Serial entrepreneurs like me typically retain strong memories of our first big entrepreneurial venture, sometimes great, sometimes not so great. Whatever the outcome, we are best served by learning from what we did, so in future ventures we avoid what did not serve us well.

The speed of strategy is not related to calendar time.  Timing for the right market move, investment or shift in focus is predicated on opportunity or threat, and ability, not the start of the quarter or year.  Sometimes the need for commitment to or change in strategy is slow in developing, other times it arises lightning fast. The annual budgeting and resource allocation cycle is of course a key step in plan implementation.  But it should not drive the strategic planning process.  Finding winning strategies and getting on the road to implementing them should be driven by opportunity, need, threat, change, competition and other similar factors.  Like budgeting, planning should be recurring, but just making it a rote process ahead of budgeting disconnects it from the events that make planning so important.   Fundamentally, the time to plan is when you either don't have strategies that are pulling you to an idealized future vision for the organization or when your strategies are not longer effective or appropriate.