What is a strategy? What does it contain? How should it be developed? How should it drive change? Based on an analysis of the published strategies of 52 UK universities and interviews with 28 university leaders, this report combines evidence-based strategy research with recommendations on best-practice strategy design. It presents, for the first time, the Strategy Design Framework derived from the author's 10,000+ hours of strategy consulting with some of the worlds biggest brands. This framework provides a simple yet practical tool for managing strategy across the entire strategy lifecycle: development, validation, deployment, monitoring and governance. Whilst the report aims to help senior leaders and those involved in shaping the strategic direction of universities to make sense of strategy, it also serves as a practical handbook for anyone involved in strategy design for business. It tackles some of the big questions for strategic planners such as what are the key purposes a strategy should serve in large, complex 21st century organisations, and what components should a good strategy contain to serve those purposes well?