As I have said before, my attention over these summer months is on being the best that you can be. Last month we sketched out a program for personal growth. This month we will take an inventory of our business model to get a handle on the things that will lead to growth of our businesses.
It bears repeating that when going through this process, I believe a second pair of eyes is critical for supercharging any attempt at business growth. There are just too many benefits that coaches or personal consultants can bring to this process. These benefits were broadly outlined in my February 2024 Blog, ’Artificial Intelligence’s’ Take on: The Advantages of Triennial Business Consultations.
Among the most obvious are:
A fresh set of eyes can identify areas for improvement, innovation and growth that ay have been overlooked internally
Competitiveness and resilience can be amplified by making more informed decisions and by adopting industry leading practices.
It allows you to compare your business to industry benchmarks.
Consultants can impart knowledge, wisdom, tools, and methodologies which stimulate growth
They can transfer knowledge. This knowledge transfer fosters a culture of learning and innovation.
They can write you a customized recipe for success.
If you are not sure whether you would benefit from the use of a consultant or coach, ask yourself the following questions:
Is your business growing as fast as you would like?
Are you satisfied with your communication skills
Do you have repeatable processes?
Do you delegate properly?
Do you possess powerful persuasion skills?
Most financial advisors will answer no to at least one if not more of these 5 questions. If you are one of them, your business would likely benefit from finding another pair of eyes to examine your current business.
The stakes are high. Under the right circumstances and with the aggressiveness of private equity firms that are currently chasing assets, your business, if it meets all of the criteria, can generate substantial up front and back end payments which form an exit plan that never existed before in the financial service business.
Unfortunately, most financial advisors and wealth managers never generate the Assets Under Management that would allow them to reap the benefits of the programs which are currently available. They lack the organization and communication skills to excel. So if you don’t like your answers to the 5 questions or if your can’t remember your last training session, then go get some help.
Richard J. Capalbo
626.484.5744
Comments