Many companies are working on the planning process now and continuing through the fall. They will be setting goals and targets, but are they daring enough?

The term "big hairy audacious goal" (BHAG) comes from the 1994 book, Built to Last: Successful Habits of Visionary Companies, by James Collins and Jerry Porras. President John F. Kennedy's 1963 proposal of sending a man to the moon is held up as the prime example of a BHAG. But what makes a good BHAG, how does it relate to other planning tools, and what are the dangers if it is used incorrectly?