Umm... Which way am I going?

“I just wanted to ask you which way I ought to go?”, asked Alice.

?“Well, that depends on where you want to get to?”, the Cat replied.

“Oh it really doesn’t matter…”

“Then… ?it really doesn’t matter which way you go.”

?

You’ve likely heard the term ‘strategic direction’. These words are typically reserved for business-speak, and involve envisioning a desired future, setting a course to reach it, and continuously evaluating and adjusting that course as needed.

A clear strategic direction is a powerful tool for achieving business success, whether that success is defined in terms of growth, commercial stability, net profit increase or another aspect. Without strategic direction, businesses may find themselves adrift, reacting to circumstances rather than proactively shaping their future, or distracted with the next ‘shiny thing’ rather than staying the course.

Very few individuals have a well-defined strategic direction. Most people are instead focused on short-term motivators, leaning toward goals and avoiding fears. Some will spend their entire lives defaulting to this approach, uttering phrases like ‘We’re not certain where we’re headed anymore’, ‘I’m just cruising along right now’, or ‘I’m not sure which path to take’.

Although far less common in the personal finance world, Northeast regularly talks ‘strategic direction’ with our members. We believe that it’s just as critical for your success, as it is for a business.?

If you’re ‘not sure where you’re headed’, it’s highly unlikely you’re headed in the right direction. More probably, you’re either floating – sometimes referred to as ‘analysis paralysis’ – or correctly suspecting that your current path isn’t best for you.

It genuinely warms my heart that my profession - financial advice - has stepped up to address this common issue. Gone are the days when financial advice was solely fixated on chasing investment returns. Instead of merely offering investment options, advisors started asking people "What do you want to achieve?", and designing financial strategies to support these outcomes. Today, this isn't a luxury – it's the minimum benchmark.

Today's top advisors obsess over engagement, with highly developed soft-skills and advice processes which encourage people to share their ambitions. They have long recognised that people don’t necessarily want to ‘be rich’ – but they do want to enjoy a rich life on their own terms. So it's not just about ‘asking the question’; it's about how you ask it.

At Northeast Wealth , we build strategic directions which are framed by the goals and aspirations of our members. We devote time together to understand their plans in the big areas like their passions, career, home, family, relationships, financial goals, purpose and wellbeing.

We meet with our members each quarter to reassess their financial lives and how we are travelling toward their goals. This thorough process to enables relationships framed around clarity, optimism and action.

Of course, you may not be feeling that this is the right time for financial advice. And this is fine. But the best time to develop a well-set out strategic direction, whether doing it solo or with support, is now.

You can start today by using each of the bolded areas above and asking what your best life would look like if this particular element of your life was outstanding. Define it well. What would you need to do? How often? What would you need to stop doing? By when? What personal or professional support do you need to make more progress here?

Once you have this part written down (not in your head), it’s time to set some timelines. Set some realistic goals addressing the things you need to do over the next twelve months, and some check-in dates to come back and see how you’re tracking.

Just like in business, developing and refining your strategic direction will enable you to make better financial decisions, properly assess the options available and understand when you’re off track. Get started!