7 New Year’s Resolutions to Help Grow Your Business in 2018
Many advisors make personal resolutions for the New Year but fail to set resolutions that improve their practice. Setting goals is a great way to demonstrate you’re committed to your business and ultimately your clients’ success.
With that in mind, here are seven New Year's resolutions you can adopt for 2018 and get started working on today.
Create a referral network
Referrals continue to be the single most powerful way to attract clients. Many advisors enhance their referral networks by working with professional centers of influence, such as CPAs and tax professionals. Referrals from those professionals are generally a close match with the clients targeted by most independent advisors: affluent and high-net-worth professionals, executives and business owners. More importantly, these clients are comfortable working with professionals and have shown they will take advice and guidance.
Create a service matrix
As your practice grows, so do the demands for service and support. At some point, capacity and scalability become an issue. So, how can you free up time to prospect and manage more client assets without adding expensive resources that cut into revenue? Build a service matrix. Creating a service matrix involves grouping clients in categories based on criteria you deem relevant. Clients have different levels of needs and will require varying levels of service. Now more than ever, it’s important to have a clearly defined matrix that shows the advice and services you provide are in your clients’ best interests and your fees are reasonable.
With the possibility of the bull market ending, now is an ideal time to reinforce the benefits of diversification as part of a long-term investment strategy. We all have heard the phrase “Don't put all your eggs in one basket.” Simply stated, portfolio diversification tends to reduce long-term risk. When judged on a risk-adjusted basis, single-asset classes generally cannot match the performance of a well-diversified portfolio.
Contact your clients more frequently
One of the simplest ways to improve client relationships is to reach out more often. Research reveals a direct, positive correlation between the frequency of advisor contact and the level of overall client satisfaction. Studies show frequency is more important than duration. That said, even a quick phone call or personal email can often be enough.
Upgrade your technology
What advisor doesn’t want to grow their practice? Unfortunately, with growth comes challenges. Thankfully, you can implement technology that will help scale your business, support growth and add value to your clients' lives. Tools such as an automated workflow, paperless processes and a robust client relationship management system can create cost-saving efficiencies.
Brand your practice
Defining your brand is one of the most important things you can do. Your brand represents who you are, what you stand for and the specific services you provide. A brand that resonates with your target audience helps capture business and grow your practice. A strong brand moves you away from being a commodity and enables you to charge a premium that reflects your actual value. Having a website, blog, video, social media presence or a newsletter are proven ways to generate brand awareness.
Hire a great assistant
An outstanding assistant can be indispensable to you organization, which is why hiring the right one is so important. A top-notch assistant can keep your office running smoothly, save you time, manage your projects, reduce your work load and act as a liaison between you and your clients. Hire wisely. Bringing on the wrong person can hurt productivity and even your reputation.
Every year, you spend most of your time helping others reach their goals. That’s what being an advisor is all about. But why not make 2018 a little different and adopt resolutions that will help you reach yours?
Contact Iron Point today for a no-obligation coaching call to learn more ways you can accomplish your business goals.