Rumelt: Separate strategic planning from annual budget planning
In the Economist:
Rumelt argued that strategic planning should be separated from annual resource budgets. “Changes don’t come along in nice annual packages,” he said, “so the need for strategy work is episodic, not necessarily annual.” He recommended that companies separate their long-term resource plans (their budgets) from a separate “non-annual, opportunity-driven process for strategy work”.
That’s a good insight into the strategy process.