New Year’s resolutions are more than just an annual tradition – they can also contribute to the success of your business in 2012.

You want your business to be sustainable and efficient over the long term, says Sara Gilbert, founder of consulting firm Strategist in Montreal, and setting resolutions by yourself and with your team can help make that a reality.

Here are five resolutions every advisor can make and keep in 2012:

1. Make time for your business
Take time to work on your business this year rather then always working in the business.

“Everyone is very busy in the day-to-day,” says Gilbert, “and they rarely take the time to step back and say: well, what do I want to achieve?”

Think about your objectives for the year, she says. Then break down each of those objectives into quarterly, monthly, weekly and even daily goals. Setting bite-sized goals makes them easier to accomplish.

Remember to schedule time in your calendar to work on each of those goals, says Gilbert. Make sure your team is aware of the time commitments.

2. Try something new
Make gradual but sustainable changes to your business in 2012 by prioritizing your goals.

“Don’t try to change your business inside-out in one month,” says Gilbert. “[Instead] every quarter implement a new idea.”

For example, you might start a newsletter, organize more client events or launch a social media strategy.

Consider whether any of these new initiatives should be delegated to a team member or outsourced altogether, she says.

3. Spend more time with top clients
Use your time wisely this year by looking at your business practices and routines.

Try using the 80/20 rule, suggests Rosemary Smyth, owner and coach with Victoria-based Rosemary Smyth and Associates, which specializes in working with financial advisors. The 80/20 rule stipulates that you should be spending 80% of your time with top clients and 20% with the remaining clients.

4. Solve a problem for clients
Add value to your business this year by finding solutions to general problems that clients face, Smyth suggests.

For example, you might create a “frequently asked questions about investing” page on your web site, or hold workshops to demystify client account statements or on commonly asked tax questions.

5. Collect success stories
Always be ready for prospects by gathering testimonials for your business in 2012.

Not many advisors have a testimonial or success story ready when a prospect asks for one, Smyth says. Having a few stories on hand can set your business apart from the competition.


Tomorrow: Resolutions to motivate and engage your team.