Where do you see yourself in five years?
Ugh. Worst job interview question ever.
Back when I was an employee, I absolutely hated this question. Mainly because the honest answer was along the lines of, “Hopefully not working here.”
But once you make the choice to become a business owner, the question takes on a whole new meaning, and it’s one that you should give serious consideration.
As the owner of your tax practice, you are the “architect” of what that business will look like in the future. The choices you make today directly impact how the business is structured, what it does, who it serves, and how much revenue it generates in the future.
The exercise that I asked you to complete a few days ago is directly connected to this. Analyzing the choices you’ve made in the past help you understand why your business is it’s present state. Being conscious of the choices you’re facing now and the choices you should be contemplating help you build the future tax firm that you want.
Today, I want you to focus on that future state in which you want your tax firm to exist. Don’t worry, I’m not going to lead you on some woo-woo vision board exercise (although I do have one). Instead, I want you to answer some simple questions that can be objectively measured. I’m not asking you to set goals right now, but rather to realistically create some criteria by which you can define your own success. Meaning, success as you choose to define it for yourself.
Imagine it’s Friday, December 31, 2021, and you’re reflecting back on this year.
- How many hours did you work this year?
- How many hours did you “play” this year?
- Who did you hire this year?
- What services did you add or drop from your practice this year?
- What new skills did you become competent in this year?
- What niche target market did you crush it with this year?
- How much personal income did you generate this year?
- How has your personal net worth changed in the last 12 months?
If you think of additional questions to add to the list, by all means do so. The most important part of this exercise is that you write down the answers.
What does this become? What’s the utility of it? We’ll discuss that tomorrow.
Here’s to the future you,
P.S. If your answer to the skills competency question in today’s exercise involves representing taxpayers in front of IRS Collection and Examination divisions, we invite you to learn more about the Certified Taxpayer Representative™ designation. Visit https://nactr.org/ctr for details.