How to develop a plan that will lead you to achieve your business vision?
Whether you wish to retire or transition your business, never lose sight of the end result by developing a strategic plan. Once a goal is in place, you should form an action plan that will get you there.
“A goal is a dream with a date on it. If we don’t accomplish that goal, that doesn’t mean that the goal was bad. Maybe it was not accomplishable within the timeframe that we set.”
Significance of a Roadmap
A valuable piece of advice I always give to clients, they should be ever-ready for any unpredictability that might come their way. Nothing is certain. A plan will never go exactly as their expectations. These unpredictable events can be minor or as drastic as the pandemic. In such cases, you need to have a contingency plan in place.
Remember, there is nothing wrong with taking a break and taking a step back until things start to fall in place and make more sense. Amid Coronavirus, we are experiencing high market volatility. Panicking is not going to solve things.
I make sure the clients have an organizational plan in place and a “plan B”, that will be required in case of unforeseen circumstances. For example, it is normal to find a particular route blocked when the road is under construction. What do we do in this case? Find a detour, right? That is exactly the fundamentals behind having a contingency plan or, as I like to call it, “a roadmap.”
Shorter time frames aren’t ideal!
Speaking of roadmaps, I recently had a prospect, and we did an introductory call. The client was concerned with the current market situation due to Covid; hence we were scheduled to evaluate. The issue was that they were aiming to produce and execute a plan within the next three years.
I told the client that I understood where they were coming from, but I realized the limitation. We need at least ten to fifteen years for a comprehensive plan design and implementation. So shorter timeframes can really limit your options.
Matt is more than a Financial Advisor
With experience, I have understood that my job is not limited to providing financial advice to clients and providing emotional support. I am responsible for calming them down in case they are panicking and helping them to think straight. In addition, I assist them in discovering the aspects they have been missing out on.
Most clients can be observed moving forward in a direction they shouldn’t be doing or freezing their operations in the midst of an emotional situation. Both of these are not the ideal solutions here. People tend to respond to their impulses, which results in their rationale being clouded.
This is where I come in.
I do not offer help just by analyzing the surface-level issues. Instead, I dig deeper, find the underlying causes, and tackle them one by one. For example, several problems cannot be solved if you are trying to micromanage them. In these situations, I recommend the clients take a step back and benefit from external perspectives and insights.
Sometimes clients are not progressing because they are stuck inside their comfort zones. For example, I have come across families where the kids are a part of the succession plan, but they are not ready. They are advised to go outside their family business environments to learn how the real world works and come back stronger. This way, they are a lot more valuable for their business.
How do I uplift my clients when they are feeling demotivated?
It is my responsibility to help them formulate a plan and then make them understand that there is nothing wrong with facing a hiccup or two along the way. The key is adaptability. Secondly, knowing that we have a plan in place and a contingency provides them with the needed confidence.
What are the steps that you take into consideration while formulating a plan?
Here is the list of the crucial steps that I consider before putting together a plan for my clients:
1) Make sure that clients have adequate funds and cash flow streams
2) Minimize their current and future tax liability
3) Creating an umbrella within the family business with pods of other businesses having different cash flow streams
4) Ensure that they have adequate risk management vehicles
Schedule a meeting with Matt
Usually, people do not dive deep to discover how their business models are positioned for the longer term. Instead, they intend to go with the flow and tackle challenges as they come. However, this is the biggest mistake you can make.
Minimize the risk of failure today by going to our website and scheduling a 30-minute quick review. I will consider all the necessary aspects of your business needed to devise a plan to accomplish your objectives. Once my client is fully satisfied, we move forward together.
Disclosure
The information compiled and posted here solely represents the opinions and views of the guest. It might not necessarily be similar to the opinions and views of High Lift Financial. The availability of this content only serves educational and informational purposes. It is in no way a substitute for tax or legal advice or professional investment.
Always make sure to consult your financial advisor with any queries related to personal or business planning. DiFrancesco Financial Concierge, LLC. d/b/a HighLift Financial, is a Registered Investment Advisor registered with the State of Pennsylvania and subject to the State of Pennsylvania’s regulatory oversight.