4 More Things That Could Get You Stuck in a Rut
In a previous post we outlined four things that could get you stuck in a rut. Here are four more – along with some recommendations on how to get your business moving forward again.
1. Thinking you don’t need help
If you think you don’t need help in building your business, think again. Over time you will eventually work out how to do things on your own – but why waste time? With help you’ll get there far quicker.
As the ancient Chinese proverb says – if you want to know the road ahead, ask those coming back.
Successful advisors don’t become successful by accident. They find someone wiser and with experience to guide them – they find a mentor and they follow their advice. No matter what your skills and accomplishments you will benefit from having a mentor.
The right mentor will not only show you the ropes but teach you how to become accountable to your business plan and goals. They’ll provide a crucial objective opinion of how far you’ve come and how far you still have to go. By exposing your goals to a third-party you’re making a promise – and if you fail to deliver, you’ll be breaking that promise. Unless you want your business to grind to a halt, get a mentor right away.
2. Becoming complacent
A major impediment to growth is deciding not to grow in the first place. Complacency is a key culprit here.
If you start to think you’re doing OK, paying the bills on time, and all’s good, you will become stuck firmly in a rut. Many advisors grow their business in the first few years – then stop growing due to complacency. Don’t let this happen to you.
Don’t characterize yourself as a $400,000 advisor when you reach that level. Decide to grow. All advisors plateau from time to time reaching a level of comfort that dissuades them to move forward. Truly successful advisors differ by looking around and figuring out how they can grow their business.
3. Becoming distracted
Nothing should take precedence over appointments. If you aren’t spending your time in front of people, your business won’t move forward. Client meetings are where the magic happens, where the revenue is generated. Staff management, compliance issues and rebalancing do not generate cash for your business. If your focus drifts from the essential tasks of prospecting and meeting with clients, your business will come to a standstill.
To help you re-focus on the important matters at hand start to see yourself as the business owner you are. Successful owners prioritize appointments, so make sure your goal is getting the next appointment, then the next, and then the next. Everything else is secondary.
Take the pressure off yourself by delegating or investing in software that will take care of routine tasks, so you can devote your energy where it’s needed. Learn to relinquish control. You cannot do everything by yourself – the more you use your time to market yourself, the greater the chance of your success.
4. Depending too much on referrals
If you start to depend on referrals as your main source of growth, you’re in for a shock. If you put the responsibility for growth on your clients’ rather than on your own shoulders, you will eventually find your business stagnating.
Prospecting is the key to moving forward and this is especially true for newer advisors. One day you may generate ample referrals, referrals that will help the business to grow – but this could be many years away. And even then, it pays to keep seeking out new leads to ensure your sales funnel is full.
Advisors often find themselves in a rut because they’ve taken their eye off the ball. To make sure your business continues to move forward put your focus where it matters – prioritize income-generating tasks, seek out the help and advice of others – and – importantly – make the decision to take your business to the next level.