With the New Year comes new opportunities, changes, and reflection. I think I am correct in saying that most people work with the hope of someday being able to retire. Building your practice in the hopes of retirement is similar to NFL coaches planning for their football season. The success of their entire year is based upon making it to that final championship game…Super Bowl Sunday. This is no easy task, as we all know. Coaches constantly reevaluate their approach and coaching decisions in response to unforeseen roadblocks, such as player injuries, poor player or coaching performance, opponent strengths, game plans, and adjustments, game location weather, etc. They continually tweak their playbook to overcome these obstacles.
Have you reviewed your playbook lately? Are you on track to meet your ultimate goal of retirement? At least once a year, take the time to conduct an audit of your business, just as you would a client review. Make sure that your current business model is in line with achieving your goal. Retirement is a moving target, so you need to ensure that you annually review your income stream, business expenses, client relationships, and overall office productivity. Allow for any tweaks you may need to make. Look to see if you find any pitfalls or opportunities for improvement and, if so, identify what those are. What would be your adjustments? Is your retirement time horizon still the same? What about your business risk tolerance? Are you able to handle market changes, like football coaches plan for the weather? Take advantage of this time to also review (or create, if you haven’t already) your company’s mission and vision statements. Are they still accurate? These are very important questions to ask yourself to ensure the successful achievement of your goal…Retirement. The New Year presents the perfect opportunity to do this.
Have you thought about these questions? We have, and we welcome those conversations….