As Amelia Earhart once said, ” The most difficult thing is the decision to act, the rest is merely tenacity.” Tenacity is made easier if you practice the right habits.
Through the years that I’ve traveled working with advisors and helping them grow their businesses, one common problem repeatedly comes up. How do I grow my business while still servicing my existing clients? So what’s the secret to doing this? Never be afraid to delegate various tasks in your business.
I remember one advisor in particular. He thought he had it all… A decent size book of clients, a great location in the center of town and a great support staff. However, he wanted more. I had seen this scenario played out many times before with advisors I had worked with. I have found that what they ultimately want is more time freedom. So, how can you accomplish that?
Here are the 4 habits I would help you address:
First, I coached him to take a long, hard look at how his business was being run at the moment. I encouraged him to identify the 3 or 4 unique selling points that made his business different. How could he consistently communicate these points more effectively?
“If you are going to achieve excellence in big things, you develop the habit in little matters. Excellence is not an exception, it is a prevailing attitude.” (Colin Powell)
Next, I suggested he break his business down into 4 major areas
I asked him to really focus on the time and money he was currently allocating to each of his 4 areas and to identify changes that needed to be made. For example, reprioritizing projects, more accurately tracking marketing efforts or enhancing his referral program.
“To change a habit, make a conscious decision, then act out the new behavior.” (Maxwell Maltz)
Then I recommended he communicate the changes to his staff so they may effectively implement them. As obvious as this sounds, the communication step is critical when instituting new habits.
” You can start right where you stand and apply the habit of going the extra mile by rendering more service and better service than you are now being paid for.”( Napoleon Hill)
Once he had a clear picture of where he was, I suggested that he now give serious thought to where he wanted to go in terms of business growth in the next 1, 3, 5, 10 and 20 years. This required him to step out of his comfort zone and try something new.
” Winners make a habit of manufacturing their own positive expectations in advance of the event.”(Brian Tracy)
Reviewing these 4 habits was critical because it forced him to realize how important it was to implement the systems in his business today to be able to enjoy the fruits of his business later. Systems depend on consistent habits.Refining the various parts of his systems today ensures smooth execution later.
Right then and there he had to face the one important question:
What has to happen to make this possible?
I emphasized how important it was for him to shift his mindset and focus more on working on his business rather than working in his business. The right systems make this possible. It also enabled him to be able to explain his vision to his employees in a way that they would understand and support.
Through the process, the advisor had an epiphany. If he has to be there every week for his business to keep running smoothly, he has a job, not a business. That was not the type of business he envisioned so he made a commitment to make some well-needed adjustments in each area.
As a coach, I realized early on that the greatest gift I could give an advisor is the gift of my expectation and belief in their success. If you are facing similar challenges in your business today, I am confident you too can make the necessary adjustments after reviewing the 4 habits.
Mike Sciortino has more than 30 years experience in the investment management business. Mike speaks at Conferences and writes often about how advisors can differentiate themselves, grow their practice, and improve their lives through time-tested processes. See all of Mike’s stories for CMG Advisor Central. Connect with Mike on LinkedIn.