This is the first in a series called The Financial Advisor's Business Bootcamp, which will help you analyze, organize, and grow your business.
This series of articles is dedicated to helping financial advisors analyze, organize, and grow their businesses. Each article will build on the last, unveiling new areas of learning and untapped opportunities.
These articles will guide you through a series of strategies, tools, worksheets, and checklists to improve your personal productivity and efficiency--and thereby your business.
During the past 30 years, I have created dozens of tools focused on practice management, time management, goal setting, and strategic planning, and these tools play a critical role in The Financial Advisor’s Business Bootcamp. These tools will give you a framework for how to create a written daily plan of action, how to set and achieve 90-day work goals, how to develop timelines and deadlines, how to track your business progress, how to use a weekly review tool, and how to create a powerful prospecting list--all of which you can use to build and grow your practice.
Let’s begin with a 50,000-foot assessment of your business. Growing your business must begin with an honest evaluation of your practice today. You’ll be amazed at how much your productivity grows and opportunities are created by evaluating the strengths and weaknesses of your practice.
Every financial advisor has strengths and weaknesses. You excel in certain areas and face challenges in other areas. The problem is that you are too overwhelmed with being busy day to day to focus on those areas of improvement. How many times a day do you fight with technology, when trying to scan a document turns into a 30-minute competition between your computer and your printer? Small technology train wrecks are still train wrecks.
The key is to take time away from the day to day to discover what the major gaps in your businesses are. The 7 Minute Life Business Assessment is a one-page worksheet to help you do this.
Print the worksheet, and get ready to honestly assess yourself on a scale of ‘excellent’ to ‘needs improvement’ in each category.
Written Business Plan for the Next 90 Days
Do you have a written business plan? Do you even have a simple document containing an executive summary of your business and your target market? Do you have a written business plan that defines the roles and responsibilities of your team members, includes your marketing plan, the financial projections for your gross production revenues, net new households, and assets under management?