Corporate performance is measured in financial years. However, strategic plans more often span multiple years while containing shorter-term targets that map to the performance sought in the current financial year. The development of a long-term strategy might take anywhere from six to nine months for a large enterprise. Once in place, the annual planning that precedes each financial year is a much–shorter, affair (one to two months).

Regardless of whether we’re embarking on a new strategy or tweaking an existing one, the lifecycle looks much the same. There are essentially three …
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