We all know that we want to get in shape financially and be in the strongest financial position that we can be.
- Define your goals – exactly what is it that you want to achieve? By when? With who? Write these down somewhere you can easily refer back to
- Personal – work both forwards and backwards – what are your immediate financial goals, but also consider how much you will need in retirement – what will life look like?
- For Practices – consider these through the lens of
- Growth – revenue, staff, markets
- Profit – targets and how much to take v reinvest into the practice
- Time – how do you want to spend your time this year? Who do you need to support you to do this?
- Identify milestones – for each of the goals above, identify milestone steps along the way. When we break down a large goal into milestones, these milestones become clear goals themselves, and can help us see a large goal as more achievable. Identify as 1, 3, 5 and 5+ year goals.
- For practices - Engage your team…make sure the right people are applied to the tasks so that they have greatest chance of success. Put measures in place so that they can see the end goal and measure against each of the steps to get there
- Take action! Have you covered all bases:
- Tax and Structure
- Cashflow and Budgeting
- For practices - Premises and Location – Superannuation? Insurance? Systems and Procedures
- For personal – Superannuation, Personal Insurances, Investing
Check back in regularly – hold yourself accountable, or engage someone trusted to hold you accountable, regularly. Accountability will keep you focused on achievement!
It's normal to need some help identifying the path to success. Having a trusted advisor by your side can ensure that you set off on the right track with the correct tools, structure and resources to ensure that you can reach your financial destination. Being supported every step of the way by someone you can trust is critical to achieving wealth goals, just as much as any other type of goal. It can be a journey, and we are able to help you all the way through.
Where do you want to go financially? Get a trusted partner to help with achieving your goals.
