We all get overwhelmed and spread too thin. Without a plan, an organization can lose its direction. In this industry, when servicing numerous clients, it is easy to lose sight of a longer-term vision. When that happens, a business can stall out or take a wrong turn.
This year, take the following five steps to increase your success.
1.) Think differently.
Step away from the business. Look at the trends and envision where the industry is going. Put yourself in your clients’ shoes and answer the question, “What’s in it for me?” Determine how you will differentiate yourself in the future to stay one step ahead of the competition.
2.) Set layers of goals.
Start with big goals, like ‘We want to grow by 25 percent net of market performance,’ but do not stop there. Break down the larger goals into many parts. For example, how much growth is going to come from existing clients? Can share of wallet be increased in certain client relationships? Can introductions be made to prospects? What marketing is needed to win more client referrals? What events should be held? What client research is needed? What is the budget for each line item? Keep asking questions so the specifics are mapped out.
Continue to set other big goals and then go through the same exercise of asking numerous questions for each goal. If you are not good getting into the details, consider hiring a facilitator or consultant to help.
3.) Define owners.
Bring the entire team in to help flesh out the plan before it is completed. Each person in the organization should know his or her role and what he or she owns. Give the team defined responsibilities and hold each teammate accountable. If possible, tie in compensation to motivate all those who contribute to the success of the organization.
4.) Define metrics for success.
Review the goals and determine the key performance indicators. Set up multiple meetings in advance to regularly review the status of the plan. At a minimum, the meetings should be held quarterly. Monthly is probably the right frequency. Weekly meetings can fall into the micromanagement category, so avoid making things too tedious. With that said, there still might be data points that are gathered each week to eliminate surprises.
5.) Make improvements.
Learn from mistakes and evolve. Just because the plan is documented, does not mean it is set in stone. Determine if assistance is needed and invest in your organization where it can make a difference.
Editor’s note: This is an excerpt from the FPA Coaches Corner whitepaper titled “Make 2019 Your Year: Business and Career Tips to Get the Most Out of 2019.” Read the full whitepaper here.