My friend Bill Barack of Lindisfarne Investments wrote a wonderful letter in the NAAIM The Active Manager newsletter in March. I asked him if I could provide it here. He has a great message about moving forward. Please enjoy.
"Spring has come early to the shores of Lake Erie. In fact, we hardly had a winter at all. Yesterday, I took some pictures of snowbells, which are early spring flowers. They were rushing the season by already blooming on the 27th day of February. Some trees and bushes are starting to show buds and the temperature has been unseasonably warm. I have no complaints!
But it has led me to think about the parallels to my RIA business and its analogies with the seasons. There are times when I find myself waiting for the right "spring time" to begin a new effort that I wanttto blossom into improvements for my business. It might be starting a newsletter, or developing new trading approaches, or joining a networking group, or developing and initiating a new marketing program. As I wait, my most precious commodity, time, slips by.
We routinely talk to our clients about the effects of compounding. We point out that a small difference in annual gains can lead to large differences over a number of years. I would contend that the same is true with time and how we use it to incorporate new efforts into our business. While a small delay in beginning anew program may seem unimportant int he overall scheme of things, over time, the habits that it reinforces can lead to large deficits when compared to wheat our business could have been. And an early start can correspondingly result in compounded gains that magnify my business over time.
So the important questions are "How can I start this fill in the blank now? What is the one action that I can take today to begin?" My early spring, then, reminds me that sooner is better than later. I don't want to be the groundhog, Punxsutawney Phil, that sees its shadow and is resigned to six more weeks delay to the end of winter. And there are many shadows in the world that I can use as excuses to postpone that which I know I need to do. Instead, if I see the shadows are mere phantoms, I can ignore their potentially negative impacts and create my personal early spring. The positive results I accrue will accumulate over time and take my business to heights that are hardly imaginable."
So what can you start today instead of putting off? What can you move forward with that will take your business to new heights? I can't wait to see your results?