Open Letter: Strategy – Up, Down, And Done Properly

In this third and final instalment of our Open Letter series, Rachel reflects on what she wishes she’d known earlier about strategy, what it actually is, how to build it in genuine partnership with your board, and how to make it land at every level of the business.

From designing the process to creating real alignment between the Board and SLT, these are hard-won lessons for any leader navigating the demands of a PE-backed environment.

Most businesses have a strategy. Very few deliver on it. Fewer still have one that harnesses the business, is understood at every level, and consistently drives decisions and value creation.

That is the job of strategy.

Your job is to make sure it is clear enough that people understand it, relevant enough that they see how they contribute to it, ambitious enough to drive the business forward, yet grounded enough to achieve it.

You know how to lead an SLT, and you’re learning how to manage your new Board. The real unlock is bringing the two together to build and shape the strategy.

That’s where the power sits.

When they operate in lockstep, as opposed to in parallel, the strategy will have clarity, pace and real momentum.

You already do one part of this very well. But that only gets you halfway there.

You have already worked out that strategy only matters if people understand it, remember it, and know how they personally contribute.

You’ve introduced what becomes affectionately known as SoaP – Strategy on a Page- and it will prove to be one of the most effective tools you create.

You will continue to update it every year. You will make it visible. And you will hold your leadership team to account for ensuring that every employee understands two things:

• what the business is focused on achieving in the year ahead
• how they can help deliver it

Not everyone can influence every objective. That’s fine. But everyone should be able to influence at least one.

You’ll also keep SoaP simple.

No unnecessary language. No over-engineering. No separate behaviours layered on top of values. Just four clear values – easy to remember, strong enough to last.

They won’t change. What will change is how they show up in practice.

Alongside that, you’ll consistently reinforce purpose and mission in language that is clear and repeatable.

Over time, they will become part of the fabric of the business. They will shape conversations. They will unify the organisation.

It won’t be easy. You’ll have to recommit to it every year. But that discipline will pay off. It will create alignment, ownership and a shared sense that everyone contributes to the outcome.

So the good news is that in terms of setting strategy and cascading it into the business, you will do a good job.

That is no small achievement.

But pay as much attention to the other direction.

Strategy doesn’t just travel down into the business, it also needs to travel up into the Board, and that deserves equal thought.

The Board brings perspective, challenge and ambition.
The SLT brings context, reality and delivery.

When those two come together well, decisions are sharper and execution carries momentum.

When they don’t, communication narrows, challenge becomes frustrating, and you can end up working very hard without necessarily moving forward in the right direction.

So don’t assume that relationship will take care of itself.

It won’t.

That’s exactly what has built the business.

You like pace. You like movement. You like seeing progress.

That instinct has served you well, and it will continue to matter.

But the environment is changing. The business is bigger, the structure is different, and there are more people involved.

What worked instinctively before now needs to be done more deliberately.

This is where you lean further into strategy, not as a stretch, but as the natural next step in how you lead.

The private equity investment gives you the ability to step back, think more deliberately, and pursue opportunities that were previously out of reach.

Don’t miss that opportunity. Seize it. And maximise it.

Not everything that sounds strategic is strategy.

Strategy isn’t vision, ideas or incremental improvement – it’s choice.

Clear, deliberate choices about where to focus and how to win, made with discipline and intent.

So who creates the strategy?

The SLT builds it. The Board shapes it.

The people responsible for delivery need to do the heavy lifting – exploring options, making trade-offs and forming a clear point of view – but not in isolation.

The Board’s role is to test, stretch and strengthen that thinking.

Bring the two together early in the process. Don’t wait until the end.

Done well, it’s iterative and collaborative. Done poorly, it becomes either a rubber stamp or an interrogation.

This is the moment you bring the Board and SLT together.

The strategy session is one of the most important dates in your corporate calendar – treat it like it matters.

Don’t leave the agenda until the day.
Don’t assume people will arrive ready.
And don’t expect the best thinking to happen on the hoof.

Set it up properly.

Give people advance notice. Be clear on the purpose. Define the key areas of focus.

Then go a step further, ask individuals to engage ahead of time, ideally pairing Board members with their SLT counterparts to collaborate, test thinking and come prepared to contribute meaningfully.

Make sure everyone knows their role before they walk into the room.

This takes time.

You will need to start thinking about the session two to three months in advance, shaping the agenda and allocating areas of focus.

It might feel like overkill.

It isn’t.

Yes, you could run it on the day and arrive at something that is broadly acceptable.

But if I know you as I do, you won’t be satisfied with that.

You’ll want more.

And in this instance, you get out exactly what you put in.

Done well, the shift in the business is tangible.

The quality of discussion improves.
The relationship between Board and SLT strengthens.
And the business moves forward with far greater clarity and momentum.

And then the real work starts as you turn the strategy into reality.

This is the part you will do well.

Trust yourself there.

You won’t get this perfect first time.

None of it is instinctive, and very little is taught.

But remember this:

Strategy has two directions – down into the business, and up into the Board.

You nailed the first.

Now master the second.

Because when both work, strategy stops being a formality and starts driving real value.

Rachel was CEO of Intelligent Office, a former YFM portfolio company.

This is the final letter in the Open Letter series. If you missed the earlier instalments, you can read Part One and Part Two on the Entrepreneur Lab.