Oh I completely agree with you guys about best practices,
unfortunately the powers-that-be like seeing the documentation, best practices, whitepapers, etc. I've been able to find a good amount of stuff on google that should hopefully keep them happy.
If my job were to actually sit down, look at what data we're backing up, how fast it needs to be restored, how long to keep it, etc. and propose a backup/archive strategy I would be set. Unfortunately there's just way too much bureaucracy here(especially for a small company). The mentality here is you have to have a printed doc that explains exactly how to do something INCASE(which in reality never happens) someone questions your decision you can say "Well I followed this 'best practice' when I did it". It's ridiculous how much politics can get in the way of getting real work done.
But anyway, what I will probably recommend to them is using a variation of the GFS method, with full backups weekly and differentials daily. Right now we're doing fulls daily for quick restore time, but it's probably overkill since about 40% of our data is written once and never changes.