Successfully growing a business – as a financial advisor or in any other industry – requires a delicate balance between having the right vision of what you want to do that serves your clients and provides value, and actually being able to implement it. A vision without implementation doesn’t succeed, and a business that blindly implements without a cohesive vision eventually collapses in on itself.
In this week’s #OfficeHours with @MichaelKitces, my Tuesday 1PM EST broadcast via Periscope, we look at the concept of your business IQ – your Implementation Quotient – as set forth in the recent new book “The Sustainable Edge” for financial advisors by Ron Carson and Scott Ford. The Implementation Quotient is simply a measure of how many of your ideas you actually implement… and The Sustainable Edge aims to provide guidance about how to improve that business IQ, for those advisors who have hit the growth wall.
Ultimately, the key to moving forward is actually quite simple: it’s all about focus, and recognizing that we all have the same limited time every day and every week, so it’s essential to properly focus where you spend your time to maximize your success and the success of your business. Of course, that’s easier said than done… because gaining focus requires saying “no” to a lot of opportunities, and even if it’s done in order to say “yes” to the things that matter most, it’s a challenge for us financial advisors who often chose this profession because we want to help people and not say no to them!
Nonetheless, the reality remains that time is an unforgiving and inflexible constraint. So decided what you will say “no” to, and figuring out what the filter is that you will use to determine what to say “no” to, becomes essential. And in fact, it’s also possible to use the constraints of time to your advantage – because once you’ve decided what you’re going to say “yes” to, there’s nothing like having a time deadline to impose the necessary accountability on yourself to be certain it actually gets implemented!