Research shows that putting a concrete plan in writing can double your income. Here's how:
Now is the perfect time to position yourself for success next year. With that in mind, I spoke to three of the advisory industry's top sales coaches about what advisors need to know to create truly transformative business plans.
According to Michael Silver, managing director of operations management at FLX Networks and managing director of Focus Partners, there is some compelling research on the effectiveness of clearly written business plans.
A Harvard MBA study found that 10 years after graduation, students with specific goals (but without a written plan) earned on average twice as much as students without specific goals. It became clear that it was.
A person who has a clear goal and plan They earned an average of 10 times more than other students.
Introduction: According to Maribeth Kuzmeski, president of Red Zone Marketing, a business plan is a document that outlines the overall strategy, goals, and operations of a business.
This typically includes a mission and vision statement, information about your target market, competitive analysis, etc. A marketing plan focuses on strategies and tactics to achieve business goals.
Here are six steps to creating a plan for results.
1. Use specific, measurable goals and tactics.
For example, Kuzmeski advocates SMART goals, which are specific, measurable, achievable, relevant, and timely.
“An effective business plan should focus not only on your goals, but also on the strategies and tactics needed to achieve those goals,” Silver explained.
2. Design a goal-setting funnel.
According to Eric Sheikowitz, managing director of FLX Networks, there is a critical difference between goals, strategy, and tactics. Focus Partners Managing Partner.
It's best to start at a high level by setting specific, quantitative goals.
Let's say your goal is to raise $50 million in new assets under management in 2024. The next step is to determine the target market you will focus on to implement your strategy.
For example, you may decide to reach out to business owners or centers of influence. Both are strategies.
Next, you need to decide what specific tactics you will use to make your strategy successful.
“The most detailed level of a funnel is tactical,” says Sheikowitz. “These are exactly the things we are trying to do to realize our strategy.”
For example, if you're reaching out to business owners, you might consider leveraging LinkedIn or building relationships with centers of influence, such as CPAs.
You can also ask a certain number of clients to refer you to a CPA each month, or call CPAs and ask for permission to introduce yourself.
You can also set up a center of influence and schedule lunch once a month. It is best to employ multiple strategies and tactics to achieve your objectives.
3. Measure results and adjust your strategy regularly.
Advisors should evaluate results on a weekly or monthly basis and modify efforts accordingly.
For example, if you take a friend to a customer appreciation event or educational seminar, or spend money on online advertising, be aware of how much you're spending and what types of customers you're reaching with each endeavor. It is important to continually evaluate whether or not it is being produced.
Are your social media campaigns generating likes and shares?
“Don't wait until December to find out your marketing plan isn't working,” Kuzmeski says.
Even when things are going well, advisors need to stay on top of their numbers.
4. Be patient and persistent.
Don't expect immediate results. Be persistent and execute your strategy as long as there is evidence that you are moving in the right direction.
5. Draw each member of your team.
everyone on the team — Includes financial planners, analysts, and customer service representatives — It should have input into the overall business plan.
“This creates a culture of empowerment and responsibility,” Silver says.
You can then set specific goals for each team member and use them to evaluate bonuses and promotions.
6. Remember: Delighting your customers will grow your business.
“Make sure the client experience is top-notch,” Kuzmeski says.
This allows you to generate referrals without even asking. That's the best way to grow your business.
Mark Elzweig has over 30 years of experience working with advisors and writing for industry publications. He is the director of Mark Elzweig Co., an executive search firm dedicated to helping financial advisors find the right career path.
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