Strategic planning is back in vogue. Now that cost-cutting efforts are approaching the limits of what they can deliver, analysts and bankers alike are turning attention back to old-fashioned revenue generation. This, in turn, requires some forethought, business focus, and swift execution-in other words, strategic planning.

The "generation X" strategic planning challenge is formidable. In the past change came more slowly and predictably. Managers were focused on the status quo and planned three to five years out.

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