Norm Trainor

Leader of Yahoo Marissa Mayer announced to the public that the company will no longer allow workers to telecommute, or operate out of a remote or home office. Mayer argued productivity levels declined when workers were given this flexibility, but many other experts argue that depending on the employees and their positions, they may actually perform better when provided with alternate workplace options. Try to avoid setting absolute rules when starting a...

Taking on a new enterprise is a hefty endeavor. Entrepreneurs and business builders must not only take a concept from idea to reality, but also develop strategies to sustain long-term growth in volatile and ever-changing markets. By testing out tactics and monitoring industry trends, entrepreneurs should establish best practices to build a strong company - standing firm to major decisions while remaining flexible and adaptive to market conditions and...

An advisory firm offers valuable services to clients, helping them preserve a stable future, feel secure and plan for major transitions or events in the short and long term. Financial advisors must discuss with clients their immediate needs, what their future plans are and how they want to achieve these through financial strategies and planning. There are many factors that may influence client decisions with regard to savings, retirement, investing and...

A well-thought-out business plan is one of the first steps entrepreneurs must complete when launching an enterprise. Business builders must devise a strategy to translate a new concept into a tangible venture to generate revenue while disrupting a market in a positive way. Business plans help entrepreneurs run their organizations better by outlining what operations will allow the firm to run smoothly and enable growth. Business plans guide major decisions in the...

The client acquisition process is about helping your prospect buy rather than selling them a product or service, but many people in the business of sales tend to forget that. A salesperson's chief responsibility is not to hit his or her quota, but to educate potential clients about how a particular item or service can offer a solution to business problems. By working first educate yourself on the latest developments in your industry and then share that...

It can be difficult for some entrepreneurs to delegate functions to others - who but themselves knows how to fulfill these responsibilities correctly. However, as I have outlined in my books, The Entrepreneurial Journey , The Business Builder and The 8 Best Practices of High-Performing Salespeople , learning to delegate to people and technology can be one of the most challenging, but rewarding, tasks you achieve as a manager and entrepreneur. When the...

In the early days of starting your business, it may seem as if the costs associated with setting up the office and establishing a client base are too much to track. Perhaps you think it is easier to simply spend whatever you need, pursue as many sales as possible, and determine the windfall (or losses) later on. Failing to track your expenses and earnings at the outset of the business, however, creates poor habits and makes it difficult to determine...

It is an easy trap for an entrepreneur to fall into - believing that there are certain activities that can only be completed by the business owner. In reality, there are probably a lot fewer tasks that must be performed by you than you think. It's time to take a hard look at your daily schedule. While it may require a bit of humility, you must admit to yourself that your employees CAN take on some of the responsibilities that you previously thought only you...

Large, publicly traded U.S. corporations have the Securities and Exchange Commission, as well as their shareholders, to hold them accountable to their performance and regulatory compliance. But what about smaller firms that have yet to launch an initial public offering? Who is ensuring that they engage in equal hiring practices, run their accounting honestly and give back to the community, all while reporting annual growth? It may sometimes seem as if there is...

As 2012 came to a close, a young man working as a trader for UBS in London was sentenced to seven years behind bars for committing fraud. He engaged in unauthorized trading that ended in a $2.3 billion loss, which he and his lawyers had argued was a result of corporate culture and management attitudes that encouraged risky activities if they delivered profits. This situation is a sad affair. The man, Kweku Adoboli, will be going to jail, the banking industry...

When surveying your business, do you assess the individual components of operations, marketing, sales and client relationship management? Or do you simply look at it as a whole? To get a clear sense of which aspects of your company are performing well and which ones need to be closely monitored and improved, it is better to inspect the five elements that create a high-performing business. As I explain in The Entrepreneurial Journey , these are your vision,...

I have dedicated several recent blog posts to the importance of creating a multi-faceted business plan, which may seem excessive until one realizes how integral this document is to the strategy and direction your business takes. These plans are comprised of four parts: business definition, objectives, operational strategies and financial management. The final major portion of the business plan is very closely related to the operational strategy, as your finances...

Competition is a fact of life for entrepreneurs . There will almost certainly be another company that appears to be offering a better version of your signature product, or that has a more efficient service delivery model. In order to stand apart from other organizations in your sector, you have to strive to add value for your clients at every opportunity. Doing so will not only help you build client capital with existing partners, but also enable you to...

In past blog posts, I have discussed creating a dynamic business plan that provides an overview of your business activities and that you regularly update in response to internal and external changes. As I explain in The Entrepreneurial Journey , operational strategies comprise one of the four main parts of a business plan. These will include ideas about sales, service activities, marketing, resourcing and major projects that you may take on. It is important...

Every business builder quickly learns that staff must wear many hats to keep burgeoning companies afloat in the early phases of growth and development. While a large business has access to resources and manpower to fully equip each department with optimal employee levels, small companies must manage their operations with limited tools and workers to achieve significant growth and innovation. Entrepreneurs, as well as other members of the small business team, must...

Small business leaders and entrepreneurs are always on the hunt for ways to reduce spending while driving up productivity. This includes finding a balance for optimal use of manpower and resources. Burgeoning enterprises have limited funding, tight budgets and a complicated road to success that can be riddled with unforeseen problems and obstacles. Entrepreneurs must plan ahead for such expenses along the way, leaving financial wiggle room to accommodate for these...

When you are a business builder , you likely have a lot of goals and dreams for the future of the organization. However, keeping those aspirations a secret will not result in any change. Entrepreneurs may be independent people, but they cannot achieve great feats alone. In order to turn your one-, three- and 10-year goals into a reality, you will need to gather a team of employees and supporters and share your vision with them. How to get your teams excited...

Among entrepreneurs , slow seasons can be more painful than a trip to the dentist. What do you do to ensure your business is as productive during the months when clients are scarce? How do you sustain growth when it seems that new revenue streams are nowhere to be found? The weeks or months throughout the year when you detect a lull in operations represent an excellent time to work ON your business rather than in it. Capitalize upon these periods and make the...

For some advisors, it can be easy to focus too closely on one person in a meeting and forget to address the other people in the room. Let me give you an example. You meet with a husband and wife who are prospective clients. How will you handle the conversation? Will you direct questions to each individual, or focus on showing your expertise and value proposition to the male? Treating the male as the sole decision maker is an old-school idea that, frankly,...

In recent blog posts, I've given attention to the various aspects of a business plan and have worked to explain how to create objectives and assess your current financial and operational standing. I would also like to discuss a more subjective aspect of business planning that is equally important to the longevity of your organization. Google celebrated its 14th anniversary at the end of September. Since its founding, the company has grown from a small tech...

Every entrepreneur has to develop a tolerance for a certain amount of risk. However, this does not mean they have to be vulnerable. By taking steps to assess and mitigate operational risks, business owners can have greater assurance that they will be prepared for the surprises that can arise in an uncertain and constantly shifting economy. Have you ever performed an operational risk stress test for your organization? Are you aware of any business continuity...

Entrepreneurs who have been working in a specific market for many years may sometimes feel as if they have hit a glass ceiling. If you think you have targeted as many clients as possible in your niche, it may be time to reflect on other markets or ideal client profiles whose needs you have not yet addressed. Consider your current areas of expertise and how these could catapult you into other related areas. With a new year on the horizon, there are new...

Some of the most valuable business prospects are already your clients. Because you have already succeeded in converting existing clients, a major portion of the marketing process has been completed. It allows you to build upon your past successes and the fact that the existing clients are already familiar with your work. Get information on past actions for future success To get insight into how you can do that, however, you must undergo periodic reviews. As I...

As our team prepares for our upcoming Pinnacle Conference , I look forward to sharing with our audience how entrepreneurs can create a business model that enables growth. In my experience, a number of business owners go into work on a daily basis without considering how what they do that day will impact their organizations one, three, or 10 years in the future. This can lead business owners to the organizational equivalent of spinning tires: They are...

A firm is only as strong as its people. Although that adage may seem trite, it is true - your business will only be successful if you have created a resource management strategy that places talented people in well-defined roles within your organizational hierarchy. In many companies, hiring and employee management are jobs requiring at least one full-time employee, if not an entire department. How can you build an effective system if you do not have those resources?...

Sometimes running a business can feel like you have been thrown overboard from a ship. If you just tread water to stay afloat and maintain daily operations, you will not make any progress toward the shore. After a while you will get exhausted and sink. However, if you set a destination and start swimming to it, you will eventually get there and survive. We have a saying here at The Covenant Group that we try to impress upon every one of our clients: "The...

As a business builder , it is not enough to decide what kind of client you wish to serve and how much revenue you want to generate. You must also determine whether your company will specialize in a niche industry or have a more general focus. How will it compare to others in that sector? Is your aim to dominate the market and lead your competitors, or to carve out a comfortable space for your organization and strive to meet internal goals? Dictating the place...

Your business plan is probably one of the most important documents you will create for your company. It is valuable because it is not just a few pages that you keep in a forgotten binder on a shelf. Rather, it is a dynamic, ever-evolving strategy that will serve as a resource while you build your business. I would advise working with your business plan on a regular basis as you update your one-, five- and 10-year goals and projections. Whenever you pause to lay...

With the development of smartphones, text messaging capabilities, email, social media and other tools, it is easier than ever to communicate with people in the next room or around the world. So why has the quality of communication in business declined? Professional communications has been a hot subject on this blog in recent weeks. Anthony Lam discussed the proper way to send client emails in " Managing and Navigating Client Relationships Via Email "...

Although the News of the World phone-hacking scandal came to a head more than one year ago, the story continues to serve as a prime example of what can go wrong when a business' operations become too far removed from its core values. The incident also sparked debates about internal and external governance, media ethics and corporate responsibility. A lack of oversight and a failure to drill the importance of ethical behavior into every executive, manager and...

Type "write a business plan" into a search engine and you will get millions of results. If you merely base one of the foundational documents for your business on a few models pulled from the internet, however, you may neglect to include a few key components. Executive statements and financial projections are basic elements of a strong business plan, but as I explain in The Entrepreneurial Journey , it is essential that your document also addresses...

Just as the old model of financial services has switched from a top-down order of command to a more collaborative, symbiotic relationship, so too has the interaction between CEOs, business owners and their employees. Communications technology has been a main driver of this trend, as email, social media and the near-ubiquitous mobile devices make everyone available at any time. Indeed, a study from IBM confirms this observation. It surveyed 1,700 CEOs from...

Business professionals fill many roles, some where they are the teacher and some where they are the student. On occasion, they may assume both positions in a single relationship, teaching a colleague about one area of expertise while learning from that same person in regard to another subject. In Being a Business Mentor , a blog post from July, I discussed the importance of developing your employees and helping them reach their full potential. But the life of an...

Consider the reasons you decided to become an independent financial advisor. Did you want to be your own boss? Address a client need that you felt was going unfilled? Desire more freedom regarding your paycheck and your schedule? I recently gave a presentation on How to Become a Millionaire Advisor as part of the National Association of Insurance and Financial Advisors' ( NAIFA ) Annual Conference in Las Vegas to discuss why so many advisors fail to meet...

The next time you go to answer a relatively low-priority email instead of return a phone call to one of your clients, consider your motivation for doing so. Weigh the importance of each task, and reflect on why your instinct is to tackle the easy email first, rather than follow up on voicemail messages. Track how many times you have acted similarly in other situations and identify any trends in how you manage your daily responsibilities. Chances are, you are...

As you become more established in running your own financial services organization and generating more business, it will be necessary to delegate functions and tasks to other employees. The main purpose of bringing on team members is to lighten your own workload, but if you fail to select capable people or do not clearly lay out your expectations, you may find yourself spending more time micromanaging and less time focused on building your business. For more on the...

Many companies, regardless of industry, make earning and keeping clients' loyalty a central goal in their operations. Employee loyalty is often ignored or pushed further down the list of priorities, yet this factor can have a huge impact on the level of service clients receive and whether they decide to maintain their relationship with a firm over the years. Owners and founders of financial services organizations often have to manage employees or oversee...

Seeking out new products and finding new avenues you can use to help your clients reach their professional and personal goals lies at the foundation of providing value-added service. Do you hold periodic interviews with your existing clients, as well as your prospects? Have you developed a system for assessing client histories to look for any gaps in coverage or service? Financial services organizations need to follow in the footsteps of innovative vendors, a...

Developing a vision for your company is the first step in laying a solid foundation upon which to build your business. When you have a sound understanding of what you hope to achieve and gain from the enterprise at the outset - and likewise, how you want others to benefit from your services - you will have a strong reference point as your organization matures and faces challenges you would not have anticipated during your startup days. High-performing businesses...

In my last post, I discussed the importance of determining a vision and strategy to guide you through the myriad challenges of leadership. While creating plans for how you will hire and organize your staff, you must also identify the business opportunities that will help you achieve your financial goals and sustain your vision. Where do you find clients? What products and services do you offer to make money? Do you regularly assess your offerings and survey...

While being an entrepreneur requires staying abreast of the day-to-day happenings in your company, financial professionals with their own firms also have to look at the road ahead. This includes creating a strategy for how you will develop your employees so their skills (and ability to contribute to the business) grow exponentially as the years progress. How do you manage your employees' development and ensure that those with great potential actually achieve...

The Covenant Group's financial advisor training programs demonstrate the importance of building your business. Not only in regards to growing your client list and revenue, but also professional growth - adding more products to your value offerings, developing expertise and constantly increasing the value you present to your clients.  In my book The Business Builder , I talk about the importance of expansion and how you must define your company before...

A common problem that many entrepreneurs face is getting the business to run without them. After all, who else knows the ins and outs of your firm better than you? Have you become a hostage of your own company, unable to take vacation, go home early or plan retirement for fear of everything falling apart? This is the fifth piece in an ongoing series about legacy planning for financial advisors. Previously, I've discussed saving for retirement, picking a...

Have you organized your staff in a way that allows them to work independently on projects and tasks while still delivering results that meet your expectations? Or do they regularly have to check back with their boss for more direction or assistance? We've discussed the concept of "Commander's Intent" on this blog before, a military theory that also has applications in the corporate environment. Essentially, it means that everyone on a team - from the...

As I explain in The Entrepreneurial Journey , there are five financial levers that sales professionals must control in order to run their firms smoothly. First, you must address the product and service mix - do you offer a wide range of products that satisfy every client's need? The second lever, the size of sale, will be determined by the markets you operate in. Some are more profitable than others. The third lever focuses on the number of sales. You need a...

It seems to be an affliction many entrepreneurs share - they think that by putting in long work weeks and thinking about nothing but their burgeoning businesses, they will be able to make it grow more quickly and achieve their professional goals. That reasoning is skewed, however. Consider your own work patterns. Even if you put in days that are 10 hours or longer, work on the weekends and spend the rest of your free time thinking about the company, how much of...

Think of recruiting much as you do marketing. Both have an extended life cycle that can span months or even years. There are prospects at various stages of readiness in the pipeline. For instance, a potential client who may not fit the ideal criteria or who is not yet ready to buy could be a perfect fit for your company in a few months' or years' time. The same is true for future hires. An advisor, salesperson or other job applicant may not yet have the skills...

In the transition from working as a financial advisor for someone else to breaking out to build your own business as an entrepreneur, there is rarely time to develop management skills and learn how to run a team of advisors. During the early years, if you're working alone or with the help of one administrative assistant, motivation is less of a concern. But as you add to your staff, it will be necessary to find methods of pushing your employees to strive for...

Do not underestimate the importance of a mission statement. In building your business, this will differentiate you from competitors and will serve as a reminder of your purpose as an entrepreneur. My colleague Matthew Asser explained in greater detail the four main components of a mission statement in an earlier post, but allow me to quickly review them. Your statement should first convey the benefit that your business presents to the client, then gives you the...

As you continue to build your business, it will be necessary to delegate functions of the firm to others. However, if you do not manage the team well, items can fall through the cracks and your expenses can skyrocket without results improving or profits rising. What role do you play as manager? How much time are you setting aside to review the tasks and functions assigned to your team?  In terms of building trust and professional relationships with your...

Do you find yourself constantly scrambling just to keep up with all of your clients? Does it seem as though you're fighting (and losing the battle) to deliver the level of service you promised at the outset of client relationships? Have you lost business as a result? Entrepreneurs who are working to build their businesses and increase their client capital often become overwhelmed when they treat everyone equally. Often, when financial advisors first start out...

Just because you are an entrepreneur doesn't mean you will have to work yourself into the grave. Indeed, some financial advisors may have chosen this line of business because it provides them with greater control over their income, lifestyle and career trajectory. As the third part of an ongoing series on retirement and legacy planning, this post will discuss how you can achieve your retirement savings goal. Do you regularly push the idea of retirement to the...

1. What is your Business Model? Great companies describe the essence of what makes them unique in a simple and compelling manner. For Walmart, it is lowest price. Walmart revolutionized retailing by focusing upon operational excellence. The firm does a better job of supply chain management than any company in its space. As a consequence, they are able to ruthlessly drive down costs and offer lower prices. Four Seasons differentiates itself through the quality...

Laying the groundwork for a leadership transition requires a lot of planning, grooming and ensuring that the next person to take the reins will be capable and prepared for running the firm. Indeed, it's never too early to start preparing for this stage. Financial advisor coaching can be helpful as you navigate the multi-faceted process of succession planning . This post is part of a series on retirement legacy planning. Last time, I discussed how to plan ahead...

Financial advisors have an entrepreneurial spirit: They are independent, ambitious and determined. Often, that ambition extends not only to their professions, but also to how they want to live their personal lives. For those who harbor dreams of retiring comfortably, financial services training can help them plan for retirement at any stage of their career. This is the first installment in a multi-part series on retirement and legacy planning, a topic that...

Sometimes it can feel like you are just racing in place with your business - that the office is the one running you, rather than the other way around. Stopping for even a minute to catch your breath would mean falling behind the pack, yet you don't have the energy to sprint to the finish line and pass competitors. For financial advisors and other entrepreneurs , it is necessary to look beyond survival mode to how you can guarantee sustainable and strong growth...

Challenging a prospect's thinking can sometimes involve asking him or her to think about something they would prefer to ignore. Matthew Dixon and Brent Adamson, who co-wrote the book "The Challenger Sale: Taking Control of the Customer Conversation," explain in an article for CNBC that focusing too narrowly on building a relationship with your clients can actually get in the way of completing a sales agreement and establishing a client partnership as...

For financial advisors, the most effective way to control the growth trajectory of their business is to align five financial levers with their marketing, sales and service initiatives. The five financial levers are: Product & Service Mix Size of Sale Number of Sales Seasonality Cyclicality Let’s look at them in more detail. 1. Product & Service Mix The first lever is your product and service mix. As a...

Simon’s background and cultural experience gave him a great advantage in his chosen career as a financial advisor. Unfortunately, he was not aware of it. When we first started working together, it was clear that one of Simon’s strengths was his network. Born and raised in Lebanon, he spoke English, French and Arabic. His clientele consisted primarily of people from his native country. Unfortunately, it was a small community that he had virtually...

We live in a hurry/hurry, go/go world. It seems as if most of us are in a hurry to get somewhere. Yet, we know that there are times when the slower you go, the quicker you get there. Let’s use a simple example. The quickest way to communicate an idea is to tell someone. But this method is often the slowest way to obtain buy-in. People are more comfortable with their conclusions than ours. You are more likely to win someone over if they are given an opportunity...

As a financial advisor, your ability to grow is largely dependent on the amount of time you are able to spend developing relationships. The key is to delegate most of the tasks related to an advisory practice to others, so that you are able to devote your time to attracting and retaining clients. There are three management strategies when delegating tasks that allow you maximum your time with clients and potential clients: 1. Optimization versus...

Typically, when you start out as a financial advisor, you are a company of one. However, when you draw up the organization chart to describe your business, it is no different than the organizational chart for a much larger business such as General Motors, General Electric or Microsoft. You have a CEO, a COO, a CFO, the Vice President of Marketing, Vice President of Administration, Vice President of Operations, Vice President of Information Technologies, and so on....

Special thanks to our client, Eric J. Miller, for providing the inspiring story included in this case study. When we first met Stan Summers he had just blown two significant business cases and was concerned about making the same mistake with his other high-net worth prospects. Stan had been an advisor for three years. Prior to that he had been a consultant at a large firm. Though successful as a consultant, he was attracted to the idea of being his own boss...

The following is based on one of The Covenant Group's clients, Eric Scott. The first thing that stands out about Eric Scott is his commitment to serving his clients. Eric shares two qualities of top advisors. The first is high self-efficacy i.e. the desire to grow and become as much as you can be. The second quality is generosity of spirit. Eric is a giver. He is passionate about making a difference in the lives of others. This transcends his business and...

The following is based on one of The Covenant Group’s clients, Frank. All of the names and telling details have been changed to preserve client privacy. Special thanks to my client, Michael Weinberg, for providing the solution included in this case study. Frank could make a lot of money as an advisor, but only for stretches at a time. Periods of prosperity in his business sandwiched droughts, sometimes lasting weeks or months. Frank, 42 years old, became an...

Why are we so fascinated by leaders? No matter what our role, whether advisor or manager, leadership is essential to effectiveness. All of us are leaders in some facet of our lives. In addition, all of us are impacted by leaders socially, politically, economically and, even spiritually. I have been a student of leadership for many years. It is one of the reasons I enjoy conferences such as LAMP. LAMP is GAMA’s annual conference. I have attended LAMP for...

The first principle of entrepreneurship is Optimization i.e. always working at the highest level of your capabilities. For some entrepreneurs, the obstacle to optimizing is a mindset – a mindset that has them playing what I call the Finite Game. It is a belief that they have to do everything themselves and that they cannot depend upon others. Many entrepreneurs with this mindset operate as a business of one. Running a business involves many tasks. Some of...

Entrepreneurs want to make a difference in the world. However, there is a fundamental distinction in the way in which entrepreneurs operate. That distinction is grounded in the difference between profit and not-for-profit enterprises. With a not-for-profit, the objective is to maximize the benefit to all constituents. If we started a charity to find a cure for cancer, we would be working to maximize the benefit to all of those people affected by cancer. The...

As a financial advisor, your most important asset is Client Capital. Yet, it does not appear on your Balance Sheet or Income Statement. What is Client Capital? It is the sum of three elements: The depth of relationship you have with your clients – Measured by the number of products and services your clients buy from you and the degree to which they turn to you for advice or counsel as a Trusted Advisor. The breadth of relationship you have...

Financial Services is a relationship business. The bond between a financial advisor and a client is very personal. The challenge for financial advisors is to extend that relationship of trust and personal connection to include the other people in the firm who work with clients. Dave Richmond is the head of a financial advisory firm in Jackson, Michigan. His vision is to build a multi-million dollar financial advisory firm. For Dave, the thing that gets his juices...

Recently, I met with a very successful investment advisor (IA) who told me that his strategy for growing his business was to get referrals from satisfied clients and centres of influence. While that is an effective method or tactic for growing an advisory practice, it is not a strategy. We define strategy as the alignment of three elements: The outputs or objectives you want to achieve. The capabilities and resources you have available to realize...

I first met Norm Carroll in May, 2002. I was launching our Practice Development Program sponsored by Great West Life. Norm was one of 32 President’s Council qualifiers who signed up for the program. In our initial interview, Norm explained that his primary motivation was to keep his production level in the top ten of the President’s Council. Like most top advisors, Norm is very competitive. However, maintaining a top ten position was becoming more...

The death of a parent is a defining moment in our lives. My father died in March of 2009. I was conducting a workshop in Des Moines, Iowa for a group of top advisors and received two calls from my brother and wife within five minutes of each other around 9:30AM. Their numbers were on my Blackberry and I suspected something serious happened. When I called them back, their numbers were busy. I called my office and my assistant, Arlene, relayed the news about my...

Your Business Plan starts with Defining Your Business. The four components of Defining Your Business are: Vision, Mission, Values and Business Opportunity. Your Business Plan is the articulation of your Strategy for growing your business. Strategy is the systematic output of what you want to achieve, the resources and capabilities available to you and the opportunities and challenges the environment provides. Your Vision Statement describes the systematic output of...

Entrepreneurs can avoid many of the problems associated with growing a business by recognizing the differences between employees and entrepreneurs. There are two important distinctions we can draw between entrepreneurs and employees. The first is in the way in which each gets paid for what they do. Employees get paid to work effectively in a role. If an employee is not being effective, the correct course of action is to speak to his/her manager. It is the manager...

For the last 11 days, I have been in Costa Rica with my wife, Wendy. We came here as guests of my friend and client, David Gray, Vice President, Wholesale Distribution, for Sun Life of Canada. David asked me to speak at the Sun Life Premier Partner Conference at the beautiful J W Marriott Resort and Spa in Guanacaste. People often ask me how I chose the name The Covenant Group for our company. When I started The Covenant Group in April, 1995, I had been involved...

When I give a presentation, I often start out by asking the audience the following question: “ If you had to choose one word that is critical to the success of a business, what would that word be ?” Typically, people will respond with words such as “motivation”, “planning” or “innovation”. Obviously, all of these words are important elements in the success of a business. However, if I had to choose just one word, it...

Throughout history, human behaviour has been informed and influenced by archetypes. The Oxford dictionary defines archetype as: (1) original model, prototype; and (2) typical specimen. For centuries, philosophers, and, more recently, social scientists have used archetypes to characterize human behaviour. The archetype of the entrepreneur is that of the Achiever. Entrepreneurs typically have a high achievement orientation. The United States leads the world in the...

What motivates someone who has built an eight figure financial advisory firm to continue growing? For John Nicola, the founder and CEO of Nicola Wealth Management, it is the desire to build a sustainable business and leave a legacy. All of us want to push as big a rock as we are capable of moving. The more capable the individual and the greater the motivation to excel, the bigger the rock they will attempt to push forward. John’s Vision is to build a...

My mother died recently, only ten months after my father passed away. The depth of my grief seemed overwhelming. Taking the time to mourn is important. With my dad, I did not spend enough time in reflection. With my mother’s loss, it has been different. My relationship with each of my parents was quite different. Dad was a warm and affectionate Irishman. Mom was a product of her experience and much more reserved. She was born in 1925 and shaped by the...

What does it take to build a sustainable financial advisory business? For Don Leitzell, it was the ability to combine the art and science of business building. Don started his financial services career in 1984. He became an independent financial advisor in 1987. Now twenty plus years later, his financial advisory firm, Diversified Asset Planners (DAP) has four partners and six planners in two offices 30 miles apart and assets under management (AUM) of approximately...

I just returned from a ten day business trip to India. During my trip, I learned many lessons about life, business and people in India. Hopefully, you will find these lessons of value in your business and personal life. The importance of generosity of spirit : Shakespeare, in The Merchant of Venice, has Portia express a famous line in English literature: “The quality of mercy is not strained.” By that, Shakespeare implied that you cannot fake...

This is the fifth of five blogs that describe individual roles, individual capabilities and the right organizational structure (or as we say, defining the Requisite Organization). Today I'll describe advisors working at Stratum V and what their practices look like. Advisor Working at Stratum V 1. Type of business Financial planning for the upper-middle class and above. Specialization in certain areas, coordinator of family matters with other...

This is the fourth of five blogs that describe individual roles, individual capabilities and the right organizational structure (or as we say, defining the Requisite Organization). Today I'll describe advisors working at Stratum IV and what their practices look like. Advisor Working at Stratum IV 1. Type of business Financial, investment, retirement planning for the upper-middle class and small – medium businesses. Some...

This is the third of five blogs that describe individual roles, individual capabilities and the right organizational structure (or as we say, defining the Requisite Organization). Today I'll describe advisors working at Stratum III and what their practices look like. Advisor Working at Stratum III 1. Type of business Financial, investment, retirement planning for the middle class and small businesses, moving towards...

This is the second of six blogs that describe individual roles, individual capabilities and the right organizational structure (or as we say, defining the Requisite Organization). Today I'll describe advisors working at Stratum I and II and what their practices look like. Advisor Working at Stratum I 1. Type of business • Defines self as sales person or service provider. “I am selling a product or...

This is the first of six blogs that describe individual roles, individual capabilities and the right organizational structure (or as we say, defining the Requisite Organization).  Foundation Principles 1. There are things about you that you cannot change Some people are just brighter than others. It’s not a matter of how hard they try or what school they went to. Differences between us are fixed at an early age,...

In my last blog I described a simple framework for structuring client attraction conversations. The structure of the opening of an interview is You/Me/Us/We . In Part 1 we covered the You/Me part of the attraction conversation, in this posting we’ll cover the Us/We part. Us — You move into the Us phase by saying something like, “Let me give you an example.” At this point, you describe in a story a problem that you solved for a...

There is an art to attracting clients. You can utilize a simple framework for structuring client attraction conversations. My friend and colleague, Bill Whitley says: “ If you know how to open, you don’t have to close .” Your Client Attraction Conversation takes place in the first few minutes of a meeting with a prospective client. The structure of the opening of an interview is You/Me/Us/We . In this blog we will cover the You/Me part of the...

Your Business Plan starts with Defining Your Business. The four components of Defining Your Business are: Vision, Mission, Values and Business Opportunity. Your Business Plan is the articulation of your Strategy for growing your business. Strategy is the systematic output of what you want to achieve, the resources and capabilities available to you and the opportunities and challenges the environment provides. Your Vision Statement describes the systematic output...

Expressing your values is facilitated when you are able to describe in one or two sentences how each value will be implemented. We call these descriptions of values in action, Operating Principles. The purpose of an Operating Principle is to provide a necessary frame of reference to help balance conflicting motivations and priorities when making decisions on what to do and how to act in different situations. If one of your values is teamwork, then an operating...

A value is a thing or condition we consistently act upon to get and to keep. A value is a vector – a direction with a force. The clearest indication of what we value is how we spend our time and our money. It is not what we say that tells people what we value, it is what we do. What are your Values? Your values are those things or conditions that are important to you. They represent the things you want to do in your life and work to make a difference....

In my last blog, I described how Joel Goodhart developed the Mission Statement for BIRE Financial, “Financial Security Through Informed Decision Making.” Let’s review the four fundamentals in preparing your Mission Statement.  Start with the benefit to the client – Joel’s Mission Statement highlights the benefit to the clients of BIRE Financial, “We help our clients achieve financial security through informed...

What is a Mission Statement? A Mission Statement describes why you are in business and is designed primarily for your clients. Ideally, the Mission Statement has meaning for every stakeholder in your business, e.g. shareholders, employees, associates, suppliers, clients, family members, etc. The Mission Statement describes for them the purpose of the business and why it makes a difference for them. Developing a Mission Statement To illustrate how to...

Your Vision is your mental picture of the direction in which you want to take your business. It is the goal for your business towards which you are working. A goal is a future desired state. It could be that you want your business to become the leading organization in your field or to offer the best products or services. For others, the Vision is to become the best that they can be in their chosen profession. The starting point for many entrepreneurs is to...

Entrepreneurs start a business to fulfill a purpose that has meaning for them. The business becomes an instrument for the entrepreneur to do what s/he wants to do. Your business plan describes what you want your business to do. It must comprise the following elements. A. Executive Summary – The purpose of the executive summary is to overview the key components of the business plan in a dynamic manner. It is often the last part of the business plan...

Webster’s Dictionary definition of system includes: “a method or plan of classification or arrangement; an established way of doing something; method; procedure etc. There are four systems capabilities that are integral to building your business: Business Management – to build a profitable enterprise and run your organization as a business. Marketing – to build your brand by creating value for clients and...

Creating a high-performing business means aligning five critical elements. Vision – The starting point is the vision or picture of your business at some point in the future. Vision answers the question: “Where are we going?” It describes the direction in which you are taking the business. Your Vision sets the context for everything you do as you grow the business. Strategy - The articulation of your Vision...

Successful businesses usually get three things right.   The first thing they get right is a profile of their Ideal Client/Customer. A number of years ago, I was at a conference where a senior executive of Wal-Mart was a presenter. When he came on stage, he said that all of us were welcome in their stores, but we were not their customers. He went on to explain that their customers were the individuals and families who lived paycheck to paycheck. That is...

Many entrepreneurs tell me that they suffer from sleep disorders. I have experienced disruptive sleep patterns since my childhood. Often, I will wake up at 3 or 4 AM and have difficulty getting back to sleep. This morning, I woke up at 4 AM and my mind kicked in and would not rest. I was thinking about my business and the challenges we face.   Like many entrepreneurs, I am driven to achieve business goals and my focus is on what we need to do to...

As I travel around the world, I continue to be amazed at how similar entrepreneurs are in every country. For the past ten days, I have been in Hungary. Last week, I facilitated two workshops for over 60 top financial advisors with AVIVA Hungary. AVIVA is one of the great multi-national insurance companies. In Hungary, the company is the number two life insurance company with about 12% of the market. Janos Bartok, the CEO, is an intelligent and thoughtful...

When Greg walked into our first workshop, I was struck by how unhealthy he looked. He was at least thirty pounds overweight and seemed tired and worn down. When I interviewed Greg for our Business Builder program, he mentioned that at forty three, he was feeling burned out. Greg’s decision to get involved in our program was driven by his desire to gain control over his time. This is a common complaint of high performing entrepreneurs. Greg was paying a...

Entrepreneurs are often independent-minded. They fight structure and authority. This strength leads them to pursue their own vision and carve out their own path. Taken to an extreme, this strength becomes a weakness. The entrepreneur’s desire for independence and freedom from structure causes him/her to resist the imposition of hierarchies within their own business. Enabling entrepreneurs to take their business to the next level often begins with changing...