The Total Practice Review - where you are and where you want to be in three years

At the outset of any planning initiative it's imperative to get a clear understanding of where you want to go, and where exactly you are today (the brutal facts). Most people have some ideas on where they want to go, however the difficulty seems to be facing the reality of their present situation, and determining the sequence of actions necessary to accomplish the journey.

If we begin with the question; what do we want the outcome to be, what do you want your business to look like in three years? And, once the three year goals are somewhat clear, where do you need to be at the end of year two, and year one?

Then if you go back to the brutal facts question; what does my business look like today, you'll come face to face with the differences between your current present, and your desired future.

So let's get some numbers on paper, so we can start the process.

Use the chart below to capture your information.

The preceding chart will reveal whether your production and assets are growing, shrinking, or flat, recognizing of course, that the last two years have been a challenge. In addition, it shows the recurring revenue portion of your total production in the form of fees. It also captures the number of clients, and how many new ones you added in each year. And last, but certainly not least, it shows the asset gyrations in and out, and what the net performance was.

This gives you a numerical perspective: you're either up, down or sideways.

Next, I would ask you to look at the softer side of your business. I recommend that you make notes in the blank spaces following the questions, or you could make notes on a separate sheet.

1. Are you enjoying what you are doing, do you like your clients and do they trust and respect you? Do you enjoy the kind of business you're doing whether it be; picking stocks, managed money, pension plans, insurance, portfolio management or estate planning, to name a few?

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