New clients are the lifeblood of a thriving practice. Yet, I find that many advisors focus too intently on their prospecting activities and fail to take advantage of the opportunities for business growth sitting right across from them: their existing clients.

Advisors who develop a business plan are more likely to realize success—that is, if they revisit their plans and hold themselves accountable. As your firm grows, your vision for your business may change significantly, meaning your business plan will need to change, too. But a plan shouldn’t be reactive; it should help you lead the change you want to see as your firm develops—and that means it will require regular review.

Yogi Berra put it best when he said, “If you don’t know where you’re going, you might end up somewhere else!” The business planning process is a necessary part of managing a firm, as it helps you create a vision and foundation for your practice’s growth and provides an avenue for continuing to elevate your firm over time. In fact, firms that have a written plan may grow up to 30-percent faster than those that don’t have one. Still, many tend to overcomplicate the process. Here, I’ll share strategies to help you create and stick to a plan that works for you.

There’s an old song that describes the end-of-year holidays as the most wonderful time of the year. The people in it are laughing and singing, enjoying dinners and friends, and relaxing by the fire. Somehow, they’ve completed their to-do lists so they can enjoy the season of giving stress free. It sure doesn’t sound like me—or anyone I know, for that matter. But maybe this year will be different.

When we communicate verbally with one another, we string together words to express our thoughts, opinions, and expressions. When we combine the right words in the right way, we can use storytelling to educate our clients and inspire them into action. But are there words advisors should avoid using with clients? In our industry, there is a wide vocabulary of terms and acronyms we use casually with our peers and other financial professionals (alpha and beta are a couple that come to mind). But do our clients understand these terms? Most don’t, and we shouldn’t expect them too. We need to use relatable words with which to communicate with clients.