Some strategies, like those provided in Dan Sullivan’s book The 10X Mind Expander, provide a proven approach to identify big-picture goals and granular elements necessary to carry out long-term goals. Imagine how different your practice would be if it were ten times larger than it is today. Identify those differences and then drill down to make the necessary changes, over a period of time. Unless key elements are adapted, your practice won’t be able to grow to that future rate with only your current tool sets.
Try to think outside of your day-to-day tasks and envision the ideal future for your business, then develop a system to keep thinking that way. Make planning an active part of your business operations on a weekly, quarterly or annual basis – whatever works best for your vision. Identify key metrics, like production, prospecting initiatives, etc., and create benchmarks to accompany your timeline. This will help reaffirm the long-term goals and revise them if necessary as you progress.
Add new positions and bring in specialists
While new staff members are an added expense, the return of more free time and increased productivity are more than worth it. Junior advisors, administrative staff, and product specialists can greatly increase your practice’s target growth points. Where administrative professionals can assist with an influx of paperwork, junior staff can be trained to take on appropriate tasks and free up your day-to-day capacity to instead focus your time to lead your business and bring in new clients. Product specialists, on the other hand, can strengthen key areas of your practice, or bring you into a new niche service area. Someone with connections and know-how to secure underwriting concessions can increase revenue and quality of service for clients. I’ve connected with insurance and 401(k) specialists who complement and strengthen my skill set.
Maximize time and boost productivity
Most practice owners I know are perfectionists and have a penchant for procrastination. A common problem for perfectionists and those with busy schedules just getting started on large scale projects. The significant time commitment the project will take, fuels our procrastination. To help shorten timelines and get projects started, we often utilize an 80 percent philosophy. I might start a project knowing I will only prepare a rough draft completing about 80 percent of the job. It is then passed off to a junior to do as much as she can to complete the remaining 20 percent. By the time it gets back to me it only needs a few minor edits to be finished. Generally, using this methodology, I am much more likely to begin a major project and on average, projects can be completed in a quarter of the time and with a better end result than if I attempted to complete the entire project myself.
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