your personal business plan
DESCRIPTION
Think of yourself as a business!Just as a successful business develops and executes a business plan, professional business leaders should do the same for themselves.TRANSCRIPT
© 2008 KHC Wealth Management.
Your Personal Business PlanStewart S. Koesten, CEO
KHC Wealth Management Services
Joni Lindquist, President KHC Executive Coaching
10000 College Blvd., Ste. 260Overland Park, KS
913.345.1881www.makinglifecount.com
© 2008 KHC Wealth Management Services
A business cannot thrive without a business plan!
Neither can you!
© 2008 KHC Wealth Management Services
YOU = A BUSINESS
© 2008 KHC Wealth Management Services
Just like a business, you need a plan to achieve your goals!
Step 1: Where are you now?Step 2: What do you want to
achieve? (And when.)Step 3: How do you get there
from here?Step 4: How do you get it
done?Step 5: How well are you
doing?
© 2008 KHC Wealth Management Services
Where are you now?
Compile Data About Your Current Assets
Human Capital
Financial Capital
Emotional Capital
© 2008 KHC Wealth Management Services
Human Capital:Education + Experience + Skills
Are you………..
On the right career ladder?
Where you’d thought you’d be by now?
Passionate about your chosen career?
Take the Career Satisfaction IndexTM
© 2008 KHC Wealth Management Services
Financial Capital:Age + Net Income + Net Worth
Do you know……….
What you earn vs. what you keep?
What you own vs. what you owe?
Why you own what you own?
Take Your Investable Net Worth Test
© 2008 KHC Wealth Management Services
Emotional Capital:Attitude + Network + Communication
Do you know……….
Your level of resiliency and optimism?
Who shares and supports your interests and passions?
How to communicate them to others?
© 2008 KHC Wealth Management Services
Where are you now?Complete a Personal SWOT for each ASSET
Financial Capital
Strengths
Financial Capital
Weaknesses
Financial Capital
Opportunities
Financial Capital Threats
Human Capital
Strengths
Human
Capital Weaknesses
Human Capital
Opportunities
Human
Capital Threats
Emotional Capital
Strengths
Emotional Capital
Weaknesses
Emotional Capital
Opportunities
Emotional Capital Threats
© 2008 KHC Wealth Management Services
Case Study: Bob & Sue’s SWOT Couple in their 30’s Both with high powered jobs Two young children under the age of 5
FC Strengths
Substantial income
FC Weaknesses
High expenses
FC Opportunities
Rising incomes
FC Threats
Loss of job
HC Strengths
Successful careers
HC Weaknesses
Unfulfilling job
HC Opportunities
Skills to leverage
HC Threats
Narrow experience
EC Strengths
Strong support network
EC Weaknesses
Feeling burned out
EC Opportunities
Awareness of problems
EC Threats
Relational strain
What did their SWOT analysis
tell them?
© 2008 KHC Wealth Management Services
Where are you?
What would your SWOT analysis tell you?
© 2008 KHC Wealth Management Services
Step 2: Now, what do you want to achieve?
Dare to Dream!!
Life Goals
Career Goals
Forget about others’ expectations – what does your ideal life look like?
© 2008 KHC Wealth Management Services
Case Study – Bob & Sue’s goals
Envisioned a different life style with more family time
Both spouses still wanted careers But Sue saw that her “accidental” career wasn’t fulfilling Dreamed of being a college professor
Ready, willing to make changes now and had support of others
© 2008 KHC Wealth Management Services
Step 3:How do you get there from here? Analyze the gaps between where you are and
where you want to be…… On your career path (Human Capital) On your wealth management path (Financial Capital) And, with the necessary social support to pursue
your passion and dreams (Emotional Capital)
© 2008 KHC Wealth Management Services
Resources for planning
Human Capital - Career Path PlanTM personal development planWhat skills/education/experience do you need?
Financial Capital - Comprehensive Financial Plan What is important to you about your money?
Emotional Capital – Life planning – Making Life Count!
Develop targets, timelines, budgets, investment goals, and ensure asset protection
© 2008 KHC Wealth Management Services
Case Study – Bob & Sue’s Plan
Sue was not qualified for her desired profession Identified additional education required
Completed financial scenarios with anticipated changes in income and spending
© 2008 KHC Wealth Management Services
Step 4: How Do You Get it Done?
Begin Implementation Do It Yourself? Hire Professionals?
Consider time, expertise, knowledge
© 2008 KHC Wealth Management Services
Case Study – Bob & Sue’s Implementation
Sue quit job; began education track More family time, less stress
Implemented reduced spending plan Relocated to support Sue’s education Implemented investment plan with
portfolio of moderate growth
© 2008 KHC Wealth Management Services
Step 5: How well are you doing?
Need periodic reviews and adjustments:Are you:
* hitting milestones?* making adjustments as you hit barriers?* making adjustments as the world changes or you change?* implementing on a timely basis?
© 2008 KHC Wealth Management Services
Case Study – How are Bob & Sue Doing?
Reviewing and updating their situation quarterly Generally hitting key milestones Faced hurdles – housing, Bob’s work situation Re-adjusted action plans Spouses happier, less stressed; children
healthy & happy
© 2008 KHC Wealth Management Services
Operate as if You are a BusinessBuild & Execute Your Personal Business Plan
1. Evaluate your personal situation
2. Set goals for your life
3. Analyze options and design a plan
4. Implement the plan
5. Monitor and make changes as needed
Do this annually !!
© 2008 KHC Wealth Management Services
Our philosophy…..
‘Making Life Count!’
pursuing your dreams, living your passions and
achieving your goals throughout your lifetime.
Are you Making Life Count! ?