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Creating elaborate plans and specifications (user stories, documents) too far in advance is part of a waste called Partially Done Work and a threat for the Extra Features waste that Poppendieck identified in their book. These wastes are sometimes (originally) referred to as "inventory" and "overproduction".
Making analyses and writing out specifications should -- if at all -- be done as late as possible. Otherwise, there is a potential risk of ending up with obsolete plans due to new insights, changes in the market or newly identified pains by the client, and risking building low impact functionality (= Extra Features; also a form of feature creep).
It is no exception for stakeholders to request and hold on to early defined plans and roadmaps only to end up missing the boat either on what is needed and how long it would take to achieve the desired goal or outcome. Even though this behaviour is understandable from a psychological point of view, seeking to control risks through waterfall project management instead of evolutionary product design and development does pose a threat to the success of the product or project.
Instead, continuously poll for the next most important step to take using market research, product analytics and data, test or beta users, team insights, or simply by conversing with your client after delivering your latest iterations and work in small steps. Of course, you may still define a long term strategy and goals (with deadlines if you must); ensure they focus on outcomes rather than outputs.
Our dramatically simple team structure avoided some other forms of waste: Handoffs and Delays (also called "waiting").
Our mini team was self-managing: in coordination with the client, I defined the pace, wrote user stories and defined technical approaches without relying or waiting on people outside the team.
With bigger teams, you want just that: as a company owner, CTO, VP/Head or manager, build up mutual trust, provide a psychologically safe environment where it is okay to speak up, and allow the team to work autonomously. Ensure teams comprise of all the skills they need to fulfil their goals: T-shaped people having at least some notion of a wide range of skills with more profound knowledge on a few specialist skills.
Attempt not to limit this mindset to traditional development skills; introduce UX and UI expertise, design, QA and testing, product management, operations, product and data analytics, and any other skills required within the same team as much as possible.
As the names of the wastes give away, this helps minimise handoffs of tasks to people outside the team, focusing on working together as often as possible and avoiding delays in execution. In the next section, I will dive a little deeper into these matters and show how we can prevent handoffs inside the team.
And last but not least, focusing on solving known bugs first helps to mitigate the obviously named Defects waste.