5 ways to think, plan and act like a business owner
One of the key components in achieving substantial strides in your practice – in your top and bottom lines – is to move from a producer mindset to a business-owner mindset. While advisors often realize that to reach their business’s full potential they need to shift out of their comfort zone, they may not know how. These five characteristics of a business-owner mindset can help:
- Think before you act by taking a planning approach to business advancements, development and growth
- Staffing, infrastructure, technology, marketing and annual development objectives require thoughtful planning
- Clearly and deeply thinking through what you want to achieve can help fuel greater levels of success
- Capture and apply data when making decisions, therefore maximizing the value you glean from the households in your book
- Know and be a student of your numbers and your clients
- Develop and commit to a vision, mission and value proposition
- Hone your message to make it easier for clients, prospects and centers of influence to connect with what you do and how it can benefit them
- Think in terms of revenue versus commissions, gross dealer compensation or total gross revenue
- Consider necessary business costs as investments rather than expenses
The trick to making the leap from a producer mindset to a business-owner mindset is to keep it simple. Don’t try to reinvent your business overnight but embrace forward movement and positive momentum.
Learn how to cultivate a business-owner mindset and position your business for success with Waddell & Reed’s Great Practice Solutions practice development program.
Bill Rambo is Director – External Practice Development at Waddell & Reed. The External Practice Development team works with financial advisors as part of the Great Practice Solutions practice development program to help them grow and strengthen their practices, providing deep generalist expertise, specialized areas of focus, and broad-based awareness of industry best practices.