Can you define your company strategy

Most companies do not have a clear-cut strategy statement. To gauge that, ask yourself two honest questions: Can you summarize your company's strategy in 35 words or less? Or would your colleagues express it the same way? The answer to both is most likely no. "The thing is, companies with a clear, concise strategy statement—one that employees can easily internalize and use as a guiding light—often turn out to be industry stars. Any strategy statement must begin with a definition of the objective, or the goal that the strategy is designed to achieve. Since most firms compete in a more or less unbounded landscape, it is also crucial to define the scope, or domain, of the business.

- Contributed by Vaibhav Agarwal