Why are you in business? What drives your daily activities—your long-term vision or making the numbers this quarter? If you’re a board member, do you incentivize your executives to make a long-term contribution for the company or to keep the shareholders happy this quarter? If these questions cause you any discomfort, your priorities might be out-of-line with your core values.
In a recent interview with McKinsey & Company, Bill George—Harvard Business School professor and former Medtronic CEO—said the following: “Anyone who’s willing to postpone the long-term strategies to make the short-term numbers is in route to going out of business.”
In the full interview—Bill George on rethinking capitalism—Mr. George discusses important topics including insisting on the long term, managing expectations and creating lasting value. I recommend you spend a few minutes listening to Bill’s interview; it’s well worth your time.
The Product Management Perspective: One of the key aspects of product management is creating a long-term vision for a product/portfolio. Some are uncomfortable putting too much effort in looking to the future because things change. The core of this discomfort is not so much that things might change, as it is that they will be perceived as being wrong.
Don’t let the possibility that you’ll be wrong stop you from looking towards the future. Regardless of whether you end up right or wrong (or anywhere in between), the efforts you put into planning for the future will pay off. You will learn things you would have missed had you not tried. Be the leader—the CEO—of your product and create a long-term vision of how it will create value for your customers.