“Coach’s Forum” is a place in which you can ask your questions, tell your stories or give your opinions on any aspect of practice management. For each column, George selects the most interesting and relevant comments from readers and offers his advice. Our objective is to build a community of people with a common interest in making their financial advisory practices as effective as possible.
Advisor says: : I am sitting with my outdated business plan, knowing that I need to put a significant amount of work into it if it is going to be of any value to me. The problem is that I can’t get myself motivated to give it the thought and effort required. I really enjoy working with my clients, my office is running efficiently and the business is pretty stable. However, as I look back over the past couple of years and forward to the next few, I find myself focusing on the challenges instead of the opportunities – both realized and potential.
I’m beginning to wonder if I’m getting tired of the business or simply “in a rut.”
Coach says: All entrepreneurs (including myself) stop to ask themselves “Why am I doing this?” at some point in their business. It’s actually a healthy thing to do, provided we use the opportunity to reaffirm our “big picture” and to restate our objectives so they continue to give us direction through the next stage of our growth. This also is the time to reassess our systems, policies, procedures and resources to make sure they’re the right ones to carry us forward.
On a more emotional level, we also need to lift ourselves out of the funk of diminished passion and energy for what we do. If we can’t do that on our own, professional coaching or counselling should help. I have found that if we can simply reawaken the same personal strength that powered us to become entrepreneurs in the first place – despite all the risks – we can often get back into the game with renewed vigour and determination.
Recall the old saying that “a rut is just a shallow grave with both ends kicked out of it.” The good news is that there is a way out; in fact, there’s more than one.
However, it’s important to realize how we got into such a state of mind in the first place. It usually starts with a small thought. We have a bad day – a staffing problem, a technology breakdown, a disgruntled client, a compliance tangle or a market shakeup – then, a short time later, something else hits us and we add the negativity of that to the first “downer.” The nature of our business is such that we are presented with these challenges every day and, before too long, we find ourselves lying down in that shallow grave of pessimism, increasingly convincing ourselves it’s getting deeper and deeper.
At this point, unless we take deliberate – and, possibly, disruptive – action, we are doomed to hasten our slide toward acquiescence and ultimate failure. Thus, here are several of my favourite “rut busters”:
– Shift your thinking to your clients
When you are in that “Gee, ain’t it awful?” mode, it’s easy to forget why you chose this career in the first place. To be sure, the goal was to have control over your destiny and to earn a good living. However, the real purpose of your business is to help your clients achieve their financial objectives, which, in turn, will lead to your financial success.
Remind yourself that there is a difference between a “customer” and a “client.” The first is someone who buys your goods or services. A “client” is entirely different: someone who is under your care and protection. The latter is a much greater responsibility and engenders a level of trust being placed in you. How do you protect and take care of your clients? How do you measure success in doing so – by sales or by the peace of mind you have in knowing that you did good work on your clients’ behalf? Accepting that you can improve people’s lives significantly is an antidote to lethargy.
– Revisit your vision
I am a big believer in the power of a well-thought-out vision statement. To me, it’s the foundation upon which a winning practice is built.
I define “vision” as an expression of what your business will look like when it’s as successful as you want it to be. By articulating your ambitions, you can describe your journey and define the resources required along the way. Every choice you make has consequences – and considering those implications leads to confident decision-making.
When I feel like I’m getting into a rut, I pull out my vision statement to make sure it still inspires me and is pointing me in the direction I want to go. I’m not afraid to tweak it, or even rewrite it, if I feel it no longer reflects how I want my business to evolve. I also find that a review often stimulates development of a new idea that gets me excited and gives me renewed energy.
– Conduct a client survey
If you aren’t sure of your value to your clients or don’t know what to do differently on their behalf, ask them. Conduct a client survey to see if anything is bothering or worrying them. Ask them what they like about you, your service, your company and your processes. Chances are that you’ll receive some very positive feedback that will reinforce the value of your work and help to raise your spirits.
– Focus on your strengths and walk away from your weaknesses
How many management gurus (or parents) have told us that to be successful, we had to improve upon our weaknesses?
This approach is built on two erroneous assumptions. The first is that failure to master the things at which we are not so good inevitably leads to failure overall. The second is that unless we overcome these deficiencies, we can never be a “whole” person.
I prefer a different tactic: focus all your energy on being the best you can be on the things you already do well; then, get someone else to do those things at which you are mediocre. Imagine if you could stop worrying about how you were going to correct any of your “weaknesses” and, instead, could spend all your time doing the things at which you already excel and enjoy the most.
– Let your imagination run free
We all have had wild and crazy ideas about how we could change our businesses. Too often, though, we succumb to our doubts and dismiss those ideas because we conclude: “There’s no way that would work.”
Well, what if there was a way to make things work? Ask yourself: “If there were no constraints, how could this be done?” Then, look carefully at the constraints you believe are preventing you from implementing your practice-altering idea, one by one, to see if they can be eliminated or managed in some creative way.
You might be surprised at what is actually possible and the energy this exercise creates.
– Simplify your world
Running a financial advisory practice is a like a juggler trying to keep a lot of plates spinning at the same time. The effort takes concentration that saps energy. Identify the things that only you can do and that you enjoy the most. Then, look for ways to eliminate or delegate the rest.
Dropping a few of those plates you’ve been managing really can help to reinvigorate you and propel your business.
George Hartman is managing partner with Elite Advisors Canada Inc. in Toronto. Send questions and comments to ghartman@eliteadvisors.ca.
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