Failing to Plan is Planning to Fail

Golfing superstar Tiger Woods, IT guru Bill Gates, paralympian Natalie du Toit, ……. all represent that rare breed of super achievers; individuals who have excelled (often against overwhelming odds) in their respective fields.

However like the floating iceberg that only shows a fraction of its mass above the ocean’s surface, so it is with the super achievers; we only become aware of them when their successes attract the media spotlight. We don’t often read about their failures, their tight planning schedules, training hours, diets, motivational sessions and other behind the scenes efforts and heartaches that accompany their journeys towards success.

Journalist and successful author, Malcolm Gladwell, in the Tipping Point and Outliers, eloquently expresses a principle of 10 000 hours of hard work and practice that precedes success. It was South African golfing legend, Gary Player, who said, ‘The more I practice, the luckier I become!’ In short, phenomenally successful people achieve success through planning, effort, discipline and perseverance. So effective planning precedes any successful pursuit, but before you can plan, you must have a clearly defined goal; a goal that is tangible, that you can clearly visualize and that is attainable.

The same analogy applies to financial goals; there needs to be a plan. One cannot achieve one’s objectives without a clearly structured plan. This plan should provide the template that sets the parameters and the milestones which guide one towards one’s goal. The plan should also be rooted within one’s current reality, that is, the plan needs to respond to a real need. The plan should translate ones’ actual goals into actionable steps such as in the following process:

Step 1: Set a Goal;

Step 2: Decide on activities that will assist in achieving that goal;

Step 3: State the timeline in which you wish to achieve the goal;

Step 4: Identify the key role player(s);

Step 5: Set milestones that will indicate what progress is being made towards the goal;

Step 6: Determine the resources required;

Step 7: Act, reflect on the progress achieved and revise.

The following illustration depicts graphically the steps to follow to achieve financial goals:

pic5

What is also important to remember is that plans are not only devised to pursue goals, but should also assist when goals are NOT achieved. Therefore there needs to be a ‘Plan B’ for emergencies!

It is astonishing how many students arrive at university with no plan in place to guide how they will fund their studies. Many arrive having no bursary, no loan, no accommodation and no subsistence (living) allowance! It’s as if their parents have disowned them and given responsibility of their children over to the institution.

The core business of any educational institution is in the first instance to provide education. Although residence and bursary money is available in limited amounts, it is not the institution’s primary responsibility to supply these. Not having planned for tuition fees, subsistence and accommodation often severely undermines any possibility of academic success with the resultant major negative repercussions. So remember, ‘forewarned is forearmed!’.

Activity: Identify TWO goals that you wish to achieve within the next month. Use the template below to drive the process.

pic6