Are we going as far as we possibly can with the fuel we are using?
Are we headed in the right direction?
The first is a question of efficiency. Input vs output. ROI, cost versus benefit, etc. This is easy to measure but difficult to achieve. Every system, collection of processes, or organism experiences this. The inherent friction caused by the moving parts. This friction should be as low as possible.
Your business is somewhere between a rusted motor with no oil, and perpetual motion. This could make business very painful, draining experience. It forces you to spend your limited energy on creating momentum that impedes your future performance.
The second is a question of effectiveness. Are you delivering on your purpose? This is challenging to define, and hard to determine. How much of your output is used to get you down the road you want to be travelling?
Even autopilots in commercial aircraft are never on course. The system makes constant corrections for the duration of the journey. If you are not intentionally doing this with your strategy chances are you are not heading in the right direction. All your energy is spent, very efficiently, taking you in the wrong direction.
The trick is you can never answer the one without considering the other. They are two sides of the same coin. Co-essentials.
Successful strategy secures effectiveness, successful management secures efficiency. Both secure sustainability.