There is a process that I like to complete each year with my Clients, usually in the early months of the year. I call it the “Objectives & Challenges” process.
The Objectives setting part of the process is self-explanatory. Most of us are familiar with that process. As entrepreneur and author Grant Cardone stated in his book The 10X Rule, “I suggest that you become obsessed about the things you want; otherwise, you are going to spend a lifetime being obsessed with making up excuses as to why you didn’t get the life you wanted.” His statement is quite clear.
However, the development of a “Challenges” list is perhaps a new concept for you. In this, we list the three worst things that could happen to our business in the next 12 months. Just in case you think this is overly zealous, consider some possibilities: Your bank gets acquired and the new management team doesn’t want to finance you any longer. You lose a key employee to a competitor. Inflation and, hence, interest rates go higher. These are all genuine possibilities.
The key is not to “dwell” on these concerns, but rather to consider what may occur. More significantly, give some thought to what you would do in response. The best reason for doing this is, of course, if it actually happens, you will be better prepared. Likewise, if something similar takes place, you have already given consideration to your potential action steps.
As a result, you will be better prepared and less likely to get caught off guard. In the infamous words of Yoda in the movie Star Wars: The Empire Strikes Back:
“Named must your fear be before banish it you can.”
I hope you find this process helpful, as you plan for greater success the rest of this year!
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