Building a business as a financial advisor (or really, almost any business) is a constant effort of getting “more” – more clients, more revenue, more staff to serve them… in a process that can often leave the advisor feeling less and less in control as the demands of the business become overwhelming.
In the new book “Essentialism”, Greg McKeown makes the case that this “Paradox of Success” – the focus that makes entrepreneurs succeed becomes their undoing as the demands on their time increase due to the very success they created – can only be resolved by taking a systematic approach to creating focus on what is truly essential for the advisor to be doing. The classic approach of doing more and more – of multitasking and multifocusing – just leads to less and less productivity. Which means it’s actually the disciplined pursuit of less – what McKeown calls living the life of an “Essentialist” – that leads to more in the long run.
And ultimately, the lessons of Essentialism translate not only into personal success, but the entire design and focus of a business, where in a similar manner a strategic “focus” that goes in too many directions at once leads to little progress at all. By contrast, it’s the focused “Essentialist” business that puts all of its energy towards a single niche or specialization that can make the most progress and gain the momentum that sets the stage for future success as well.