It is almost Q4 and that means that annual planning will dominate the lives of many product managers & leaders over the next several weeks (or sadly, months).
Here is your annual reminder about doing annual planning effectively without the BS busy-work:
If you are going to embark on a new initiative in 2022, the highest leverage activity you can do to increase odds of success is pre-mortems. Here's a @coda_hq guide & template for running effective (and fun) pre-mortems: coda.io/@shreyas/pre-m…
On how to set goals for your product (more qualitative or quantitative, outputs or outcomes, etc), the most rigorous thing you can do is to understand the stage of your product, using Kent Beck's Explore - Expand - Extract framework & set goals accordingly
If you've reached this far, and if you're a growth-stage startup (post product market fit) that wants to figure out how to do strategy, planning, prioritization, and scale execution, feel free to reach out via DM (with some stats). As an experiment, I will do 5 such calls in Oct.
A framework to help you figure out what type of product-market fit you currently have and where you should go next:
You might have heard people say:
“Amateurs talk strategy. Professionals talk logistics.”
People conclude from this that, to be a true professional, they should fixate on logistics/operations.
Such conclusions are flawed & can even be harmful.
The Curse of Brilliance, a thread:
Before we dive in, let’s look at another quote, commonly attributed to Picasso:
“When art critics get together they talk about Form & Structure & Meaning. When artists get together they talk about where you can buy cheap turpentine.”
Same thing here.
People hear this, get impressed, and conclude that, if you want to be great at something, you should ignore all the abstract crap and just focus on the tactics that The Great Ones employ.
Since time immemorial, when a CEO asks a PM at Product Review, “what do you need to 10X users/revenue?”, “what will make you go faster?”, etc the PM steadfastly responds “We need [N] more engineers”. The Eng Mgr nods approvingly.
A story thread, with some hard truths to swallow:
“More engineers” will usually *not* solve your problems. Because the real problem is often a strategy problem, culture problem, interpersonal problem, trust problem, creativity problem, or market problem. More engineers *will* solve your “I don’t have enough engineers” problem.
When you finally manage to get more eng headcount, things will usually get worse before they get better. Management will now expect your team’s *immediate* output to be in proportion with this *new* headcount, not with your *current* staffing. Not fair, but that’s how it goes.
If you lead teams that are directly involved in conceiving, building & launching products (i.e. product mgmt, engineering, design, user research, data science, product ops, product mktg, ...), this thread is for you.
Obviously, this is not a formal mathematical formula. Its goal is to help us understand & explain to others the *relative* roles of the factors that determine long-term impact. To understand it, it’s useful to assign a value of 0 to each factor (while keeping the others non-zero)
Let’s start with:
Strategy = 0 (others non-zero)
You get:
Impact ≈ Market
What it tells us:
A very bad strategy won’t kill you. But if you don’t fix it, it will severely limit the impact of your execution over the long term.