A year in review and it is only the first week in November? What is up with that? Recall that there were approximately 42 productive work days remaining from last week’s message. 
We are down to 36 now.
I am not one for “scare tactics” nor does my futuristic strength cause me to think continually of the next day and more. So why am I talking about a year in review in early November? Because most advisors I know want to enjoy the holidays with family and be ready to roll (planning and goal setting are upcoming topics!) when regular work schedules resume after the first of the year. Some chose to review, reflect and plan in January after year-end and that works too. For me, the start of the New Year means the implementation, not the preparation, of an action plan for the year! So read on to learn more about a year in review.
Review your financial metrics. How do revenue and expenses compare to last year? Since it is not yet year-end, use a year-over-year comparison. Adjust for unusual events such as staffing changes, a physical move, the gain or loss of key relationships and you will know the direction you are headed.
Many of you use a budgeting process. How do actual expenses compare to the budget? What about projected revenue? Where are the differences and is there an identifiable reason? Use this information to outline a budget or spending plan for next year.
This information will also advise your marketing efforts. What initiatives did you undertake this past year to grow your client base? How effective were those efforts? Run a new money report to separate market performance from new assets for those that manage money. What contributed to the success or failure of your efforts?
Are there initiatives that just didn’t make it out of the starting blocks this past year? Reevaluate. Do they make the grade for next year’s efforts? If so, what stopped you from starting this year? Lack of time, energy or direction? Perhaps the project needs leadership from someone other than you. Delegate! Your “delegate” could be just the shot in the arm the project needs and better qualified than you to handle the project.
We will add to this year in review next week with reflection. Metrics and numbers are only part of the equation. Reflection provides the insight into the results we achieved or didn’t in the past year.
Mark your calendars for the final Expert Series Interview for 2014 on November 25th at 4 p.m. CST. The focus will be on strategic planning. Look for an announcement and your opportunity to register.