This is the second article in The Financial Advisor's Business Bootcamp--articles and tools designed to help you analyze, organize, and grow your business.
We kicked off a series last month, The Financial Advisor's Business Bootcamp, where we introduced the Business Assessment Worksheet. It is designed to provide a 50,000-foot appraisal of your business. We walked through the first section of the worksheet.
Today, we will examine the last two sections of the assessment. You can download The 7 Minute Life Business Assessment Worksheet here.
Time Management and Organizational Assessment
From what I've seen as a corporate consultant, there's a need for improvement when it comes to time management and daily productivity. A recent survey that we conducted found that 85% (147) of the respondents ranked their time management skills as average or below average, and only 15% of the respondents (25) believed their time management skills were above average.
Written Daily Plan of Action
Do you walk into the office with no idea of what you should do with your time? Time is currency. How you choose to spend the hours of your day becomes the reality of the life you live. Assess how you have spent your time today. Are you forced to react to unplanned or overdue tasks?
Imagine walking into your office each morning knowing how you will spend your time. Time management is the process of planning how you use the hours in your day to accomplish specific activities. Having written plan of action allows you to write down your highest value activities and create a schedule of when you will accomplish each specific task.
Repeatable Processes and Systems
Many activities are common to all financial advisors. The easiest way to create repeatable processes and systems is to create checklists for the tasks you complete on a regular basis.
For example, you can use a client meeting checklist to decrease the amount of time it takes you to prepare for each review, and you can create a checklist of the paperwork you need to open a new account and the sequence needed to improve efficiency. You can create a checklist of the actions you take to deliver a consistent client experience, or you can create a template for weekly staff meetings.