Financial advisors have a lot of practice encouraging their clients to do a formal estate plan, to ensure that their clients’ assets and legacies are left in perfect order. However, advisors don’t always take this same advice in preparing a succession plan for their own business. The task can seem daunting, but just as you would take your clients step by step in reaching one of their goals, you can do the same for your own plan by following this simple outline: reflect, select, communicate, and document.
For me, the perfect time to change the batteries in my home’s smoke detectors is New Year’s Day. By doing it on the first of the year, I give myself a fresh start for the year ahead, as well as peace of mind knowing the detectors will be in full working condition for the year.
Have you considered what fresh batteries you might put into your practice for 2019? Whether 2019 will bring about some serious change, or will be more about maintaining momentum, the New Year is always a great anchor point for a business refresh. Dust off your 2018 business plan, and take the time to assess what goals you achieved, which ones you missed, and what items just fell off the radar. Consider the following aspects of your business as you gear up to prepare for the year ahead:
For many, relying on GPS is a given—gone are the days of keeping an atlas in the car or printing out turn-by-turn directions—and we often unwittingly obey whatever directional commands we’re given. A GPS will not question the destination you enter; it will simply tell you how to get there. While a higher-end model may allow you to customize the route to help you get there faster, avoid paying tolls, or put the lowest mileage on your car, GPS is designed with the sole purpose of getting you from point A to point B.