Developing a Personal Business Plan in 2011
If you can be successful in business, you can use the same skill set to be successful personally as well.
By Jerry Lynch, CFP, CLU, ChFC
Every financial article I see this time of year tells me the things I need to do to have a successful year. This includes saving more, maxing out the company retirement plan, doing a will and a host of other things that most of us end up not doing anyway. Focusing on these areas is really only dealing with the symptoms of a financial problem, not solving the problem itself.
Let’s focus on the process you have used to make yourself successful at work and transform that into your personal life.
More likely than not, over the past 2 months, you had to focus on your business plan for 2011, communicate this to your superiors and work out a schedule of how you are going to accomplish this over the next 12 months. This is how we are evaluated and often our compensation is highly tied into the goals that we set and if we accomplish them. At every business review, this paper will come out and be the benchmark for the conversation.
Our business lives are extremely important and hitting our business objectives generally helps fund our personal objectives, which may include retirement, taking care of our families, college for our kids and many other things. So why are so many successful business executives in total dysfunction in their personal financial lives? The answer is simple. They do not have the system in place that they have at work to be successful.
Here are a few thoughts for 2011 to make you personally successful in exactly the same way you do it in the business world.
People make this way more complicated than it needs to be. If you can be successful in business you can use the same skill set to be successful personally as well. Use January as an opportunity to work on your “Personal Business Plan” to ensure your family has a great 2011!
Jerry Lynch is president of JFL Consulting and has more than 23 years in insurance and financial planning. He has been a regular guest on CNBC, WABC and does regular articles for the Star Ledger. He can be reached at email@example.com.