The article conceptually explains the notion of strategy. Drawing on its understanding by well-established authorities like Carl von Clausewitz, Basil Liddel Hart, André Beaufre, or Colin Gray, the authors discuss strengths and weaknesses of various views. Furthermore, the article employs Arthur Lykke’s definition of strategy to demonstrate various conceptual requirements. Strategy is thus perceived as the relationship among means, ends, and ways. Crucial implications for a development of the Czech strategic documents are further examined. The article argues that, the vital importance of coherent interconnection of all the afore-mentioned parts of the strategy has been so far neglected in this process. It is suggested that particular attention should be paid to the clear formulation of a goal, which is the prerequisite for any meaningful strategy. However, any goals must be developed with the close relation to the available or potentially attainable resources, and purposeful ways how to employ them. The whole process is best described as the hermeneutic circle.