You're probably focused on success and reaching your objectives as the owner of a professional service business. But have you given any thought to making plans for your personal life in addition to your work? At Butler & Co Advisory, we consider owning a business to be about building the kind of life you actually desire, one that includes freedom, financial success, and pursuing your hobbies. To make your lifestyle serve your business instead of the other way around, we advise every one of our clients to develop a Freedom Plan.

What Matters in a Freedom Plan

You likely started your firm as an entrepreneur because you wanted more flexibility. Freedom to live your life to the fullest, to follow your passions, and to manage your time and finances. Owning a business, however, can also have an impact on other aspects of your life, such as your health, marriage, family, and spirituality. Making a Freedom Plan will be crucial in assisting you to maintain equilibrium and keep your attention on what is truly important.

A Freedom Plan is a written document that can assist you in identifying your top priorities, attaining balance in all aspects of your life, saying "no" to requests that don't support your objectives, and creating a path to your ideal life. You can lessen regret and disappointment and improve your future by considering what's important to you and including all facets of your life into your strategy.

The Workout with the Wheel of Life for Developing Your Freedom Plan

Start by completing the Wheel of Life exercise before developing your Freedom Plan. The Wheel of Life gives a "helicopter view" of your life to spot any potential imbalances and places in need of adjustment. Here is how you do it:

Step 1: List all the areas of your life.

Start by listing the six to eight aspects of your life that are most essential to you. Take into account the roles you play in life, such as partner, parent, friend, or member of the community. After that, decide on the topics that are important to you, such as your career, family, friends, finances, health, personal development, and spirituality. Decide what is most important to you.

Step 2: Label the Wheel's Regions

A dimension of your choice should be written on each spoke of the wheel.

Step 3: Evaluate Every Area

Ranking your attention to each dimension from 1 to 10, with 1 being the lowest and 10 the highest, is a good idea. Mark the relevant spoke with your score.

Step 4: Connect the Marks

Connect the marks to form a circle to see how well-balanced your life is.

Step 5: Identify Your Ideals

Think about your ideal score in each category. You don't need to live a perfectly balanced life, but you do need to know where you are now and where you want to be.

Step 6: Take Initiative

Utilise the discrepancies between your actual and ideal scores to pinpoint problem areas. Find out what needs to change, where you're exerting too much work, and where you need to pay more attention and focus.

Incorporate the results from your Wheel of Life into your annual plan.

Use the insights from the Wheel of Life exercise to create a strategy that will offer you the life you want. Utilise your Freedom Plan to put your lifestyle in service of your business rather than the other way around. Measure your success over time, and incorporate your plan and business goals into your annual review procedure.

Owners of professional service businesses can succeed both personally and professionally by using this great planning tool. You may maintain balance, minimise regrets, and live the life of your dreams by figuring out what's essential to you and integrating all aspects of your life in your plan. Thus, remember to make plans for your personal life this year in addition to your business.