Last week, marketing guru Seth Godin posted on his blog, "A ten-year plan is absurd," arguing that while planning that far out is impossible, companies and individuals need ten-year commitments to make an impact on the world.
While he has a point about plans spanning ten or more years, in order to understand how to implement and operate under your commitment, you still must plan for the future. Just keep it to a little more of a foreseeable future than a decade out.
I have worked on several "long range plans" over the years, and have found that usually three to five years forms the outer boundary on a fortune teller, and that predictions beyond eighteen months tend to be less and less accurate. Regardless, creating a plan helps set a direction and guidelines for motion that can help carry a company forward and avoid sitting paralyzed with inaction. So how do you do it?