As we enter April, the first quarter of the year is behind us, and your well-intentioned resolutions for life and money are not going as planned. This makes it an excellent opportunity to consider trying a Personal Strategy Map.
A Personal Strategy Map
The PSM, or Personal Strategy Map, is the brainchild of Columbia Business School professor Sheena Iyengar, which she draws up every year on her birthday.
A Personal Strategy Map can assist in making significant life decisions, says Iyengar, author of the book "Think Bigger." She adds that being strategic about choices is crucial, as it is the key factor that enables you to shape the person you aspire to become in the future.
We should pay particular attention to this method because Iyengar, who is blind, is one of the world's leading experts on the psychology and influence of choice.
The concept that when people are faced with an overwhelming number of options, such as a large selection of mutual funds in their 401(k) retirement plans, they often experience paralysis and ultimately make poor decisions or take no action is derived from her research. Instead of an overwhelming array of options, a smaller selection of curated choices can help people stay focused and motivated to take action, which is where the Personal Strategy Map can be particularly beneficial.
How to Do The PSM?
First, a comprehensive review of the previous year, assessing what worked well and what did not, is conducted, similar to a performance review. Next, disconnect from electronic devices and gather a piece of paper or a whiteboard, as the act of writing it down helps you to be focused, Iyengar emphasizes. Then, jot down everything you want to accomplish in the next year, spanning your finances, relationships, work achievements, or personal development. This might result in a list of 15 to 20 items.
The next step is crucial: streamline the list. Due to time constraints, recognize that you cannot progress on every front. Narrow your goals to five to seven buckets to concentrate your energy and achieve tangible progress.
To do this, create three columns. In the left-hand column, write down the areas you are passionate about. In the right-hand column, define success in each area. Finally, the middle column, the most crucial one, outlines the pathway to success.
Fill it with small, actionable steps or connections to guide you toward your goals. "I only pick a goal if I am able to fill in that middle column," Iyengar emphasizes. Once your Personal Strategy Map is concrete, revisit it periodically throughout the year to track your progress. Here are a few additional considerations for crafting your map:
Deep Thoughts
Avoid rushing through the process. Iyengar dedicates a "month of reflection," continually reviewing, assessing, refining her goals, and waiting until the last couple of days to finalize them.
Accept That You Will Not Succeed at Everything
A Personal Strategy Map is a snapshot. Goals may evolve, and that is perfectly acceptable. It does not reflect your worth if you cannot accomplish everything on your list. Iyengar explains that individuals might pursue unexpected tasks or discover that certain goals are not as significant as initially thought. She notes that, typically, people achieve around 60% to 70% of what they initially write down.
Think About Purpose
Avoid becoming overly fixated on a specific goal, which may lead to setting oneself up for failure.
Iyengar cautions against becoming overly fixated on goals, highlighting their fluid nature. She suggests understanding one's purpose and direction is more important than rigidly adhering to specific goals.
Iyengar views the Personal Strategy Map as superior to New Year's resolutions, which often collapse soon after they are made. She highlights that individuals usually set unrealistic goals without a clear plan for achieving them. She notes that people may also create too many resolutions, which they burn out.
