Let us face it. Working on your own, there is only so much you can do and hence you limit your growth. But when you build a team, you are optimizing your time and resources.
Here are a few tips to help you build and retain a great team:
- Offer good benefit package (health insurance, life insurance and a retirement saving plan)
- Train your team (seminars, courses, events, etc.)
- Define clear goals (Write clear job descriptions)
- Promote top performers
- Acknowledge good work by a ‘thank you’
- Boost morale during rough times (Show some case studies about companies which made it big after surviving in tough times)
- Promote a positive environment (Encourage teamwork and cooperation rather than competition)
Manage your time well
Entrepreneurs do not have fixed working hours and many a time you would be burning the midnight oil. As someone who is steering the company, you are responsible for overseeing a wide range of tasks. Thus, you need to know how to maximize your time to balance your personal and professional life. Create schedules and prioritize your time and tasks. An independent survey reveals that 49% of all advisors spend at least 30 minutes per week planning their schedule. As mentioned in the book ‘The Seven Habits of Highly Effective People’ by Stephen Covey, prioritize your to-do list as urgent and important, important and not urgent, urgent and not important, not urgent and not important. If required, delegate our unimportant work so that you have time to pursue urgent work.
Be a professional
You get majority of your business through referrals. Your clients refer you because they perceive to be professional and trustworthy. Thus, the prospects of your business hinges on your personal image. So make sure you project a professional attitude towards your business by – staying in touch with clients, being client-centric, having a strong set of ethics, planning your future and investing in learning.
Set SMART goals
Research shows that most successful people set goals and know where they are headed. To grow your business in a well-defined manner, you need to set specific, measurable, attainable, realistic, timely (SMART) goals. Develop a simple plan that should set out the road map for reaching these goals.
- Specific: Your goal should be straightforward and well-defined. For instance, ‘I will add Rs.10 crore AUM through 50 new clients by adopting a structured method of seeking referrals by March 2016’
- Measureable: You have to establish a criteria for measuring your progress. Measuring your progress will help you be on track and reach your targets. For instance, ask yourself ‘How much?’, ‘How many?’ When you realize that you have achieved your goals, it will encourage you to achieve more.
- Attainable: Your goals should be achievable yet at the same time a bit ambitious. This way you will stretch yourself and feel challenged. In order to achieve the goal, you must possess the right knowledge, skills, resources and abilities. Ask yourself, ‘How will I do it? What activities will I undertake? How much will it cost me?’
- Realistic: While preparing any plan, have a realistic outcome in mind. Ask yourself, ‘What results do I expect?’ You goals should not be overambitious. It is best if you start slow.
- Timely: After setting goals, give yourself a reasonable time to achieve your targets. Putting a time to your target will help you act proactively. Without giving a time you will not feel the urgency to act on your goals.
Build relationships
Successful advisors believe in cultivating relationships. Imagine how a client will feel if you were to call her after three years just to make a transaction? Building a good relationship by staying in touch will help you know them better. This will in turn help you understand their needs and goals and offer the right solutions.
