I was once preparing a speech to 100 Financial Planners. In performing my research (homework), I uncovered the following success formula that was listed on their web site.
I was reminded that regardless of the industry, running a business (any business) is pretty much the same. I think we can all learn from these points. Find a minute to think about each one…and see how it pertains to you.
Here is the list:
Know Your Clients
It’s important to realize that everyone is not a prospect. It is best to create a profile of your ideal client, and focus on it. This means mastering the products, services and planning tools – and really no others – that fit your profile.
People buy in today’s market because they are comfortable with you and your understanding of their needs. Continuously introduce yourself, and follow up with individuals who you’ve met with. The personal touch will get you referrals.
For every client meeting, a written, customized agenda will help keep your client and you focused and working as a team. Know your products and financial principles well and you’ll make a strong impression.
Contact prospects on a regularly scheduled basis until they become clients. Furthermore existing clients need an annual, if not semi-annual, check-up. Invest in marketing so people know who you are and what you do.
Collaborate and Learn
By working with a partner who has been in the business on a successful basis for a few years, you can quickly learn how to anticipate and handle any of the standard objections to buying – no need, no money, no hurry, no confidence. Consider sharing your commissions with an experienced financial representative as your “tuition.”
“XYZ” requires our associates to get fully licensed to sell financial products and services. The more you’re authorized to sell and advise, the more your client will rely on you to build protection dollars on one hand and net worth on the other.
Commit to Your Business
First, reinvest 25% or more of your business income back into the business for the enterprise to prosper. Second, establish a board of advisors. The board could originate as your supervisor, then grow to include other agents in your office and ultimately successful clients.
Balance is important in any career, but as an entrepreneur, it’s even easier to get swept up in work. We suggest going so far as to schedule family, exercise and community time.
There you have it Eight reminders that will help you stay focused and in business in the coming year. Coming to you from a different industry entirely.
They are worth repeating: (1) Know your clients, (2) Get personal, (3) Be prepared, (4) Stay Visible, (5) Collaborate and learn, (6) Keep current, (7) Commit to business, (8) Stay balanced.
Mike Marchev has plenty of stories, strategies and tactics to keep you on top of your game.
Mike will be conducting his 5th annual Travel Sales & Marketing Business Development Cruise, sailing the Freedom of The Seas from Ft. Lauderdale. Email him at email@example.com for complete details. Five cabins are still available.
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