6 Powerful Ways to Bring in More Clients
Ask yourself this famous question:
Where is your business really coming from? I don’t mean generically, I mean figure out where your business is really coming from. Many advisors don’t know what percentage of business comes from referrals, direct mail, cold calling, seminars, etc. The most successful financial advisors I know have percentage charts in their offices defining exactly where their business is coming from. For example, 40% from client referrals, 35% from other financial service professionals like insurance agents and bankers, 15% direct mail, and so on.
Once you have charted the source where business is really coming from, you then need ask yourself the correlated question: How much of my time, effort, and attention am I really putting to that? Normally, there’s an inequity. In other words, people tend to focus 50, 60, 70, 80 percent of their time on things that don’t add directly to the bottom line. For instance, if 50% of your business comes from referrals, then at least 50% of focus should be focused getting referrals, but unfortunately most advisors don’t or won’t put 50% of their efforts into increasing their referrals. I’m almost willing to bet that you put more effort into cold calling, sending out direct mail pieces, performing seminars; all while half your business comes from referrals. They put no effort on real source of their business and it’s a joke. You’ve got to be in alignment.
Note, I’m only using referrals as an example; it could have just as easily been direct mail pieces or seminars that’s 50% of your business. This same analysis can be done for any business function. Optimize the process and improve the results. Manufacturers double and tripe their revenue simply by improving their processes. Most have a dedicated team of industrial engineers on the payroll, just to optimize jobs and processes. If it’s good enough for a 100 billion dollar corporation, it should good enough for you. I once used this exact process at a Fortune 500 company. My team and I saved this corporation 29 million and 43 million dollars in 2003 and 2004 respectively just from inspecting, measuring, improving, focusing and holding management accountable. This theory was a penny saved in a penny earned.
Let give you a quick example. What this difference between earning $350,000 with $100,000 expense, for a total profit of $250,000 versus earning $500,000 with $250,000 in expenses. The short answer nothing. But I’m willing to bet you that the company with least amount expense will dominate their market…just look at Wal-Mart and Toyota. Toyota profits are more the Chrysler, Ford, and General Motors put together, with similar production numbers. That’s optimization.
You too can use this same optimization strategy to make more money faster and more efficiently. You can to start the process by creating a hypothesis to proven or disprove.
Click here to continue
Where is your business really coming from? I don’t mean generically, I mean figure out where your business is really coming from. Many advisors don’t know what percentage of business comes from referrals, direct mail, cold calling, seminars, etc. The most successful financial advisors I know have percentage charts in their offices defining exactly where their business is coming from. For example, 40% from client referrals, 35% from other financial service professionals like insurance agents and bankers, 15% direct mail, and so on.
Once you have charted the source where business is really coming from, you then need ask yourself the correlated question: How much of my time, effort, and attention am I really putting to that? Normally, there’s an inequity. In other words, people tend to focus 50, 60, 70, 80 percent of their time on things that don’t add directly to the bottom line. For instance, if 50% of your business comes from referrals, then at least 50% of focus should be focused getting referrals, but unfortunately most advisors don’t or won’t put 50% of their efforts into increasing their referrals. I’m almost willing to bet that you put more effort into cold calling, sending out direct mail pieces, performing seminars; all while half your business comes from referrals. They put no effort on real source of their business and it’s a joke. You’ve got to be in alignment.
Note, I’m only using referrals as an example; it could have just as easily been direct mail pieces or seminars that’s 50% of your business. This same analysis can be done for any business function. Optimize the process and improve the results. Manufacturers double and tripe their revenue simply by improving their processes. Most have a dedicated team of industrial engineers on the payroll, just to optimize jobs and processes. If it’s good enough for a 100 billion dollar corporation, it should good enough for you. I once used this exact process at a Fortune 500 company. My team and I saved this corporation 29 million and 43 million dollars in 2003 and 2004 respectively just from inspecting, measuring, improving, focusing and holding management accountable. This theory was a penny saved in a penny earned.
Let give you a quick example. What this difference between earning $350,000 with $100,000 expense, for a total profit of $250,000 versus earning $500,000 with $250,000 in expenses. The short answer nothing. But I’m willing to bet you that the company with least amount expense will dominate their market…just look at Wal-Mart and Toyota. Toyota profits are more the Chrysler, Ford, and General Motors put together, with similar production numbers. That’s optimization.
You too can use this same optimization strategy to make more money faster and more efficiently. You can to start the process by creating a hypothesis to proven or disprove.
Click here to continue
posted by Xspology.com at 8:07 PM
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