3 Reasons to Operate Differently Now and Thrive

When it comes to increasing the impact you can make in your clients’ financial futures, your community, and your business, a periodic re-assessment of your time and resources is an important tool. To run a thriving business—however you interpret the word thrive—requires a quick and honest appraisal of your current operations.

How can you start? Evaluate how you’re spending your time. What work might you need to delegate? Where could you increase your focus for maximum return? 

Three Reasons to Operate Differently Now to Thrive:

    1. Self-enhancement bias

Feel like you have to do it all? A recent article in the Harvard Business Review, appropriately titled “Why Aren’t You Delegating?” identifies that tendency to think we can go it alone as “self-enhancement bias.”²

In this state, you may be burning the candle at both ends, and end up shorting the people you serve in your practice. You may be feeling overwhelmed or think you are constantly operating behind the curve.

    2. Growth plateau

With a finite amount of hours in a day, a plateau is inevitable if you continue operating as-is. Long-term growth, over time, demands a different approach. Many consider partnerships to increase output. 

Partnering with people who you can trust, who are well-versed in your business, and understand your goals, is a key step in breaking out of a growth plateau and into the next phase of your business.

    3. Time is a commodity

For one week, write down every task you do throughout the day. Most financial professionals are surprised by this deceivingly basic tactic to figure out where their time is going. And most are shocked to see how much time is going to non-essential tasks that don’t deliver returns. 

CEOs who delegate these tasks have been shown to generate 33% more revenue than those who don’t.³ High performing advisors have recognized that offloading non-essential tasks allows them to truly flourish. With this strategy, they’re realizing bigger goals for themselves, their clients, and their communities.

How are you operating your business today? 

As client expectations continue to increase, the scaling of your business requires new kinds of expertise that may not have been a focus for you and your team in the past. It can be truly challenging to focus on what’s important, and on what you do best. 

LPL Business Solutions was designed to help solve this dilemma. We tackle critical business functions, so you can focus on your clients and deliver maximum impact.

^*Sources

^{* "Activities Every Financial Adviser Should Delegate to Someone Else," Investment News, June 21, 2016
² "Why Aren't You Delegating?," Harvard Business Review, June 26, 2012
³ "How to Accompish More by Doing Less Through Delegation," Small Business Trends, July 2018}