Ok, let’s start with the most important thing. You probably heard me saying that I don’t believe in long-term planning. And oh boy, did I prove myself right in 2020.
What has happened to all of us is that our new year resolutions, our long goals and plans have been flushed down the drain in March when COVID hit. It was heartbreaking news for many. Very few have recovered.
People have decided that since they can’t act on the plan they have set for themselves back in January, it is the reason to just let this year happen. They thought “Well, if I don’t know what’s going to happen in 6 months from now, what’s the point of committing to anything???”. There is some truth to that thinking but only if you operate with the idea of long-term planning.
The funny thing is that even in normal times, long-term planning rarely works. And the most innovative companies of our times have realized it and adopted Agile methodology in handling product development. In uncertain times like these, you should divorce the idea of long-term planning.
The North Star
Don’t get me wrong, there is a benefit of having direction of where you are moving. I call it the North Star. You should have the North Star. It is usually a lifestyle image.
For example, my North Star is having multiple businesses and being location-independent, so that my family can spend winters in a warm place without any financial sacrifices. I am moving in that direction. I don’t have a deadline. I don’t have an exact dollar amount. Or a list of businesses that will allow me to achieve that lifestyle. I just know that this is where I am going. Without a doubt, my North Star will change and evolve and uplevel the closer I get to it. I don’t put a deadline on it. Every month I ask myself “What can I do this month to get closer to my North Star?”
I don’t have all the answers. No one ever does. All you need to know is the next actions you can take. The actions you can take in the next 3 weeks. Because after you take those steps, you will have a better understanding. You will learn new things about actions. You will run experiments. You will know what works and what doesn’t.
You plan, you act, you reflect, you adapt and then with NEW knowledge and understanding you again plan, act, reflect, adapt.
In practice it looks like this – know where you are going, you have the North Star. It’s more of an aspirational lifestyle you want to have.
No numbers.
No deadlines.
No lists.
Then decide on what you can do in the next 3 weeks with the knowledge you have today in order to get closer to the North Star lifestyle.