It’s widely recognized that establishing strategic priorities and actively pursuing them is essential for a thriving practice. In our recent discussions with advisors in late Q4 2023/early Q1 2024, many eagerly voiced their intent to address identified gaps in their business models and areas of focus. We heard themes around growing teams, acquiring practices, maximizing center of influence relationships and increasing share of wallet, among others. The goals themselves were optimistic and exciting, and as we turn the calendar to Q2, it’s also critical to ask those advisors who articulated goals how they are realistically and objectively assessing progress. It’s the opportune time to ask, “How are you showing up to your goals and strategic initiatives?”
If your assessment veers from “excellent and on course,” it’s time to scrutinize whether you’ve established the requisite systems and processes to translate your vision into actionable steps. As Nancy Halvorson aptly notes in “How We Can Reach Our Goals,” merely envisioning yourself crossing the finish line isn’t enough; rather, visualizing how you’ll navigate the race—strategies, choices and obstacles—will not only bolster your confidence but also equip you better for the journey ahead. This approach embodies realistic optimism.
Whether you have a well-documented strategic plan or are still at the brainstorming phase, it’s important to begin with the end in mind:
- Define Clear Goals and Objectives: What is your practice’s mission/vision/philosophy? Start by clearly defining the goals and objectives of your practice. This includes identifying gaps in your business model and areas of focus that need improvement. Ensure that these goals are not only optimistic but also achievable within a reasonable time frame.
- Develop Actionable Strategies: Once the goals are set, it’s crucial to develop actionable strategies to achieve them. This involves establishing systems and processes that translate your vision into tangible steps. Visualize how you will navigate challenges and obstacles along the way, and make sure your strategies are realistic and aligned with your overall mission and vision.
- Regularly Assess and Adjust Progress: Continuously monitor and assess your progress toward your goals. Be objective in your assessment and be willing to adjust your strategies if necessary. If your assessment veers off course, take the time to reevaluate and make any necessary changes to get back on track.
The silver lining is that today marks an ideal moment to embark on this journey of realistic optimism. If you’re uncertain where to begin or need a partner to navigate the path ahead, we’re here to lend a helping hand.
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