and focus, and drives the action plan.
All of this must be underpinned by your Values – what are the beliefs and behaviours that will drive you towards your vision. Most importantly your values must align back to your purpose, or there will be a disconnect and you will lose trust with your clients, employees and other stakeholders.
It is a lot to think about but break it down one step at a time. And if you need help with any part please do contact myself or Danielle who will be happy to guide you and can take you through a series of exercises to help you articulate these for your own business.