Valuetainment - Episode 383： Why Business Plans Don't Work For Most

00:00:00.000 So I want to challenge you to do something very difficult today.

00:00:19.640 I've been in the financial industry for a long time and one of the scariest things for your

00:00:24.640 clients to do in the investment world is to get them to actually look at their statements.

00:00:30.600 People are afraid.

00:00:31.600 I don't want to look at my 401k statement, why not?

00:00:34.620 Because after what happened in 2008, I'm just worried, market tanked and I don't even want

00:00:38.700 to look how much money I have.

00:00:39.820 Why don't you want to look how much money I have?

00:00:42.260 I just don't want to go get a physical.

00:00:43.800 I don't want to go get a blood that I haven't done it for 10 years.

00:00:45.840 What if something bad comes out of it, you know?

00:00:47.640 I don't want to know bad news.

00:00:49.480 Okay, so to everybody who's watching this, who created a business plan with new year

00:00:54.920 resolutions on January 1st, 2019, and you wrote a business plan in the last week of 2018 or

00:01:02.780 December of 2018, I want you to go pull up your business plan, okay?

00:01:07.600 It's a scary thing to do.

00:01:09.020 I want you to pull it up and I want you to look at it.

00:01:12.280 And then I want you to mark off what percentage of the numbers that you thought you'd be hitting

00:01:18.380 in September, you're on track to hitting in 2019.

00:01:22.560 Then ask yourself, as of right now, am I on track to hit my goals?

00:01:27.080 Now, most people are going to say, Pat, I'm not.

00:01:30.320 I'm not on track.

00:01:31.320 I don't even want to look at it.

00:01:32.320 I mean, it's only, and by the way, the way I measure my goals are percentage.

00:01:37.100 So if you said you're going to do $100 million, you only did, you know, $58 million, you hit

00:01:42.020 58% of the goal.

00:01:43.740 If you said you're going to do $10 million, you did $6.2 million, that's 62%.

00:01:47.460 A million, you know, you did 600,000, 60%.

00:01:51.500 It's all about percentage, right?

00:01:52.780 The idea is to get your goals that you hit to be above 80%, okay?

00:01:57.460 Above 80% and very few are 100, 120%.

00:02:00.540 By the way, if you did anything above 150%, you probably got a little bit of luck on your

00:02:04.860 side this year, one or two clients, or you underestimated what you could do.

00:02:09.360 But regardless of what it is, most people who look at their business plans, first of all,

00:02:13.300 they won't even look at their business plans.

00:02:15.020 But if you do look at your business plan, you're not going to be happy about it.

00:02:18.940 You're going to sit there and you're going to say, oh my gosh, I don't want to look at

00:02:21.060 it.

00:02:22.060 I'm going to start fresh again.

00:02:23.060 Believe me, in 2020, my plan is 2020.

00:02:26.580 It's going to be the same thing again, and again, and again, and again.

00:02:30.580 And then eventually, you become one of those people that says, I don't believe in business

00:02:34.620 plans.

00:02:35.620 I just don't believe in business plans.

00:02:36.620 No, no.

00:02:37.620 That's why you don't believe in business plans.

00:02:39.340 Business plans are not a religion.

00:02:41.060 You don't like business plans.

00:02:43.540 That's what it is.

00:02:44.580 Because when you write business plans, and they don't become a reality, and you're excited

00:02:48.940 on January 1st, by February 13th, you are no longer looking at your business plan.

00:02:53.440 And it's a mistake.

00:02:54.440 Because those who run companies, publicly traded or raise money, they can't run a business 0.90

00:02:59.580 that way.

00:03:00.500 You're measuring money regularly, if not on a monthly basis, weekly basis, daily basis.

00:03:04.740 So now, what's the challenge to you?

00:03:06.420 Here's the challenge to you for 2020.

00:03:09.020 How you treat your 2020 as if today is January 1st of 2020.

00:03:19.020 Anytime I see somebody that's killing it in business, and they're doing very good.

00:03:22.860 Say they're doing 5 million a year, 10 million a year, whatever the number is.

00:03:25.860 But I notice some very bad habits are being picked up.

00:03:28.860 Terrible habits.

00:03:30.340 You don't see the bad habits for three to six months on the numbers and performance.

00:03:34.300 Let me say that again.

00:03:36.820 When someone's doing really good and their business looks like this, but all of a sudden

00:03:40.120 they see a bad habit, and immediately nothing changes in their business, they're thinking

00:03:44.480 they can get away with their bad habits.

00:03:46.780 Bad habits show up three to six months later.

00:03:49.620 You know what else shows up three to six months later?

00:03:52.020 Great habits.

00:03:53.020 What is three months from now?

00:03:55.140 Three months from now is Christmas, Thanksgiving, New Year's.

00:04:00.140 What if you write a business plan now for the rest of the year?

00:04:03.660 I know it's only three and a half, four months of the year, but what if you write a business

00:04:06.680 plan now for the rest of the year?

00:04:08.900 What if you get clear about what you're going to do for the rest of the year, and you stick

00:04:12.000 to it, and you look at it every single flipping week, and you divide it by 12 weeks or 11 weeks

00:04:18.380 or 10 weeks, then you map out your 2020 business plan and say, here's what I'm going to be

00:04:23.760 doing in 2020.

00:04:24.960 But the greatest thing about the way you would write your 2020 business plan is you're already

00:04:29.320 going into 2020 with the right momentum because you started today.

00:04:32.780 So simple challenge, one, go print out your business plan.

00:04:37.360 Go do it.

00:04:38.260 Go print out your business plan.

00:04:40.040 Go print it.

00:04:41.040 You know exactly where it's at.

00:04:42.040 Go print and look at it.

00:04:43.240 It's going to be scary.

00:04:44.620 Your stomach's going to be uncomfortable.

00:04:46.580 You're going to be like, I cannot believe I thought I was going to do this, and I haven't

00:04:49.780 done any of it.

00:04:50.780 Okay?

00:04:51.780 Let me tell you something.

00:04:52.780 I'm so excited about 2020, and I've been planning out for 2020 since 2015.

00:04:57.340 I'm so excited for 2020.

00:04:59.940 I mean, I've been thinking about 2020 for a while, but for some of you guys who haven't,

00:05:05.760 if you start getting prepared for it now, you'll have an edge over everybody else.

00:05:09.000 Everybody else.

00:05:10.000 Write out your business plan for the next three and a half, four months, three months, and

00:05:15.160 then when you go into 2020, you'll start off 2020 strong with January because you had

00:05:20.860 a killer December, a killer November, an incredible October with a ton of momentum starting in

00:05:27.380 September, and then be ready to have a killer 2020 because you're developing great habits

00:05:31.700 today.

00:05:32.380 Thanks, everybody, for listening, and by the way, if you haven't already subscribed to

00:05:35.760 Valuetainment on iTunes, please do so.

00:05:38.640 Give us a five-star, write a review if you haven't already, and if you have any questions

00:05:42.520 for me that you may have, you can always find me on Snapchat, Instagram, Facebook, or YouTube.

00:05:47.580 Just search my name, Patrick MidDavid, and I actually do respond back when you snap me

00:05:52.300 or send me a message on Instagram.

00:05:54.460 With that being said, have a great day today.

00:05:56.200 Take care, everybody.

00:05:56.920 Bye-bye.

00:05:57.160 Bye-bye.

00:05:57.220 Bye-bye.

00:05:59.220 Bye-bye.

00:06:01.220 Bye-bye.

00:06:02.220 Bye-bye.

Valuetainment - October 28, 2019

Episode 383： Why Business Plans Don't Work For Most

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