The traditional view of business is that the best way to grow a better business is to implement better business methods, often gleaned from industry benchmarking studies that try to identify the “best practices” being used by leading firms. Yet while it certainly is important to implement effective business tactics, the reality is that especially in solo advisory firms, the business itself is often a reflection of the owner and his/her mindset. When the owner has a good day, the business has a good day. When the owner has a bad day, the business has a bad day. And any mindset limitations of the owner become mindset limitations of the business.
In this guest post, practice management consultant and coach Stephanie Bogan explores how the foundation of an advisor’s mindset ultimately defines his/her practice, and how changing your business methods isn’t nearly as powerful as changing your own mindset to improve the current state and health of the business, especially for those who want to pursue a highly leveraged “lifestyle” practice for themselves.
To break through to the next level, Bogan advocates focusing on what she calls the “Four M’s” of Mindset, then Mapping (towards real goals of the advisor), then Methods (which can’t change the direction of your business, but can multiply the results once you know where it’s heading), and finally building Momentum to accelerate progress in the direction that has been mapped out (and not succumbing to distractions of other ideas or business opportunities that don’t actually help achieve that focused goal).
The bottom line, though, is simply to understand that often the greatest challenge in achieving a more efficient “lifestyle” practice as a solo financial advisor, earning more dollars while spending less time in the business, isn’t about finding the “right” technology or the key best practice, but changing your mindset to shed the limiting beliefs that you “can’t” achieve the success you want in the first place!