Top 10 New Year’s Resolution For Financial Planners in 2015

January is the most critical time for adopting a winning approach for success in the New Year.

2014 was a tumultuous year for Australian financial planners and many remain pessimistic despite the New Year; with many not expecting revenue to increase during 2015 and ongoing concerns about legislation, compliance and how they will continue to maintain revenue into the future.  This is not the ideal way for financial planners to begin the New Year. Instead, the New Year should be about a fresh start and renewed optimism. It is critical then that you don’t let last year’s performance carry over into 2015 and impact your success – but you need to take action now.

The focus of the New Year should be on working smarter, not harder, and to do this, here are my Top 10 New Year’s Actions for every financial planner:

1. Leverage your time – Financial Planners need to prioritise their time to work on their business, rather than in it to focus on achieving their big-picture goals. Delegate tasks, steer clear of non-income producing activity, give more responsibility to your team and implement efficient systems.

2. Look after your lifetime customers – Your most loyal clients are your most profitable – they spend more each year and they seek your advice and guidance more regularly. Do whatever you can to create and maintain these long-term relationships; the value they will offer in return is worth the effort.

3. Make marketing a priority – Marketing to is the best way to boost your revenue, and the only way to let people know that you exist. Creative, cost-effective ways of marketing are becoming increasingly accessible – take the time to research them, or hire a coach to help.

4. Take advantage of social media – Using social media sites such as Twitter, Facebook, LinkedIn, and blogs can be a virtually free way of positioning yourself as the expert, creating meaningful networks and collecting valuable feedback.

5. Manage your cash flow – 92% of financial planners frequently stress about cash flow, but this doesn’t have to be the case. There are countless methods of ensuring that you are never short on cash, and each business needs to implement effective cash flow management policies and practices.

6. Spend time on your self-education –The financial landscape is evolving so rapidly that it’s hard to be an expert in every area of business. Reading, attending seminars and workshops, and following the market to sharpen your skills and keep your business moving. Remember – “Your business will never outperform its leadership!”.  Also, if you’ve been thinking about getting help but just haven’t known who or how, get it done this year. Your business and your bank account will thank you for it.

7. Empower your team – Financial Planners are responsible for creating a firms culture where employees are encouraged to go above and beyond their duties to create a fantastic client experience. In allowing them to use their initiative, this actually increases employee satisfaction at work, and so is beneficial for your customers, your staff, and your business all around.

8. Ask for help –It often takes an outsider to see your business objectively and to know what needs to be done. Seeking the help of a business coach or mentor can both help you identify and achieve your goals, and build your accountability. Hiring professionals to help you in the areas of your business that you struggle with will also be beneficial.

9. Cut your losses –It is important to test and measure the effectiveness of certain management policies, marketing strategies, and working styles. If something you’ve always done isn’t working, drop it – the sooner you do, the sooner can move onto something bigger and better.

10. Make time for yourself – In line with the recent debate surrounding the work/life balance, the key to achieving this resolution is to make it measurable and specific – aim to spend 10 nights a month with your family and 5 hours a month on a hobby.

Now is the perfect time to start your New Year’s Resolutions off on a positive note. Working on your mindset is an incredibly important but often overlooked factor in achieving business success, so setting and working towards New Year’s resolutions is a great way of kick-starting the year.

It is much easier to keep your Business New Year’s Resolution when you have someone to hold you accountable. Blackwing Profit provides tailored advice and support for financial advice professionals who want to fast-track their results in 2015 and beyond.

Have you ever made New Year’s business resolutions only to find that you ‘got caught up in your “Busyness” (as opposed to business….)? Could you improve your business if you just worked on a few of the strategies we’ve discussed? Would you like some extra help with implementing some of these ideas, or even if you’d like a few more idea starters for strategies you can put into action?

As business success coaches & business entrepreneurs, Blackwing Profit Consulting has specific programs designed to more effectively manage your time to meet the changing demands of business (like marketing strategies) and other business improvement ideas to really put the X factor into business.

For more information on these or any other coaching or business improvement strategies, contact Steve or Tania on +61 8 9259 5777.