What business are you in?
The first and most important question is: “What business am I in?” What business are you really in? Define your business in terms of what you do for your customer or for your company. Keep expanding the definition of your business so that it is as broad as possible. Never be satisfied with the first answer.
For example, many years ago, some railroads defined themselves as being in the “railroad business.” In reality, they were in the business of transporting goods and people. By ignoring the other avenues of transportation that were developing, such as trucks, buses, ships and airplanes, many railroads went out of business. Read more…
Personal strategic planning is very similar. However, instead of return on equity, personal strategic planning is aimed at increasing your return on energy. Put another way, it is to increase your return on life. The equity in a business is measured in terms of financial capital. Your personal equity, on the other hand, is measured in terms of your own human capital.
Your personal equity is composed of the mental, emotional and physical energies you have to invest in your career. Your goal should be to get the very highest return possible on the investment of yourself in everything you do. How well you invest yourself determines your income. This is the point of personal strategic planning.
You can tell that it is time to revisit your strategic plan when you are no longer getting the kind of results you want from your work or from your life. Whenever you feel frustrated or dissatisfied, for any reason, this is often an indication that you should sit down and ask yourself some good, hard questions. Whenever you experience resistance or stress, or you find yourself working harder and harder only to feel that you are getting fewer and fewer rewards, you should stand back and consider revising your strategy. Read more…
Your ability to think, plan, decide and take action largely determines the course of your life. The better you become in each area, the better each part of your life will be and the faster you will achieve your goals. Personal strategic planning is the tool you use to get from wherever you are to wherever you want to go. The difference between a person who uses personal strategic planning as a central part of his or her life and one who does not is the difference between a person who rides a bicycle and a person who drives a car. Both will get you from point A to point B, but the car, personal strategic planning, will get you there much faster and easier.
Fortunately, personal strategic planning is a systematic way of thinking and acting. It is therefore learnable, like learning to type or drive a car. There are many different elements of this key skill but with practice, you can get into the rhythm of thinking and acting strategically for the rest of your life. When you do, your life and career will take off like a rocket. Your success will be assured.