The first step is to develop a conceptual strategy. 

The aim of the conceptual strategy is overall business optimisation, not maximising performance against one measure, or in one function, or in
one country.

When developing the conceptual strategy, it helps to consider:

• Is the organisation clear on its single overriding purpose?
• What is its strategic direction and core value proposition?
• What are the logical consequences of this?
• What choices therefore need to be made?
• What are the interdependencies between strategic objectives?