Because A Plan is Not a Strategy, strategies don’t have to be (and shouldn’t be) complicated. You should be able to write your strategy down on ~1 sheet of paper. It should lay out the logic simply, not hide behind jargon (see: Feynman Technique), and it should cover:

Component Breakdown

  1. Here’s where we’re playing
  2. Here’s how we’re choosing to win
  3. Here’s the capabilities we need

This is all per the Harvard Business Review video, but there is no universally agreed upon strategy document.

Alternative Component Breakdown

  • Cross-section of random Google results
  • Another HBR source
    • Why do you exist?
    • What is your value proposition?
    • Who are you serving?
    • How do you know you’re winning?
  • Wikipedia’s article on Strategy
    • Diagnosis explaining the challenge
    • Guiding policy for dealing with the challenge
    • Coherent actions for carrying out the policy

Source