This paper looks at the role of a results-based management tool, namely theories of change, in strategy development for Research for Development organizations. The paper reviews the theoretical and empirical literature on strategy development and implementation, with a focus on strategic planning, strategic consensus and organizational performance. The role of theories of change in strategy development is analyzed using the International Maize and Wheat Improvement Center, a research institution affiliated with the Consultative Group on International Agricultural Research, as a case study. Theories of change were found to be a useful tool in strategy development, helping to align senior management vision with the rank-and-file understanding of the organization’s objectives. The theories of change sessions also led to more creative and strategic thinking about key organizational issues.