Many companies I work with have an Annual Plan and some foundational strategic elements, like Core Values, Core Purpose and Mission/Vision/BHAG (Big Hairy Audacious Goal). However, these companies often don’t take time to define goals on the 3-5 year time horizon. This is an important step, because these 3-5 Year Plans form your base camps on the way to achieving your longer-term strategy. They allow you to brainstorm big ideas that will help you grow beyond just this year.
Working on your 3-5 Year Strategic Plan is a best practice during your 2-day annual planning session, but what should the outcome of that time look like? What do you need to accomplish in that time?