your 20 year life plan

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S T R A T E G I C B U S I N E S S D E V E L O P M E N T w w w . s b d o n l i n e . c o m

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YOUR 20 YEAR LIFE PLAN

Introduction Developing a 20 year life plan is one of the most powerful actions you can take to focus your energies in your personal and business lives. The key to business success is developing a business that meshes with your personal goals and ambitions and that meets with your personal values. Failure to align your personal and business activities with your goals and values is the major cause of stress in most business people. Developing a 20 year life plan is a simple and effective way to start this process. It is easy to do and we have developed a simple model and format to help you complete this essential task. Make sure you take time to review your 20 year plan at least once per year as we all know that as we grow and develop some of our plans and objectives will change as well. I have found that our 20 year goals have changed little in the time we have been life planning, but that the shorter term goals have changed. Remember that you are most likely to over-estimate what you can accomplish in 1 year but will severely under-estimate what you will achieve in 10 years! For more information, check our web site www.sbdonline.com. Russell Cummings

Instructions Developing a 20 year life plan is relatively easy. We have broken it down into an 8 step process. Find some time (allow an hour) and complete the plan. It is quicker than you think to do your own plan. Step 1: Print out a separate copy of this document for yourself and anybody else who should be involved in your life planning eg. spouse, partner, children, family, etc. If you are in business with others then each person needs to complete a 20m year life plan. Step 2 to 6: Complete your plan for each time period following the instructions as outlined below. We have included a series of worksheets to facilitate the process. You will start at 20 years from Now and work backwards to the present day. It is important to the success of the process that you start at 20 years (if you really can’t start at 20 years then go for 10 years).

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At each stage in the planning process, we want you to answer 4 key questions: At this stage in your life:

1. What will you BE? 2. What will you have ACCOMPLISHED ? 3. What will you be DOING? 4. What will you OWN?

Remember: there is no right or wrong way to answer these questions. You can interpret the questions in a way that makes sense to you. We have provided some guidelines for those who may need more information.

What will you BE? Think through the various roles you will have in your life at this stage. What are they? Father, mother, grand-parent, sibling, scholar, friend, mentor, etc. Think carefully about the roles that you would like to have and why. Write them down. What will you have ACCOMPLISHED? At this stage, what will you have accomplished? What achievements will you be proud of? List them. What will you be DOING? This is different to the roles you have outlined in "What will you be?" but maybe supportive of those roles. What activities will you be involved in? business, travel, family holidays, community work, etc. List them. What will you OWN ? What assets will you have? What will your debt structure look like? Be as specific as you feel you can. Where possible put $ amounts next to asset items. List the major asset groups eg. houses, cars, "big toys", investments, business assets, savings, etc. Compare your Plans: We recommend that you compare your plan with others that it may influence eg. your spouse or life partner. We recommend that you start at 20 years and each participant completes their own Vision for 20 years. Then compare your 20 year plans and develop a composite view. This will usually entail some discussion and even compromise between the parties. Then move onto the next time period and repeat the process. Step 7: Develop Action Plans Step 8: Repeat the Process on a regular basis ____________________________________________________________________ Now start the Process by printing out an appropriate number of copies of this document as discussed in Step 1.

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Step 2: 20 Year Plan Relax and let your mind think ahead to where you want to be in 20 years time. Answer the 4 questions below as detailed in the instructions above. Complete the Mindmap ( see Attachment 1 for information on Mindmapping) or simply list your thoughts around each question.

20 Year Plan

What will you BE?

What will you be DOING?

What will you have ACCOMPLISHED?

What will you OWN?

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Step 3: 10 Year Plan Given where you want to be in 20 years, think ahead to where you will need to be in 10 years time if you are to achieve your 20 year Goals. Answer the 4 questions below by focusing on the 10 year picture. Some of your goals and Vision may have changed.

10 Year Plan

What will you BE?



What will you OWN?

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Step 4: 5 Year Plan Same process. Given where you want to be in 10 years, think ahead to where you will need to be in 5 years time if you are to achieve your 10 and 20 year Goals. Answer the 4 questions below by focusing on the 5 year picture. Some of your goals and Vision may have changed as the timeframe shortens and it becomes more "real".

5 Year Plan

What will you BE?



What will you OWN?

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Step 5: 1 Year Plan Same process. Given where you want to be in 5, 10 and 20 years, think ahead to where you will need to be in 1 years time if you are to achieve your 5, 10 and 20 year Goals. Answer the 4 questions below by focusing on the 1 year picture. Some of your goals and Vision may have changed as the timeframe shortens and it becomes very "real".

1 Year Plan

What will you BE?



What will you OWN?

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Step 6: Where are you NOW? Same process. Develop a picture of where you are now. Answer the 4 questions below by focusing on describing your current situation.

NOW Summary

What will you BE?



What will you OWN?

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Step 7: Develop some action plans As you have completed a picture of WHERE you want to be and where you are NOW, you are able to develop some actions plans - The HOW. Start with HOW you will move from NOW to your Year 1 Plan. What strategies will you need to implement? What actions will you need to take? Select the 3 most important Strategies and enter into the Table below. Break each Strategy down into the 5 key actions that will progress it towards your goal. Allocate responsibilities and timeframes to each action. Use the table below to record your action plan. If you are unsure of exactly of how to develop an action plan we suggest that you forcefield the issues. You can find more information on problem solving tools like mindmapping and forcefield at www.sbdonline.com Once you have completed your 1 Year Plan, schedule times to work on your plan and monitor your progress on a regular basis. You can also begin to work towards developing your actions to move you towards your 5 Year Goals.

Step 8: Review the Plan Allocate time in your schedule or make a note to review your 20 Year Plan in 12 months time. Start from the beginning and review your 20 Year goals and see that they are still in line with where you want to be. Then simply work your way back. It is best to review your plan with your spouse or partner to ensure that your plans are not diverging and to reach a consensus on where you would like your life to be. For further information and assistance. Contact Russell Cummings at [email protected] or on 0414 929 585. Russell Cummings Strategic Business Development 20 November 2004

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Strategy Actions Who ? When ?

Strategy #1: 1.

2.

3.

4.

5.

Strategy #2: 1.

2.

3.

4.

5.

Strategy #3: 1.

2.

3.

4.

5.