It’s the end of the year and as a nurse practitioner entrepreneur, it is time to begin planning for the new year and reflecting on the previous. This is a critically important exercise for those that want to continue to grow their business and professional life.
First, lets begin with reflecting. The best way to change the future is to examine the past and figure out what could have been done differently to achieve your desired goals. Ask yourself the following questions:
- Did I meet my goals in 2022?
- If not, then what were the underlying reasons on why I did not? Usually, these reasons are quite clear and should be right in front of your face. Make it a goal to fix these issues moving forward because if you do not, more than likely they will CONTINUE to be an issue in the future.
- If you did, great but why did you meet your goals? What was it that you did that allowed you to accomplish your desired goals? Whatever it was, KEEP DOING IT! Always harness and amplify your strengths!
- Did my business hit its revenue projections and goals? Why or why not?
- Was I able to lower my legal tax obligations to any significant extent? Remember, it is TOO LATE to begin tax planning at the very end of the year. This is something you need to be doing with intention throughout the year. Don’t rely on your CPA… YOU as the business owner should be doing everything you legally can to reduce the largest expense in your life: TAXES!
- Did you adequately expand your knowledge base? As a nurse practitioner AND an entrepreneur, it is very important to never stop learning. Once you do, you will be left in the dust.
- Did you make any worthwhile relationships? Why or why not? I think as we get older, maintaining a strong social circle is very important for our mental and spiritual well-being.
- Did I feel personally and professionally fulfilled in 2022?
These are some tough questions to answer, but I think it is very important to reflect on the year so you can find the “holes” and plug them up. Focus on your weaknesses and improve them but also focus on your strengths and UTILIZE them to the fullest!
I will go ahead and answer the above questions:
- I met the majority of my professional and financial goals. I exceeded my investing goals which will accelerate my path to complete financial freedom by at least a year. My men’s health clinic met its goal of developing a consistent $70,000 a month in revenue. I was able to build and release our preferred vendor list. There were some courses I would have liked to develop and get out but unfortunately, I was not able to. We did release our functional medicine course though which was a major goal of mine.
- The main reason I was not able to release as many courses as I wanted to was TIME… And not just time constraints on my end, but time constraints with course collaborators as well. Moving forward, I just need to get serious about creating and sticking to DEADLINES. I have always been a “wing it” kind of guy, so moving forward in 2023, I will make it a goal to be on more of a schedule and develop deadlines.
- The reason I was able to meet most of my goals was because I take action. I am a person that takes action and gets stuff done. I cannot stand sitting around and “talking” about what it is I need to do. I would rather just do it. I have realized that making a perfect plan is just a waste of time… It is better to create a plan that gets me started and then just play it by ear as I work. Also, I pride myself in sticking to personal promises. I told myself I would invest $10,000 a month into my post-tax brokerage account no matter what, and guess what? I did and even more. So, two big strengths I have is taking action and holding myself accountable to personal goals/promises. I will continue doing this in the upcoming year!
- My businesses hit and even exceeded their revenue goals. Why? Because I aggressively marketed my businesses and was not scared to spend money on marketing. Additionally, I make it a point to deliver fantastic customer service and this helped grow my businesses revenue as well. So, I will continue to market and provide great service!
- Absolutely! I used every legal tax deduction and method I could to lower the biggest expense in life. My tax rate is likely less than someone who makes half what I make because I understand the tax game that congress passed into law and that they play themselves.
- Yes, I have read multiple books this year and feel like a more empowered and well-rounded individual than I was the year prior. There is still MUCH to learn though, therefore I am going to make it a priority to read at least one book every 2 weeks in 2023.
- Unfortunately, I have been lacking in this department… I really have not developed any meaningful relationships in 2022. This has been an issue for some time as I have been hustling so hard for the past 5 years. But I am beginning to take my foot off the gas some, so I want to ensure I make a true effort to build some more friendships in 2023.
- I would say that I have felt about 80% fulfilled in 2022. There are a lot of things that I did not get to that I wish I would have. Therefore, in 2023 I am going to put those “to do” items at the top of my list to get done in 2023.
See what happened through reflection? It allowed me to find the holes and to develop new goals for the next year! And to be honest, I could of expanded a lot more on the above points, but to keep this article simple, I briefly summarized it up.
So, through reflection you should have come up with some goals for 2023. But you shouldn’t stop there… The next step is creating a plan for the upcoming year. The goal is simply the target, now we need to build the arrows to reach it. Here are a few tips that I use to help develop a plan for the year in your business:
- Break up the year in 4 quarters and ensure you assign tasks and goals to be met within those quarters.
- Start with something that you would consider “moderate” in difficulty… not something easy but not something very difficult. This way you can accomplish it easily through some work. This will jump start your mind into taking action. Remember, action leads to more action and by doing something in the middle of difficulty, it will allow you to finish it.
- Then start on the hardest task you have that needs to get done. I have found that knocking out the 2-3 largest projects for the year in the first quarter sets the stage for the rest of year. Once you knock out the 3 hardest tasks, everything else seems easy in comparison… Then once you get to the final quarter of the year, most things should be done, and you can spend that time to relax more and enjoy the holidays.
- In terms of business-related goals, always ensure you are meeting revenue, marketing, and tax goals. Those should be your biggest priorities from that standpoint. But also, always ensure you focus on new product/service development and customer service (and of course patient safety).
I already have the majority of 2023 planned on a simple piece of paper that I separated out into 4 blocks by drawing a line through its vertical and horizontal axis. I just labeled each box as Q1, Q2, Q3, and Q4 and filled it with what it is that I want to accomplish and by what dates. I have a busy a year but if I can accomplish all these tasks and goals, I honestly believe I will be able to solidify my journey towards financial freedom by end of year. Yes, by the end of 2023 I should be able to step away from work if I choose to, as long as the economy doesn’t spiral into a disaster (but that is outside of my control, so why worry about it?). I won’t though as I enjoy working, but the “F.U.” money is there if I choose to exercise it.
Alright, so everyone: by the end of the week, I want you to have reflected on 2022 and create a plan for your business in 2023. I guarantee you this will help guide you towards a more successful year!