Yesterday, I tasked you with an exercise to define your future by visualizing what your business structure and personal finances look like on Dec. 31, 2021. If you missed it, you can read it here.
I promise, that’s as “woo-woo” as I get. Today, we start the process of converting that vision of your future state into pragmatic action steps.
- dealing with things sensibly and realistically in a way that is based on practical rather than theoretical considerations.
Above all else, this is the most important word that I try to keep in mind whenever I’m writing an article, developing a CPE class, or assembling a marketing toolkit for you to use in your practice. It’s a byproduct of my engineering background. My brief foray into doing research science was miserable, just way too theoretical for me. Engineering is all about practical application, and that’s what I try to bring to you here, as well.
So how do you convert a vision of the future into practical action steps you can start taking today?
Creating Action Steps, Part I
Here’s Part I of the simple process:
- For each component of your future vision (e.g., each question in the exercise), write down the metric that defines it’s achievement. In other words, a KPI (Key Performance Indicator). This should be an objectively quantifiable unit of measurement, such as hours or dollars. Again, see the the exercise from yesterday — it’s worded the way it is for a specific reason, to flow into this process here. For example, personal net income of $250,000 for the year.
- Write down the equivalent metric’s value as of Dec. 31, 2020. For example, personal net income for last year may have been $50,000.
- Calculate the delta between the two. In this example, it’s $200,000. This is the gap that we need to bridge, over the next 12 months.
- Divide the gap by 50. This gives you the weekly change you need to create. In the example, that’s $4,000 per week.
Was that complicated? Was that too obvious? Have you stopped reading because you already knew that?
Well, if it’s so obvious, and you already knew it… How come you’ve never done it? Aha, gotcha! 🙂
And if you have done it before, GREAT!
But if you haven’t, please…please…please DO IT. It’s one thing to proclaim a New Year’s resolution to 5x your income in 2021. But unless you … Continue reading