Blogs

Month: June 2020

Increase Your Hourly Rate in Just Two Weeks

Increase Your Hourly Rate in Just Two Weeks

Time management. It’s a catchphrase we’ve all heard, and in theory, we all understand what it is. So it should be easy to use our time effectively to grow our business and have the greatest impact possible on our clients. And yet, many of us admit to just not being very good at it.

It makes sense that using your time wisely, spending it on the most important tasks, allows you to maximize your day.

Many of us have also heard that it’s important to work on your business, instead of in your business. At first, this can seem contradictory to your instincts, since we’ve also talked about the value you have inside your practice. As a financial advisor, your value to your clients is your expertise and your ability to have an impact. Which sounds an awful lot like working in your business and not on it.

So, the question remains: When maximum growth is the goal, where should you be spending your time?

The first step to finding the answer is to take stock of what you’re currently spending your time on. So, let’s try an experiment. For the next two weeks, jot down how you spend your time. Each time you complete a task for your business, record it. Write down everything. And then categorize it as either a sales or revenue-generating activity or as a non-revenue-generating activity.

Sales and revenue-generating activities include:

  • Client-facing meetings, such as portfolio reviews
  • Networking, such as a referral arrangement with a CPA or attorney
  • Client acquisition, such as prospecting

Any activity that has the potential for bringing more dollars to your business is a sales or revenue-generating activity. Figure out how many hours you spend each week, and then divide them into your total revenue to find out how much you’re making an hour on these specific activities.

And then do the same for your nonrevenue-generating activities. These include time spent on office management activities like organization and administration.

If you are spending more time on nonrevenue-generating activities, it’s time to make a change. 

When administrative tasks turn into a time suck, consider hiring an assistant or another salesperson. And use your freed-up time to reinvest in your business. This means you can start working on your business again, instead of getting weighed down in it.

And, as you evaluate how to spend more time on tasks that directly result in growth, here are a few more points to consider:

  • Your current hourly rate for client acquisition, and what you can do to increase it
  • How to get more business out of your existing clients
  • Offering a wider breadth of products and, in turn, earning more advisory fees

Creating a High Performing Practice isn’t easy, but it’s possible. Take the next few weeks and pay close attention to where your time is spent. I think it will be eye-opening and potentially lead you to a more efficient — and profitable — business. I promise it will be time well spent.

Transformational Tactic

Track your activities for the next two weeks and evaluate the most efficient way to spend your time. Use your results to generate growth.

Recognize the opportunity to transform your business by taking our free course.

Posted by hpp
One Surefire Trick to Improve Your Outlook

One Surefire Trick to Improve Your Outlook

Lately, our world has been faced with events we can’t control. And as one situation looks like it’s improving, it seems that additional hard circumstances arise. The dilemma is how to succeed in those circumstances — over which we have no control. And the solution is simple: control the things you can. Namely, attitude.

When you hear the phrase “the space between,” what first comes to mind? Is it the space between your ears? Or maybe the space between where you are and what you are working to achieve? Either way, the space between is where you control your attitude and, by doing so, set yourself up for success.

My business coach just wrote a blog that really resonated with me. In the blog, The Space Between Emotion and Behavior, CJ McClanahan discusses the existence of a space between the time that you feel an emotion and when you react to it. It’s during that space between that we have the opportunity to shape our attitude.

You might be wondering why this matters so much. It’s because how we shape our attitude is how we choose to live our lives — and run our businesses. It’s important to think about how we choose between different options when presented with a challenge. For instance, how did you react when interest rates dropped? Collectively, our actions caused the market to drop.

When something happens that we can’t control, how we interact with our emotions – and how quickly – will define whether we succeed or fail. Mastering your reaction is essential to success. What I suggest is removing that space between. Instead of reacting, anticipate. Have automation in place where available. Take time to understand what your clients want and use that research to make recommendations that fit logically with their goals, and that aren’t based on an emotional reaction. This level of discipline will naturally lead to different revenue streams and more diversification within your practice. And, most importantly, you will no longer be dictated to by an external fact.

And, once you’ve found your ideal prospects, then comes the pitch. You have to earn their trust and get their business. Have you ever been sitting across the desk from a perfect prospect for your firm, but they choose to go somewhere else?

Transformational Tactic

By replacing the space between with deliberate, well thought out responses, you can shape your attitude and set yourself up for success.

Recognize the opportunity to transform your business by taking our free course.

Posted by hpp
Position Yourself to Find the Perfect Prospect

Position Yourself to Find the Perfect Prospect

Everyone is looking for the perfect prospect. 

Finding that perfect prospect can be frustrating. Like trying to open a stuck lid on a pickle jar frustrating. Perhaps it’s one of the most frustrating parts of growing your business.

And, once you’ve found your ideal prospects, then comes the pitch. You have to earn their trust and get their business. Have you ever been sitting across the desk from a perfect prospect for your firm, but they choose to go somewhere else?

The problem is in your positioning.

We’ve all sat through a bad sales pitch. It’s almost as painful as our proverbial pickle jar. Some people simply haven’t practiced what to say. Others skip key parts of their value proposition. And then there’s those who just don’t stop talking until you wish you could hit the pause button and walk out.

But that’s not you. You’re good at what you do. Your existing clients love you.

So why is the perfect prospect not signing up?

Part of the problem could be you are not positioning yourself correctly. I’ve seen this single marketing mistake repeatedly in financial services marketing. Unfortunately, we tend to position ourselves as the hero who can save the day and help our clients reach their goals. And that messaging falls flat.

I’ve talked about this before, but it’s important to repeat: success starts with a focus on the prospective client and their problem, not with our solution.


Be the guide, not the hero.
  

It’s true. We are the hero of our own story. But people do not want a hero. They want a guide. Everyone wants to be in control of their future as much as possible. By offering guidance to help them solve their problem, they keep control while still appreciating your value.

Part of being a guide is to show empathy while demonstrating authority. You’ve helped other people just like them. You can do it for them too.

If you develop a guiding philosophy focused on empathy and authority, you’re going to win a lot more clients.

Don’t take my word for it. This basic truth of marketing is part of the StoryBrand framework, developed by Donald Miller. As a StoryBrand certified guide, I’ve worked with clients from larger firms to mom-and-pop shops and the same thing is true every time: it’s not about you. Think from your client’s perspective.

Write Your Story

Figuring out how to change your positioning can be hard. But we’re here to help. StoryBrand regularly holds group workshops for a fee, but as a member of our High Performing Practice community, we bring it to you for free.

And right now, everything is virtual, so it couldn’t be easier. If you’re interested in how to improve your marketing in the financial services space, we have StoryBrand events scheduled through the summer. Get your name on the list for the next available seat. Text StoryBrand to 72345.

Transformational Tactic

By positioning yourself as a guide, instead of a hero, you are more likely to gain and keep prospects.

Recognize the opportunity to transform your business by taking our free course.

Posted by hpp
What To Focus on To Grow Your Business

What To Focus on To Grow Your Business

We’re coming to the end of our series on the Go-Giver mindset, based on the book by Bob Burg and John David Mann. The last law from Go-Giver to delve into is the Law of Reciprocity. It’s one of the easiest to understand, but also one of the hardest to implement.

Let’s start with a simple exercise. Take a big, deep breath. Then push all the air out from your lungs. How long can you hold that position before your lungs naturally start to fill back up with air? Not long. In essence, that’s how the law of reciprocity works. In everything — business, sports, relationships – there is a natural back and forth. We let out a breath and our bodies immediately start filling our lungs again with the oxygen we need.

In business, we need to continue to focus on giving value and paying attention to others and to those other laws of stratospheric success we’ve already discussed. Keeping this focus, and practicing patience along the way, is eventually going to lead to success. After all, you just never know when that big case or amazing opportunity is going to come along. But by systematically continuing to focus on what’s important, you’ll be prepared when it does. And you’ll be able to grow your financial services practice while attracting and retaining quality people.  

And, I can’t emphasize this enough, you’re going to remain relevant with your clients during the greatest shift from the workforce to retirement our country has ever seen.

Learn more about how to change to the Go-Giver mindset. Let’s schedule an hour to talk specifically about how to grow your business and achieve your financial dreams while helping your clients.   

Transformational Tactic

Paying attention to your clients’ and adding value is essential to mastering the Law of Reciprocity. And that is essential when it comes to your own success.

Recognize the opportunity to transform your business by taking our free course.

Posted by hpp