Harrison Law - January 2020

January 2020 Te Contractor’s Advantage

www.HarrisonLawGroup.com (410) 832-0000 jwyatt@harrisonlawgroup.com

Planning for the New Year and the New Decade

continue to grow my business? How do I keep people employed while maintaining the business itself? How do I manage profitability if a potential drop in revenue is expected in the near future?” Planning for the next year, let alone 10 years, isn’t easy, especially when you get into the finer details. Literature on the subject of long-term planning says that the furthest we can plan out, at least on a practical level, is three years. Once you go past three years, it starts to become more abstract. You may not have all the answers, and that’s okay. But again, it comes back to adaptability and flexibility. You want to give yourself room to reset your goals and restrategize as necessary. Just think about where you were 10 years ago versus where you are today. Ten years ago, I didn’t have any children. Ten years from now, my daughter will be in her final year of high school, and she’ll be driving! So much can change in 10 years. We have no way of predicting exactly what’s going to happen, but we can certainly plan and work toward what we want to get out of our plan. I’ve been reading about the psychology of people when it comes to procrastination, which can play a major role in goal setting. It’s a subject touched on in “The 12 Week Year” by Brian P. Moran and Michael Lennington. The book suggests that a good way to plan is to do so in 12-week intervals. The concept applies both to your personal life and business. It’s remarkable how quickly 12 weeks can go by. Planning in 12-week intervals keeps your deadline closer, meaning you are less likely to procrastinate. This is one of the reasons why many people don’t accomplish their goals: They don’t

With another new year comes new goals and new outlooks. Many people traditionally use this time to think about how they want to improve in the coming year personally, professionally, or both. This year, however, is a little different. Not only is this month the start of a new year, but it’s also the start of a new decade, making it the perfect opportunity to put together a long-term plan. I recently sat down and planned out the next 10 years. It may sound like a lot, and sometimes it is, but it gives me an outline of the next decade. I thought about various goals and targets I want to hit, and I now have an idea of what my business might look like in 2029. However, I also know I can change things as we go. When you are looking 10 years out, flexibility and adaptability are two elements you must embrace. In business, you want to plan with outside variables in mind, and there are many of them. For instance, this year it might make sense to plan for a recession. While no recession is guaranteed, the opposite isn’t guaranteed, either. You want an allowance in the event that the economy slows down, and as a result, business slows down. In general, it’s always a good idea to plan for economic slowdowns, even if there is no sign of one in the near future. That way, should anything happen, you are already prepared. It can be tough. While many businesses survived the last recession, others did not. A lot of it came down to planning. In times of prosperity, it’s easy to forget that no business is recession-proof. The more you can plan and the more questions you ask of yourself (and answer), the better off you may be. You might ask questions like “How can I

give themselves a firm deadline, or they set the deadline too far out. When it’s too far out, it’s easy to fall into the mindset of “I’ll do it tomorrow.” Then, tomorrow becomes next week, and next week becomes next month. In terms of 10-year planning, the focus isn’t so much on setting casual goals but instead on big picture items. I’m looking at where I want to be in my career in 10 years and planning accordingly. Within the big-picture goal, there are many other, smaller goals — the goalposts along the way. While I may have a good idea of where I want to be in 10 years, I first have to hit my 2020 goals and my Q1 goals. It’s all one step at a time (or 12 weeks at a time)! It’s something to think about as you set your own goals and think about where you want to be in a year or in a decade. Welcome to the 2020s!

-Jeremy Wyatt

jwyatt@harrisonlawgroup.com | www.HarrisonLawGroup.com | 1

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