Building a business is hard. To survive and thrive, you need commitment, grit, and dedication. But it can be an enjoyable and profitable experience too, when you have the right support and resources you can rely on.
Many business owners are still of the employee mindset that you have to work relentlessly and do everything alone. It’s costly mistake and will eventually stagnate the growth of your business and leave you burnt out.
There are a few key decision points that have tremendous impact on your practice and your clients’ experience, yet many advisors struggle to understand the importance of building a strong team around them.
Everyone needs help at one time or another. So, how do you work out when it’s time to bring someone in to help you?
Here are six glaring signs that you need a team right now.
1. ‘You Got This’
We talk with financial planners everyday on how we can support their businesses. A common belief is that they, alone, hold the keys to getting it all done, at the highest standard, and on schedule. Here are the 3 of the most common pitfalls:
Ambition. Most likely, this comes from feeling ambitious that you’ve got it ‘covered, handled and under control’. Or that maybe if you work hard enough and fast enough, you can get it all done. And the more common ‘no one can get it done better or faster than I can’.
Modesty. Truth is, most of us are quite modest and repeatedly tell ourselves that we can do it all. If you are really strict about valuing your time and you respect your time, then you should spend it on tasks that will move your business forward instead of plodding along doing busy work that won’t bring in revenue.
Health. The way your business runs itself is a direct reflection of how you run yourself. When you design a business that relies on you all of the time, you end up creating a job that owns you rather than a business that you own.
You end up exhausted, frustrated, and burnt out. If you are the sole revenue maker, then it makes sense to let go as it is crucial to the growth and success of your business, but also essential for your health and the health of your business.
2. I ain’t got time for that!
Have you ever really sat down to figure out how much of your time is spent on replying to emails, answering phone calls, sending out invoicing, updating your database, and prospecting? These are repeatable and ongoing administration work that can be done by someone else.
You may feel ‘busy’ – but you’re not making any money!
Can you imagine how much more impact you can make by focusing on your revenue-producing work? How about re-inenvigorating your marketing campaign, or polishing that elevator pitch you’ve been working on?
Time is a universal currency. You can trade resources for time.
3. When ‘no rest for the wicked’ is not a good thing
How many hours do you put in to keep up with all the work on your plate but still fall behind? Do you find yourself working weekends and nights? Do you catch yourself thinking about whether you sent that email or returned that phone call or booked that appointment, even when you’re at the dinner table? Work is not a punishment. Continuing to work although you are very tired will likely produce sub-standard work. You didn’t go into business to be mediocre.
4. Big ideas never see the light of day
Remember that feeling when you had that great big idea and couldn’t stop thinking about it? You were obsessed. You told everyone who would listen. And then….and then nothing. Crickets. It fizzled out.
Why? You were too ‘busy’.
That long list of ideas and goals and projects generated little action, nothing gets done, no progress. Change, progress and growth only comes when we innovate. Sometimes, our reluctance comes from a resistance to risk, fear of failure, or afraid of success. Let’s not hide behind ‘busyness’. Move the idea forward because that’s when the magic happens.
5. Where have all the sales gone?
Do you know how much you are missing out on sales opportunities and lead nurturing because your email list is not up-to-date? How much money are you leaving on the table when leads are not followed up? When potential clients await, it’s important how you spend your time. Delegate and build a team because later on, when you are busy serving those clients, you’d happy you already have people, systems and resources in place.
6. Are you happy?
Your business should be about you and your relationships with your clients. If you want to improve your connections you have with your clients, then focus on what serves them and what makes you happy.
You can learn to do website design, content creation, marketing, and invoicing. But why learn a new skill if you don’t plan to use it regularly?
Just because you can do something, it doesn’t mean you should.
Everybody needs help at some stage.
If you find yourself stuck carrying out non-revenue-generating activities that are challenging or time-consuming, then delegate these tasks to someone else.
Begin to surround yourself with good people with skillsets that complement each other. When you have your dream team, give them reasons to stay.
Because when you look after your team, they will naturally look after your clients.
What’s holding you back from building your dream team? Let us know in the comments below.
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