Goal Setting for Your Practice

October 3, 2021 by

Advisor Wealth Mastery Team

Everyone wants to have a successful practice. The issue arises when you ask someone what they mean when they say “successful”. The term “success” means different things to different people so it’s important that you define success for yourself. If you view success as a singular thing, it’s possible that you’re standing in your own way. When you’re focused on one major outcome, it’s easy to get discouraged. Discouragement can make you hesitate or give up on your goal. The best way to avoid this predicament is to set goals for yourself and your practice. 

 

It’s not enough to say that your goal is to be successful. For goal setting to be effective, you have to break down the components of your end goal. Ask yourself what steps do I need to take to get where I want to be. Another key step is to set a time frame for achieving everything. This keep you on track, and it will allow you to see if your goals are unrealistic. While there’s nothing wrong with a stretch goal, it’s better that you don’t set yourself up to fail.

 

When setting up your plan for success, start with your overall desired outcome. Your next step is to determine how long you’ll give yourself to reach that point. Once you know what you want and how long you have, you can start to break things down. If you want to bring in x number of new clients over the next 12 months, start by determining how many new clients that is per month. You can even go a step further and divide your monthly figure into weekly figures. Now that you know where you need to be, you can compare it against where you are. This gives you important insight to which areas of your practice need the most attention. 

Being able to pinpoint the gaps in your growth and marketing plans is critical. It could be exactly what you need to take your practice to the next level. If that’s a step you’re ready to take, schedule a consultation with us today.

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