Do you have a freedom plan?
Planning for the new year? Don’t forget to include your life outside of business!
Over the past few weeks, I’ve shared some articles to help you plan for the new year.
We encourage our clients to follow a 3-step planning process consisting of:
- An annual review – to look back, celebrate successes, and learn from the past
- Goal setting – to gain clarity about what you want, and to make those things specific and measurable
- Planning – to put pen to paper and figure out what you need to DO to achieve those goals
Something that is often overlooked when it comes to business planning is the personal side.
At W5, we believe that the real purpose of having a business is to give you, the owner, the life you truly want.
Most business owners want freedom
Why do we become entrepreneurs in the first place?
For most of us, it comes down to one word: FREEDOM!
We want free time, free-flowing cash, and the freedom to pursue our passions and enjoy our lives.
Most of us chose to pay the price of entrepreneurship because we were convinced that FREEDOM is a big enough WHY to justify the struggle that always accompanies business ownership.
It’s impossible for your business to not radically impact your spirituality, your marriage, your family, your health, and every other major area of your life – for better for worse.
As the business goes, so goes the quality of your lifestyle!
After 18 years as a business coach to hundreds of entrepreneurs, I’ve become convinced that winning in business while hating the rest of your life is a horrible way to live.
A miserable employee can always quit their job if they hate it enough, but a miserable entrepreneur usually has no way out of their situation because they’re trapped in a business they can’t leave.
To avoid that, fate, I recommend that you create a Freedom Plan for yourself.
A Freedom Plan focuses on making your business serve your lifestyle…instead of the other way around!
A written freedom plan – which you could also call a “life plan” – can provide many benefits, including:
- Clarifying your most important priorities by reflecting on what is most important to YOU
- Helping you maintain balance by including ALL of the things you value in your life – your health, your relationships, your personal growth – alongside your business goals
- Making it easier to say “no” to lesser things because you are clear about what really matters
- Showing you areas of your life where you need to pay attention or make improvements
- Envisioning a better future for yourself (this is the fun part!)
- Creating a roadmap for you to follow and a way to measure your progress over time
- Reducing regrets and disappointment
Ultimately, your Freedom Plan is a way to make your business serve your lifestyle…instead of the other way around!
The first step towards creating your Freedom Plan is to do a Wheel of Life Exercise. Here’s how:
Complete Your Wheel of Life
The Wheel of Life takes a “helicopter view” of your life to see what may be off-balance and which areas need attention.
Step 1: Brainstorm Your “Life Areas”
Begin by brainstorming the 6 to 8 dimensions of your life that are important for you.
Consider the roles you play in life: husband/wife, father, mother, manager, colleague, friend, community leader, team member, etc.
Then choose areas that are important to you. Common choices include career, family, friends, finances, health, recreation, personal development and spirituality.
It’s your life – choose what matters most to YOU!
Step 2: Write the Areas on the Wheel
Label each spoke of the wheel with one of your chosen dimensions.
Step 3: Assess Each Area
Consider each dimension.
On a scale of 1 to 10 (lowest to highest) – how much attention are you paying to that area?
Mark your score on the appropriate spoke.
Step 4: Join up the Marks
Join the marks around the circle – this will give you a visual picture of how balanced your life is.
Step 5: Determine your Ideals
For each area, what is your ideal?
Your life doesn’t have to be perfectly balanced, and your focus and priorities will shift over time.
Plot these ideal scores around the wheel.
Step 6: Take Action
Now that you can see the gaps between your actual and ideal life wheels: what needs to change?
- Do you have areas where you are putting in more effort that you’d ideally like to?
- Do you have areas that need more focus and attention?
Consider your wheel of life results in your annual plan
You now have additional information to bring to your business planning process.
Use these insights to develop a plan designed to give you the life you really want.
If you’d like some help with that, book a 15-minute call to discuss business coaching: book time with John
The Ultimate Guide to Scaling Your Business
How to grow your business without sacrificing time freedom
This post is part of my Ultimate Guide to Scaling Your Business. Visit the guide homepage to get my best advice and coaching exercises to help you:
- Develop systems and processes to free up your time
- Hire and manage a great team to run your business (mostly) without you
- Make the mindset changes that enable you to grow your business bigger - faster than you dreamed possible