Investing time to strategically plan their goals for the upcoming year is the single greatest return on investment an adviser can make. If you’re looking to create a breakout year and accomplish your most important goals, read the following to make 2017 your best year ever.
STEP ONE: Review Your Year
This step helps you focus on what you should be doing more of and what you should be quitting completely. Identify your successes and where you came up short. Figure out what worked and what didn’t. Which were good decisions and which were bad?
Answer these questions to properly reflect on your year:
- What did you accomplish this past year that you’re most proud of?
- What did you do to earn this accomplishment?
- What disappointments or regrets did you experience this past year?
- As you look back, what was missing from last year?
- What are three things you want to stop doing next year?
- What are three things you want to keep doing next year?
STEP TWO: Define Areas of Attention in Your Business
There are seven main areas of your financial practice that you want to be in optimal shape to see breakthrough success. Rank each area on a scale of 1-10 to see which are the lowest and need your attention.
- New business and client acquisition. Are you talking to enough qualified prospects and turning them into clients?
- Marketing and branding. When people get introduced to you or your brand, can they quickly identify how you can help and benefit them?
- Do you have all-star employees who are easy to manage?
- Client service and experience. Are your current clients receiving the right amount of contact and care so there’s no reason they would ever leave you?
- Do you have the systems and processes set up so that the office can run if you’re not there?
- Time management and productivity. Are you spending time only on $1,000-per-hour tasks rather than $10-per-hour tasks?
- Expertise in planning and investment management. Are you continually increasing your knowledge in order to offer the best advice and recommendations to your clients?
STEP THREE: Create Your Future
Here’s the framework to follow when identifying your goals. Use this framework to develop five to seven goals for the next year:
- Write it down. Research shows that written goals are much more likely to be achieved.
- Suspend reality. Decide later if a goal is realistic.
- Think big. Have goals that are challenging enough to demand your full effort
- State in the positive. Focus on what you want to move toward.
- Have actionable goals. Write your goal as if it is already achieved. For example, say, “I have hired one new all-star employee that handles all paperwork prep and processing by 6/30/2017.”
- Time bound. Make sure there is a date of completion.
- Be specific. The more specific the goal, the better.
STEP FOUR: Bulletproof Your Goals
Advisers who achieve their goals are the ones who are motivated and who have a compelling reason why their goals must be achieved. So you can create powerful motivators for each of your goals, which will increase the chances that you’ll achieve them.
Take these steps to create motivators for your goals:
- (Again) write down each goal.
- Connect emotionally and logically with each goal by determining why the goal is important and what is at stake (both the positive and negative).
- Write down the top three to five motivators
- Review them regularly.
STEP FIVE: Take The Next Step
The last step—the most important step in the process—is where we start to take action to make our goals a reality.
- Don’t over plan. We naturally are attracted to planning. But sometimes it turns into a fancy way to procrastinate. We want to make sure we get started on our goals as soon as possible.
- Work backward and break up your big goals. Imagine the goal is already complete. What do you need to do each month in order for you to that moment? This will help identify manageable action steps.
- Schedule your goals. Set aside time each week to review your goals, motivators and progress. At the end of each session, identify the next step you need to take to reach this goal.
- Celebrate the small wins to motivate yourself.
- Start now.
Download this step-by-step worksheet to help you with this process.
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