The way you run your business is likely to be based on a number of habits. When was the last time you did a business habits reality check?
Maybe in this short presentation you will be able to put your mind to this task for the first time. To that end, ask yourself the following questions:
Does my business excite me? By “my business,” I refer to your own financial services business or the business you operate within the company you work for.
How much more successful am I now compared with three years ago? If the answer is “not as successful,” then you need to do a reevaluation. If the answer is “infinitely more successful,” then you certainly should consider continuing what you’re doing, because it works. And if the answer is “very much the same,” then something has to change.
Do I have sufficient time off in my life compared with the amount of time I put into working my business? Working hard is not the maxim; it’s working effectively. What you must also consider is playing hard and effectively to balance your life so that you are creating greater value, not just for yourself but also for your colleagues, your company–and your family.
What is your primary aim? Your primary aim is what drives you forward in life–what excites you and makes you happy. Many people say to me their primary aim is their families or happiness or being the best they can be. These are not primary aims, but things that happen as a result of having a primary aim When you achieve your primary aim, it’s time for a new one.
My proposition to you is to understand the need to go from in to on in your daily activities. Think back to the last business week. What percentage of that week was on (strategic) versus in (operational)? If you are spending 51% or more of your time in your business, then you need to seriously rethink what activities you are putting into your diary.
How many of you realize that your number one product is, and should be, your business? The moment you get this, you’ll start to get everything that goes with it, which is potentially:
? More sleep at night
? More income
? More time off
? More quality thinking and the time resources to enjoy it
To create a strategic business, even now after many years of trading, you need to follow four golden rules.
Rule No. 1: Increase the number of clients you choose to have. The key word here is “choose.” You can have the most amazing customer service, but if you are not being paid sufficiently for what you are offering your client, the business is not a business–it’s a charity.
So here’s an idea for you: Why not sack the 20% of your clients with whom you rarely enjoy working? I know of an advisor who decided to do this some years ago, except that he got rid of 80% of his clients. He kept the top 20%, who he also realized were affording him the maximum amount of income.
Also, have you thought about looking at new select markets? My U.K. colleague, Sandro Forte, spent a lot of his business-formation years dealing with the rich and famous. To this day, he still specializes in this highly lucrative area, which has become the norm for him.
Consider, too, whether your business has a marketing engine. Nearly every business has streams of income based on its marketing activity. Your business is no different. You should consider up to six streams, with a minimum of four.
What could be the ways you could create streams of business? Consider the following: