279: Goal Setting 2025—Six Steps to Build Your Dream Career and Life

Transcript YouTube English auto-captions. Hey guys Dr Mike withing welcome to another edition of bootstrap MD the podcast for physician and healthc Care entrepreneurs where we have medicine meet entrepreneurship thank you for listening if this is your first time on welcome been a long time listener welcome back I know I've been on Hiatus but I've been trying to do this more regularly to help other doctors take control of their career and their physician life so we Face unique challenges as doctors right We faced challenges as Physicians who want to be entrepreneurs you know you got time constraints you're working 50 60 70 plus hours a week get increasing burnout you getting more demands not only from your career but maybe in your life and your family and you have other needs so several years ago I came up with a system to help me with goal setting that really was probably the ambitous to help me to leave corporate medicine 20 plus years ago to allow Me to start businesses and find other non-clinical opportunities find clinical opportunities and really kind of created a framework that I could use in my career in life now it's not a magic formula it does require commitment and requires effort and periodic reassessment so I talked about this way back in episode 80 that was a few years ago so I thought' be a good idea to talk about how it can relate to you how it can be impact to you in 2025 As this is the month where we're always thinking goals and go B setting so let's get started it's a six-step process so for the first step is number one is I want you to identify 10 to 20 goals for the next year now before you get started you really need to be you know set aide an hour or two of your time so create a distraction free environment that allow you for more focus more creative thinking so Turning off your cell phones TVs removing oneself from all the kind of the chaos if you can find it I know sometimes that's either easier said than done find a quiet space and then what I like to do is I like to get a a notepad like one of those yellow notepads some of you might want to use computer but for me I it's always help for me to take pen and paper very tactile I don't know what it is and Then just start start focusing it now the focus is on your goals not your parents' goals not your relatives goals not your spouse's goals don't focus on the expectations of others I want to focus on you on there this is going to allow you you know this this time is going to allow you to start brainstorming a wide range of goals across different life areas such as your career your finances your relationships your personal development no goal is too big or Too small at this stage so think about what you truly desire not what they think that you should want so some goals that I often you know I do this exercise with a number of my clients here for physician where think about your career what do you want in your career could it be this is your you're going to start that physician coaching or Consulting business in a specific Niche maybe you want to reduce your clinical hours maybe you go want To go from one to 7 maybe it's a specific number of hours per week one from 50 to maybe even 45 maybe this is the year you want to start a cash based practice with a specific Focus maybe you want open a med spa maybe this is the year you develop a new service or product Within existing practice maybe you know we've all seen a lot of changes in tele medicine maybe you want to start offering that to your patient maybe You want to get out of your your clinical career whatsoever go to a non-clinical role such as going into the pharmaceutical engineering pharmaceutical industry maybe you want to speak at a conference write a book create an online course for finances pay off a specific amount of medical student debt maybe you want to get rid of it maybe you want to increased passive income to a defined level through through Investments or through businesses maybe you're saving up to buy a house so You need money for a down payment you want to generate a specific Revenue amount from a side business create a budget your relationships maybe it's finding a new relationship maybe it's spending more quality time with your spouse or with your partner nurturing more friendships engage in more social activities attending more important events personal development goals learning and skill hobby you want to been playing that piano I know I have in a long time maybe you want to get better at it Improve Fitness you know exercise a few times a week maybe you want to start a new sport travel to a specific destination or vacation this year so I gave you a laundry list of different goals I'm just helping you spur some thought here but remember this list is personal it should reflect your individual aspirations not what other people think not what you think might even be possible or practi I really want you to open up your mind about what you can Do so spend you know a good 20 30 minutes or more this is your time to really identify 10 to 20 goals that you want to get across this year now step number two is to choose the three most impactful goals and I'm not going to Define what impact means for you but what are the things that could cause significant changes in your life so so If you're having trouble you know focus on goals that you think would have the most profound effect on your happiness on your financial Security on your career fulfillment you know which ones do you think over time can reduce your stress reduce your burnout which one align with your core values your long-term vision for your life which ones do you think will give you more time freedom to spend with friend and family you know I don't know about you but I often use visualization techniques to imagine what my life would be if you can imagine what would be a typical day in your life what would be what would happen you know if you were working from home instead of having to commute What would your morning routine look like you also may need to be aware of self-limiting belief what are the things that are holding you back from thinking that these goals are not achieved you know some examples when you're saying You know I can't start a business because I don't know anything about business that's a self-limiting belief I can't reduce my hours because so so many people count on me my Hospital you know I can't do it I'm too busy I to make time to do a sky Sid gate I think an important part in step two that was for me was identifying these self-limiting beliefs and Calling out because often these self-limiting beliefs you know are nonsense are are just ways of excuses and not getting to what you really and so if you don't know ask your friends if you have mentors who've achieved similar goals can find out like whenever somebody wants to start up a business I said we go find sign find someone who's doing what you want to do because it just then it just makes it achievable that it can actually happen and Can reframe those negative thoughts that we often have step three is making goals specific and adding deadlines I want to explain the difference between a general wish and a specific able goal so a specific goal includes like a clear description of what you want to achieve and how you're going to get there you know you have to define the what it's not like I want to start an online business it's not specific enough you want to say I want to start A physician Consulting business focusing on practice management another way that you can make your goal more specific is to quantify the goal instead of I just want to make more money Fus I want to generate $10,000 a month from my physician Consulting business you can then break it down into even smaller steps you can chunk it is what I like to refer it to instead of saying you know I want to start a business I'm going to create a website I Want to develop a lead magnet I want to network I want to go to a networking conference where I'm going to get my first client so break it down identify resources that can get you to your goals quicker determine what resources you need you need mentors you need to go through courses you need to learn AI tools create a plan to obtain what you need I also recommend adding deadlines set clear deadlines for each goal as well As smaller steps required to achieve them make deadlines realistic but also challenge yourself to create a sense of urgency use a specific date by December 31st 2025 I'm going to have a physician Consulting business instead of anytime months to formulate specific goals with deadlines if you make this goals specific if you make them actionable if you make them measurable it's going to increase your likelihood of achieving if you can't find a goal that's attainable then you need to refine it that's Why I often recommend if you want to start a med spa Shadow spa if you can't find anyone Doctor Who has replaced their income in one year perhaps you can find a doctor who can 50% at the end create more smart goals we talked about this we've talked about this smart goals stands for specific measurable achievable or attainable time next step four identify a system to achieve your goals so What do I mean by a system a system is just a structured approach that outlines the steps resources and processes you need to do to ree your defined goal if you don't have a system then you're just wishing for something rather than work to it when you went to go into Medical School you went through a system down to residency there was a system when you got your first job there was a system what are some key elements of a system Actional steps outline specific tasks you need to complete research networking creating more content marketing Etc resource identification determine the tools people information that you're going to need you need a step timeline establish a schedule or timeline for each step metrics how are you going to measure the progress along the way if you want to get more clients you're going to get more leads and then prepare for contingency plans determine strategies for overcoming challenges or setbacks so Let me give you some example if you want to start a physician Consulting business there's actionable steps research Consulting options for Physicians identify a specific Niche that you want to focus on develop a lead magnet such as creating an ebook or a guide create a website create a sales funnel Market your services through social media through networking Network and make connections with other Physicians create an elevator pitch and practice it until it flows smoothly onboard clients and deliver value and Great service seek out mentorship seek out coaching for the ne to for your business to scale and grow what are some resources that you can have for your Consulting business courses or books on Consulting and marketing mentors or coach who have experien in the Consulting industry research software for creating websites lead magnets email list set up a timeline for each step research niche in one month create website in two months acquire first client in three months another one I just completed A course we worked through Physicians through called Cash practice University but creat some acable steps research different types of cash based practices develop a business plan with specific revenue and profit targets maybe you need some funding secure funding to start start up Cuts I'm the bootstrap MD so I like bootstrapping but maybe you'll need to get some outside money that's okay too find a suitable location hire and Train staff including midlevel providers choose a unique service to specialize in Market your practice through a combination of Entry offers and high-end Services create standard operating procedures resources that you'll need to create cash-based practice I need legal and financial providers experience in healthcare you'll need to have medical equipment suppliers and vendors marketing and advertising platforms what's the timeline establish a timeline for each step research different services in a few weeks create a business month secure location in two months begin marketing Your practice in months maybe your goal is to fure clinical hours let me give you some acual steps for that identify non-clinical opportunities that can replace your current income find a system find a mentor that can help you achieve nonclinical goals such as becoming a physician consultant create a plan to negotiate a reduction in hours or find another job that allows part-time hours work with a career coach what are your resources you'll need to reduce your clinical hours have mentors or Coaches whove already made the successful transition to nonclinical work website plug for like physician coaches.com get yourself going to events that have networking opportunities for non-clinical careers what's the timeline create a timeline to identify the non-clinical opportunity learn the necessary skills to make it happen and then make that transition in a reasonable time step five in the gg6 system follow the system and make it a priority so How do you make it a priority you need to start protecting your time you need to be able to say no to things that don't align with your goals and I know that for many of us that's really hard to do I'm to some extents a people pleaser myself and I think Physicians by Nature are people Pleasers but it's important for you to start saying no to opportunities that don't align with what your current goals that you're trying to achieve you Know most successful people are able to avoid distractions and say no to low priority activities you need to learn to say no it's not possible to do everything at once we all have 24 hours a day seven days a week you're going to need to make some tradeoffs you need to start Outsourcing delegating some things the key to success is consistency getting discipline and persistence so Let's say you want to start up a Consulting business you need to dedicate specific time each week for tasks that you have to do for marketing content creation Network to avoid distractions if your goal is to reduce your clinical hours you need to commit Time Each work to find alternative non-clinical opportunities it's time for you to start being protective of your time and your energy take on opportunities activities that support your most important goals now Step six simple reass reassess the system periodically the process of goal standing is not achieve is not static you require is regular reassessment you know review your goals and systems every 1 to three months or more frequently as needed things will change so here are some key aspects of reassessment do some progress tracking evaluate your progress towards your goals are you on track are you moving at a desired Pace does the system need to be evaluated or reevaluated is it still Working are the parts that need to be adjusted maybe your goals have changed and that can happen your original goals in December of 202 may change from January 2025 are your priorities changing adaptability are you willing to make the changes needed you know if you're not getting results of what you're that you expect with marketing strategies one of the most important words is Pivot need time and To test a different approach we we just paid quite a bit of money for this marketing company and we're just finding that they're just not getting the results we need time to say goodbye to that way move on to the next one if you're not getting clients for your Consulting business reevaluate your pricing reevaluate your value proposition maybe the niche you decided to go into is not profitable and You should be willing to change into something that is more profitable if their medical practice isn't sustainable you should be able to try a different approach so you know a lot of people think that this is a sign of failure reassessment is not a sign of failure it's just an essential step in the process of growth and Improvement so those were my six steps of the gg6 system so let's kind of summarize them shall we so Number one is identify 10 to 20 goals for the next year step two is choose your three most impactful goals step three is making goals specific and adding deadlines step four identify system to goals step five follow the system and make it a priority and then step six reassess the system periodically I hope you take action I hope you apply the system to your own lives rather than let all the information kind of overwhelm you remember the key to success is To move forward it's okay to reassess and make changes to stay on track I'm a firm believer if you do do this you're going to be able to take control of your physician life I hope you found this useful if you want to listen to past recordings please go on to the new bootstrap MD website for more resources you can also subscribe to our newsletter the lounge which you can find at bootstrap md.com thee Lounge as well As check out our physician coaches directory at physician coaches.com remember you're going to have ups and downs as a physician entrepreneur do something a little each day to keep you closer to your goals and keep moving