Learning how to achieve results is one of the most critical steps to achieving success.
I recently had an interview and during the course of the interview was asked if “results” were the most important things advisors should focus on. I told the interviewer that the ability to achieve results is only a part of the winning equation. The reporter was shocked and asked me to shed more light.
I explained that early on in my career, I had the belief that end goals where the results; they were the bottom line. This was my belief until I met Joe, a top producer, who was earning over 3 million dollars per year. Having earned the achievement of a top producer as well, I was able to sit at Joe’s table for our exclusive top-producer dinner. I was very excited at my chance to learn how to get better results.
Viewing it from the outside, Joe’s life was very exciting. He knew how to achieve results, no doubt about that. He had a nice big house, a nice car, and he lived a big life. However, a few minutes was all I needed and I was able to determine that his bottom-line results were not sustainable. By simply adding up the overhead Joe shared with me, it was clear that his business model was not profitable. As a matter of fact, his business folded a few years later.
I have consulted with a lot of advisors and entrepreneurs who seem to be running at the top of their game. They are achieving a lot of things, winning different awards, making millions and billions of dollars. Yet, these “successful” advisors do not get a passing grade because they are heading down the wrong path. They are not utilizing the key ingredients required to make their results long term and sustainable.
Many times, we believe we have arrived simply because we were able to hit a number. Being a top producer for more than twenty years, I can relate with how much attention you get when you are up on top. We are offered five-star treatments, we get accolades while constantly being reminded of how great and superb we and our work are. Getting caught up in the ‘hitting a number” syndrome is really very easy.
This spiral can actually be the cause of our downfall.
It is very obvious that the advisors and teams who come to me are not getting the kind of results they desire; if they were, they wouldn’t be talking to me. What they are missing is The 3 Step Formula; a formula that deals with their inner game, game plan, and outer game.
Today, I’ll be sharing with you a few tips that will provide you with insights on what action to take in order to achieve your desired results. The best place to begin is by asking the necessary questions.
Step 1: Gathering Insight
Some great questions include:
- How many partners do you have in your firm?
- What is the gross revenue of the firm?
- After expenses, what is the net profit to each partner?
- What has been your growth pattern over the last five years?
- What is your desired revenue/profit?
You don’t need a degree in Finance to figure out if there is a problem somewhere once you are able to get answers to the questions above. Most times during this question phase, the advisors who are most in need of an overhaul resort to sharing their successes, such as media appearances, increase in revenue, company awards, etc. While all of these accomplishments are important, they actually mask what’s really going on, making it difficult, if not impossible to determine the best line of action.
Step 2: The Plan
The next step you need to take towards achieving results requires that you create a plan. In order to measure success at this step, ask yourself questions like:
- Do you have a business/marketing plan?
- If you have a plan, do you follow it?
- Do you measure and track your results?
- Who is your ideal client?
- What strategies do you use for lead-generation?
- Why do you use them?
- What strategies do you use to leverage your resources?
Taking the time to create and execute a plan that includes your inner game, game plan and outer game is one of the most critical aspects of a successful business plan.
Step 3: HVA Execution
The last step is critical. It also involves asking yourself the right questions including;
- What consistent daily actions are you completing?
- Are these daily actions producing your desired results?
- How many hours are you spending on your HVA (High Value Activities) and IPA (Income Producing Activities)?
- How did you choose these activities & why?
The answers to these questions will let you know if you are putting in enough effort to produce the kind of results you desire, and it will also show you where you can make improvements.
By asking more right questions, creating your plan, and monitoring your activities, you will be on the right track to creating a winning formula. A formula that will dramatically increase your chances of earning long-term, sustainable results; something a lot of advisors, small business owners and entrepreneurs are missing.