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In a recent interview, I was asked if “results” are the most important focus to advisors. I explained that an ability to achieve results is only a part of the winning equation. The reporter was shocked and asked me to elaborate.
I explained that early on, in my career, I believed that results were the end goal, the bottom line.
Then I met Joe. He was a top-producer, earning over $3 million per year. Having earned the achievement of top-producer as well, I got to sit at Joe’s table for our exclusive top-producer dinner. I was thrilled to be given the chance to learn how to achieve better results.
From the outside, Joe’s life was exciting. He clearly knew how to achieve results ; he had a big house, big car, and big life ! However, it took me just a few minutes to do the math and realize his bottom-line results were not sustainable. By simply adding the overhead Joe shared, it was clear his business model was not profitable. In fact, a few years later, his business folded.
Too often, I consult with advisors or consultants who appear at the top of their game. They are winning all awards and making millions, some even billions. Yet, these “successful” advisors do not get a passing-grade because they are heading down the wrong road. They are leaving out key ingredients required to achieve long-term, sustainable results.
Many times, we believe that because we hit a number, we have arrived. As a top producer for over 20 years, I can attest to how much attention you get when you are you on top. We get accolades and 5 star treatment while constantly being reminded of how great we are. It is easy to get caught up in the “hitting a number” syndrome.
This spiral can be our demise.
It is clear the advisors and teams who come to me are not achieving their desired results (why would they be talking with me if they were). What they are missing is The 3 Step Formula. A Formula which includes their inner game, game plan and outer game.
To learn how to create your formula, you can attend our mid-year training that we only offer twice a year. You and your team can register here (use code PMA97 to attend free):
Today, I also want to share a few tips on gaining insight to help you get clear on what actions you must take to achieve your desired results.
The best place to begin is by asking questions.
Step #1: Gathering Insight
A few great questions include:
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You don’t have to have a Degree in Finance to figure out there’s a problem once you get these answers.
Oftentimes during this question phase, the advisors in most need of a overhaul, resort to sharing their successes, such as media appearances, increases in revenue, company awards, etc. While these accomplishments are important, they deflect what’s really going on and make it difficult, if not impossible, to determine the best course of action.
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Step #2: The Plan
The next step towards achieving results requires that you create a plan . Possible questions to measure success at this step include:
You also want to know:
Taking the time to create and execute a plan is one of the most critical aspects of a successful business plan. The most effective plan includes your inner game, game plan & outer game.
Step #3 HVFDA Execution
The last step is critical. You want to ask:
The answers to these questions will let you know if you’re putting forth enough effort to produce your desired results and also shows where improvements should be made.
By asking more questions, creating your plan and monitoring your activities , you will get on track to creating a winning equation. An equation that dramatically increase your odds of earning long-term, sustainable results – something too many consultants, small business owners and advisors are missing.