The Bombers announced at Wednesday night's annual general meeting they aim to win their next flag within five years.
They also want to boost their membership from just above 80,000 to 125,000 in that timeframe.
The goal is for all of Essendon's teams - AFL, the AFLW side that will start late next year, VFL, VFLW and their Victorian wheelchair league lineup - to win premierships by 2026.
Essendon, who celebrate their 150th birthday next year, last won an AFL premiership in 2000.
The Bombers and Carlton, who are also mired in a premiership drought, have the most VFL/AFL flags with 16.
Essendon are notorious for not having won a final since September 4, 2004 and are mocked routinely by opposition fans for the streak, which now stands at 6311 days.
They have recovered from the drugs debacle that emerged in early 2013 and condemned the club to years of turmoil, with 34 players suspended for the 2016 season.
But they showed significant improvement this year under coach Ben Rutten and returned to the top eight, before a bad elimination-final loss to the Western Bulldogs.
Rutten also announced at the AGM that Dyson Heppell would captain the Bombers for a sixth season.
Several clubs have ongoing strategic plans.
Last month, Fremantle declared that they are aiming for their first men's and women's premierships within four years.
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