Category: Uncategorized

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In the typical goals and reward model, you set a goal and you meet it, then you get a reward.  While this model has a lot of merit and research behind it, there are times when, pulling the trigger and getting the reward now is enough motivation to meet the goals later.  When the situation warrants, it can be a better option to get your reward before you meet your goal. 

Goals are an important part of any business.  They are necessary to aid in planning and often quarterly dashboard statements.  Having rewards for hitting goals or meeting numbers in an important tool to help you and your team feel like you have won.  When setting goals be sure that they are specific and measurable, with a clear end.  I have a whole blog about setting goals.  The reward that you receive when your goal is met should be realistic and based on the goal.  In other words a revenue based goal is best rewarded with a revenue based reward.

In this scenario, the “jump” part of goal setting for some people is a way of adding a “now I gotta do it” type of goal.  One of my previous goals was to get 500 Retainer-based Academy subscribers and then I would get a Tesla.  I did not achieve that goal, yet I am now the proud owner of a Tesla.  I am not suggesting that you buy something you can’t afford, based on other business, I should not have a problem making the monthly payments and I made a significant down payment on it.  But, the biggest reason for me to jump was because it motivates me to dig deep every time I am in the car.

When you reward first, you are honoring all of the hard work it took to get where you are currently.  You start to feel as though you met the goal already and that becomes momentum.  In this case, a Tesla, is a visual goal, because others see it they assume that I have met my goal, further motivating me to continue to work hard.  When you feel successful, you carry yourself differently.  You may also be aware of other possibilities, for me a lesser focus on Retainer-based Academy and a greater focus on other business opportunities, since you are not stressing over missing a goal or reward. 

As you are setting goals and determining what you will do when you meet the goals, consider rewarding yourself now.  Setting goals will improve your business.  Rewarding yourself now with a visual reward will help you to focus on your goal and help you build momentum.

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It’s so easy to get caught up in the day to day tasks.  Perhaps you made a resolution or goal for 2020 to spend more time doing your hobby.  But, you haven’t yet because your day to day stuff seems more important.  I believe that hobbies are just as important to your business as they are for your self-care.  For me and my business and mental health, I smoke cigars, maybe your hobby is racketball or painting, doesn’t matter, just invest some time in your hobby.

Cigar moments for me are moments of clarity.  I do some of my best brainstorming when I am smoking a cigar.  Over the years I have reworked my practice and my life while smoking a cigar.  Just a few years ago I was smoking a cigar and knew that the way my practice was going, with the new regulations, just was not going to be as sustainable as I had hoped.  That’s when I came up with the idea for a retainer-based, advice driven practice so that I can attract more entrepreneurs, executives, and retired professionals.  I have also reorganized the non-profit that I am on the board of as a result of these moments.  Perhaps my favorite strategy that I developed while smoking a cigar, is to only go into my office Tuesday, Wednesday, and Thursday.  On Mondays and Fridays I don’t see clients and I don’t do typical work.  Instead I smoke cigars, have lunch with my wife, and get all of the bigger tasks done.

Along the way, I’ve started smoking cigars away from my home.  It started with a client inviting me to his deck to smoke.  This client became a friend and has referred several clients to me because of the relationship that has grown organically out of a mutual hobby.  I’ve had the reverse happen as well, I spent time with a friend smoking and then he left his job and needed advice on his rollover.  I also enjoy going to cigar events, sometimes with friends and family and sometimes where I know no one.  I do all of these things because I enjoy them, but a side effect of going to cigar events, is that I meet people.  These people have similar values and interests and so we hit it off.  Sometimes these people become friends, clients, or even referral sources, all of which are great to have.

Hobbies are important for us to have because we all live busy lives and we need to take care of our bodies and minds.  Perhaps smoking a cigar doesn’t seem like the best act of self care, but for me it works.  When I smoke a cigar, I am taking deep breath and have longer periods to contemplate.  When I smoke a cigar, I typically have left my phone elsewhere.  We all need breaks from our emails, texts, and social media.  Also spending time engaged in a hobby creates joy in our lives, it gives us something to look forward to doing, which is the whole point of working hard, right, enjoying our lives?

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It’s so easy to get caught up in the day to day tasks.  Perhaps you made a resolution or goal for 2020 to spend more time doing your hobby.  But, you haven’t yet because your day to day stuff seems more important.  I believe that hobbies are just as important to your business as they are for your self-care.  For me and my business and mental health, I smoke cigars, maybe your hobby is racquetball or painting, doesn’t matter, just invest some time in your hobby.

Cigar moments for me are moments of clarity.  I do some of my best brainstorming when I am smoking a cigar.  Over the years I have reworked my practice and my life while smoking a cigar.  Just a few years ago I was smoking a cigar and knew that the way my practice was going, with the new regulations, just was not going to be as sustainable as I had hoped.  That’s when I came up with the idea for a retainer-based, advice driven practice so that I can attract more entrepreneurs, executives, and retired professionals.  I have also reorganized the non-profit that I am on the board of as a result of these moments.  Perhaps my favorite strategy that I developed while smoking a cigar, is to only go into my office Tuesday, Wednesday, and Thursday.  On Mondays and Fridays I don’t see clients and I don’t do typical work.  Instead I smoke cigars, have lunch with my wife, and get all of the bigger tasks done.

Along the way, I’ve started smoking cigars away from my home.  It started with a client inviting me to his deck to smoke.  This client became a friend and has referred several clients to me because of the relationship that has grown organically out of a mutual hobby.  I’ve had the reverse happen as well, I spent time with a friend smoking and then he left his job and needed advice on his rollover.  I also enjoy going to cigar events, sometimes with friends and family and sometimes where I know no one.  I do all of these things because I enjoy them, but a side effect of going to cigar events, is that I meet people.  These people have similar values and interests and so we hit it off.  Sometimes these people become friends, clients, or even referral sources, all of which are great to have.

Hobbies are important for us to have because we all live busy lives and we need to take care of our bodies and minds.  Perhaps smoking a cigar doesn’t seem like the best act of self care, but for me it works.  When I smoke a cigar, I am taking deep breath and have longer periods to contemplate.  When I smoke a cigar, I typically have left my phone elsewhere.  We all need breaks from our emails, texts, and social media.  Also spending time engaged in a hobby creates joy in our lives, it gives us something to look forward to doing, which is the whole point of working hard, right, enjoying our lives?

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Last week of this decade, 2020 is not only a new year, but some argue that it’s also the start of a new decade. Pretty heavy stuff.  It’s an exciting time of year full of celebrations and resolutions.  Resolutions fail, some say at a rate of 80 – 92%!  I am not in the business of failing, so I do not make resolutions.  Instead I make goals. 

How I make great business goals:

1. Specific Outcome, start at the end – You need to be able to answer the questions Who, What, When, Where, and Why it is important.
2. Measurable – Create criteria for how you will know you are making progress and track your progress
3. Attainable – Plan your steps, you may need to take a course to develop skills and abilities.  Break down the monthly and weekly activities that you will need to meet your goal
4. Exciting – What is exciting about this outcome to you personally (and you can do this as a team). again be specific. You need an “upside” that will be motivating to you when you encounter setbacks (and there will be setbacks)
5. Realistic – Think from all perspectives so that your goals are based on reality and not on a dream. Then use that “reality check” to motivate you to attain the goal.  Are you willing and able to work to meet this goal?

Here’s an example from Retainer-based Academy: 

1. Specific Outcome – Have 12 financial advisors work through our Retainer-based Academy. 

Who – Financial Advisors

What – complete Retainer-based Academy

When – in 2020

Where – on retainerbasedacademy.com

Why – to help other financial advisors

2.  Measurable – 12 advisors in 1 year

3.  Attainable – I won’t bore you with all of these, but yes we have monthly and weekly tasks and plans some of the action plan includes

– Exposing prospects to Milestone Clarification Process

– World class customer service to keep clients and referrals

– Finding and executing campaigns

– A new PR campaign, which includes social media, news media, and speaking engagement

4. Exciting – I am passionate about sharing Retainer-based advising and the Milestone Clarification process that we have trademarked with others.

5.  Realistic – I would love to make my goal to have 250 new advisors, but 12 is realistic!

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