Seven New Year’s Resolutions for Your Practice

New Year’s resolutions can be a bore; they are much discussed, widely created and largely ignored. Yet, they can serve as a catalyst to make important changes. As the financial services industry enters a new, post-pandemic year, there may not be a better time to get serious about resolving to make changes that position your practice for success.

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    Seven New Year’s Resolutions for Your Practice

    Seven New Year’s Resolutions for Your Practice

    New Year’s resolutions can be a bore; they are much discussed, widely created and largely ignored. Yet, they can serve as a catalyst to make important changes. As the financial services industry enters a new, post-pandemic year, there may not be a better time to get serious about resolving to make changes that position your practice for success.

    Here are some practice-building New Year’s resolutions to consider as we turn the calendar to 2022.

    1. Have a business plan and review it quarterly. It’s impossible to get somewhere when you have so little idea of where you want to go and how to get there. (Go ask the Cheshire Cat.) Begin this new business planning process by assessing your current situation.
    2. Create measurable goals and a set of quantifiable metrics to track your progress. Generalized goals are like cotton candy—they melt on contact with reality. Be specific. If you want to develop a divorce planning niche, then establish a goal of X number of clients or assets attributable to divorce planning. Measure the progress against a strategy (e.g., number of contacts, virtual seminars, outbound communications).
    3. Build an advisory board. Leverage smart, supportive individuals that have a different set of talents and accomplishments than you. They will provide insights and advice that will broaden how you see challenges and opportunities, improving your decision-making and widening your set of possibilities.
    4. Narrow your job scope. Consider outsourcing functions that are lower value or not a core competency. These might include your social media marketing, back-office administration or portfolio management. This will allow you more time to focus on what matters—serving clients and new business development.
    5. Improve yourself, intellectually and physically. Commit to deepening your knowledge and improving your skills by attending industry events or taking an educational course. Integrate exercise into your schedule as a start to better health and higher energy levels.
    6. Develop your employees. Identify steps you can take to enhance your employees’ skills. Not only will you have a more productive and capable staff, but the interest you show in their careers will increase staff morale.
    7. Commit to community. Getting involved with helping individuals in your community can be richly satisfying. Identify a need in your community or a personal passion that has societal benefit (e.g., teaching financial literacy), and step up and make a difference.

    Post a copy of the resolutions in your workspace so they are never out of sight. Better yet, share the ones you make with your team; by making them public, you may find yourself more committed to follow-through since pledges made to others are harder to discard than those made to yourself.

    Please reference disclosures: https://blog-dev.americanportfolios.com/disclosures/

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