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How do you START delegating?
You know you want to start delegating more – to an assistant or to a team. But where do you start? I think the best place to begin is to figure out what tasks you want to actually delegate.Make a list of all of the activities you do on a regular basis. Think first of your daily tasks, then move to weekly, monthly, quarterly and annually. Your list will probably be quite lengthy.
Then, highlight in yellow the tasks that you really dislike doing. You know what I am talking about – the ones you procrastinate about doing, the ones you shuffle past or put at the bottom of your piles.
Next, highlight in green the tasks that actually generate revenue for you.
Look to see if there are correlations between the two – for instance: Submitting an application leads to revenue – but you may HATE the time it takes to fill out the paperwork, make copies, and mail it in.
Determine what activities that point to revenue which you don’t like doing. These should be your top items that could be delegated.
This is the best way to get started!
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The Buyer/Seller Match-Up Program
What is the hardest part about completing an acquisition? Finding a practice to buy!
Introducing “The Buyer/Seller Match-Up Program”! This simple listing service is an excellent way to position yourself to find the
next acquisition. For a one-time $99 fee we will list you in our database as a potential seller or buyer. If you are a potential buyer – you let us know what states you are interested in buying practices in. When a seller lists with us in one of your states, we will notify you that there is a potential lead. You have the option to buy the lead for $20.
If you are a potential seller – you let us know your location, broker/dealer, and assets under management. We will let interested buyers know you are willing to visit about the sale of your practice. We can even provide you with a list of potential buyers in your area for a small fee.
There is no better way to connect! To receive The Buyer/Seller Match-Up Program registration form, email us at info@mapitbuilditbuyit.com.
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Defining Your Ideal Client
I
n order to grow your business, you have to start with knowing your WHO. All of your focus, all of your marketing, and all of your efforts should point towards your ideal client. Part of deciding what your ideal client looks like probably includes a list of what they DON’T look like as well.Ideal Clients have two components – demographics and soft characteristics. Here is a sample of what I mean :
Demographics:
1. Age specifics (i.e. 50+)
2. Minimum Income Level
3. Minimum Net Worth Level
4. Minimum Investable AssetsSoft Characteristics:
1. Married with kids or grandkids
2. Lives within their means
3. Midwest family values
4. Seeks guidance and will act on it
5. Long term employee, business owner, or partnerThink through both the demographics and the soft characteristics to build your ideal client profile. You might surprise yourself with how your marketing clarity increases!
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Your Ideal Team
What does your ideal team look like? Have you given thought to that? If you are in the process of adding staff, or working to
grow the capabilities of the staff you have, than this is a very important issue to consider.Most businesses jump right into hiring and training. I think it is important to step back for a moment and consider what you want your team to be BEFORE you hire and train. That way you can factor these things into the job description and person description of your ideal candidate.
I want my team to look like this:
1. Thrives on incentive based pay
2. Likes to grow
3. Actively looks for ways to make the firm better and more effective
4. Grateful for the opportunity to be part of this awesome company
5. Believes we make a positive difference for our clients
6. Responsive
7. Willing to pitch in and help
8. Works for a purpose, not just a paycheck
9. Happily embraces change and innovation
10. Higher than average income
11. Motivated and energetic
12. Works until it is done
13. Family oriented
14. Accountable
15. Committed to the team, the clients and the company
16. Expert knowledge
17. Seeks self improvementWhat does your dream team look like?
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What does your ideal practice REALLY look like?
Growth is a big goal for advisors. But what, exactly, are you growing towards? Is this a murky vision in your head, or have you
written down and really strategized about what your future company looks like?Here are a few “future company” goals that I have:
1. $X amount of revenue (what’s your goal number?)
2. $x amount of profit (it’s not all about revenue – it’s about how much of that you keep!)
3. An ethical firm
4. A fun workplace environment
5. 10% of profit annual charitable contributions
6. An incentive paid team that makes well more than the average team
7. A Family-centric environment
8. Doing bi-annual acquisitions
9. Taking team vacations or retreats
10. Expert back office
11. Constantly building a bridge to a brighter future for our clients
12. Happy, motivated and growth oriented team
13. 12 weeks of vacation a year!What does your future company really look like?
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Confidence Matters
Dan Sullivan of The Strategic Coach said “Confidence is the most important human ability that we can develop. With confidence, anything is possible. Without it, very little is.” How true this is!When I am confident I carry myself differently. It shows in my body language, my speech, and very definitely in my results. So if that is true, than I think confidence should be looked at like an asset. And if it is an asset, we have to ask ourselves how do we protect it and how do we grow it.
I am most confident when the following things are all in line:
1. Being comfortable with my weight & physical appearance
2. Having a certain amount of money in the bank
3. Having a manageable business and personal budget
4. Knowing what I am talking about (competence)
5. Dressing well/sharp image
6. High level of cash flow
7. Full calendar of appointments
8. Having a solid team to delegate to
9. Spending quality time with my kiddos
10. Listening to music that resonates within meWhat drives your confidence? What are you doing to grow it?
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The Best Question I Have Ever Heard
I was at a seminar last year in Florida and the presenter posed a question that has stuck with me. I think it is the single best question you can ask someone about money. Why? Because the answer will really uncover a persons psychological attachment to money. You can understand what they value about what money creates in their life. You can get a glimpse into their fears and their opportunities.What is the question, you ask? Here it is….
What was money like for you growing up?
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A Tribute to My Team
Having a team is like having a family. They are there for you as a business owner when things get rocky. My team is an amazing example of how people can pull together to support one another.Many entrepreneurial businesses falter the moment the owner or leader steps away from the helm. While owning your own business can bring amazing flexibility and rewards, it can also become a chain requiring you to be present for your company to run or for revenue to be generated.
This past week I have had a series of family emergencies – a daughter in the hospital and a 2 month old grandson who needs to be taken care of. My focus has been on them, and my team did an amazing job of making sure the company ran smoothly and the clients were taken care of while I attended to my family. They also banded together to make sure that the time I could spend in the office was productive and prioritized so I handled only the most important things.
I am so impressed with my team – both as strong team contributors, but also as compassionate human beings. Hats off to them!!
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Control Your Week
Do you ever feel like your week is running you instead of you running your week? I think this is a very common problem for many
entrepreneurs. We easily get caught up in putting out fires, shuffling papers and handling the quick easy tasks vs the more laborious ones that might actually generate revenue! So how do you take back control of your week?
1. Isolate what your top 5 money making activities are each day. Work on them first thing in the morning. That way if you get caught up in the daily distractions later on, at least your morning was productive with activities that generate revenue.
2. Cluster your appointments. I try to cluster appointments on two days of the week, letting some spill over onto other days as needed. That way I know I usually will have two really productive revenue focused days each week.
3. Plan your down time. On the days you are not clustering appointments, plan out what you want to accomplish and stick to it. It’s the unplanned, unspoken for time in your calendar that often expands to overtake your life and make you feel like you are not in control of your week.
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Try A Team Challenge!
Are you looking for a way to build your team comradarie and add a little fun to your office setting? This year we did just that by creating the MOVE IT! Challenge.Everyone in the office had been talking about improving their health, losing weight and getting more exercise. I created a fun way for everyone to work towards that while building a great sense of team spirit. Here are the rules:
12 week challenge
1. Each person is challenged to move 8 miles a week
2. We have teams of two people, so the team goal is 16 miles
3. The winning team each week gets a MOVE IT! Challenge prize
4. At the end of 12 weeks we will have a team party if the overall challenge number was hit!The weekly prizes are fun things like workout CD’s, jump ropes, water bottles, and exercise DVD’s. We have a sheet up where people can record their miles (it takes 4 biking miles to equal 1 mile) each day. The weekly team might be the most miles, but also might be the most improved etc. We have a big board up with the total miles for the whole team and we move the shoe each week along the challenge path.
The team is having fun with it. I even hear a little smack talk between teams once in a while. It is a fun way to show your team you will invest in their health and inject a little fun into your office!
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