I just came across a great visual tool that supports strategy formation. It is the brand-new Play-to-Win Strategy Canvas developed by Matthew E. May. This is a one-page canvas which guides you through the whole process.
This tool facilitates a process that is inspired from Roger Martin and A.G. Lafley’s book Playing to Win: How Strategy Really Works. It starts with the question “Why do we need a new strategy?” and then guides you through seven steps: