The document outlines the key components of an effective strategy: 1. The overall goal that the strategy aims to achieve. 2. The costs associated in terms of time, money, people, and resources needed to execute the strategy. 3. Potential obstacles that could impact the strategy such as economic conditions, people issues, lack of resources, labor issues, and natural disasters. 4. Developing the strategy involves understanding the desired and undesired outcomes, conducting a SWOT analysis to identify strengths, weaknesses, opportunities and threats, and accounting for potential obstacles in the planning process.