Five Ways Tracking Can Improve Your Practice
If you don’t set clear targets or measure your performance, you won’t know if your business is going in the right direction. So, set aside time to identify the areas that are key to your overall success – then take steps to track how you’re doing. Your tracked data will help you understand how to improve or change things for the better so you can progress towards your ultimate goals.
Here are five ways how tracking can help you improve your practice.
1. Tracking can help you hit your targets
Add in time each week to review your business goals and check your progress towards targets. Maybe your aim is to make 100 calls every week, or book 10 appointments.
To help you hit your weekly targets keep track of the calls and appointments you make daily, too. Breaking tasks down into smaller units and staying on track with them will keep you more motivated, making it easier to reach your weekly goals.
By defining your performance on a time line – big and small – you can monitor and adjust your performance to meet your objectives. Once you’ve mastered the art of monitoring your performance, you’ll find it easier to stick to the plan.
2. Tracking can help you identify what’s working and what’s not
Identify the key factors that contribute to your business success and track them. For example, the stories you tell to prospects.
Your stories can play a big part in your rate of conversion. Track which stories are working for you and which are not, over a given time period. Once you’ve gathered the data you can identify and drop those that are clearly not working.
Tracking gives you the information you need to change tactics and boost performance.
3. Tracking can help you identify your niche
You can also use tracking to identify the areas in which you are especially strong – you could discover a great ‘track record’ in an area you’re consistently good at.
Tracked information could show that you work particularly well with people in a certain sector. By checking your metrics over time, you could find a niche that suits you – perhaps you’ll find you’ve achieved great success in attaining retirees. By using this information and concentrating your efforts in this area you could see an uplift in new business.
4. Tracking your time can help you work more efficiently
Poor time-management is an all-too common trait and one shared by many financial advisors. But it can cripple your business. It’s crucial to take control of your time if you are to work more efficiently, get more work done and see more people.
The FPA report that the key to time management is not about spending less time ‘working’ per se – but spending time working on the right tasks. They found that advisors who said they felt ‘in control’ of their time schedule set up significantly more meetings throughout the year; they used their time more effectively by focusing on ‘highest and best use’ tasks.
The FPA also advised that advisors who use tracking tools tend to feel more in control of their time.
A tracking tool can be a useful way of revealing where you are spending time needlessly. Armed with tracking information you can identify where to delegate and focus on the important things – i.e. prospecting and seeing clients. Tracking tools can help you regain control of your time and boost productivity.
5. Use a mentor to help you keep track
When it comes to monitoring your performance there’s a strong case for opting to work with a mentor or a business coach – they can be invaluable in helping you envision where you want to go. They can also help you set goals and feel accountable for hitting them.
Tracking will help you take responsibility for your actions, giving you a greater potential to achieve your goals.
By constantly monitoring your performance you will gain the consistency you need to grow your business in a predictable fashion. Tracking allows for measurement, and by measuring your results you will, over time, find it easier to turn prospects into clients and win referrals. Furthermore, you’ll also stay motivated to reach your overall goals.
If you’re ready to take your business to the next level, join Don Connelly 24/7 – a 30-day trial is available.
