Apple was a small computer hardware company before it launched the iPhone in 2007.
That one product launch changed the company's destiny.
Netflix (founded in 1997) used to physically post DVDs to subscribers before they made the decision (also in 2007) to digitally transform their business model by evolving into a streaming service.
The successful execution of that plan, based on a single, simple vision of the future, has really worked out well for them.
What is the one thing that if you had to focus on it and change it - would have the most positive impact on your business / life?
In strategic planning one is often tempted to load up the to-do list of numerous things that supposedly need to be achieved.
Instead of one big hairy audacious goal, that everyone gets to focus their attention on - there are 5... or more goals that need to be achieved.
In our experience - if there are more than 3 goals in a strategic plan, it's very likely that none of them will be achieved.
Forget about quantity when it comes to strategy - rather find just one thing that will have the biggest impact on the future of your business and focus your efforts on achieving that.
Remember - strategic planning, that gives you the best chance of successful execution, is an exercise in extreme editing.
Your job isn't to fill a wish list; it's to keep on pruning until you get to just one.