On this 246th episode of my Monday Morning Pep Talk, I will lay out the Top 10 Mistakes Advisors make while building their businesses. After coaching, leading and mentoring advisors over a decade plus, there are themes that I see re-emerge consistently within our industry and I'm quite sure that it happens in other industries as well.
Before I jump into today's call, I want to remind you of my professional purpose and that is to help you, the full service, full fee Advisor, optimize your productivity and help you become the best version of yourself. Why? "Because Happy Advisors Sell More Real Estate". I do that by teaching you how to handle the challenges and opportunities that you face every day. If you can effectively manage those certain situations that arise on a daily basis in your business, you'll be more productive and live a life that is the best version of you. My ask is that you listen as if you are in a one-on-one coaching session with me in my office or on a phone call. If you'd like a transcript and full recording of today's MMPT, send me an email at [email protected] and I will add you to my private email list.
I don't like to present content from a negative standpoint but there are times when you have to directly point out the challenges many advisors make consistently over and over. If an advisor would focus directly on these 10 areas in their life and business for 1 year, 4 quarters and 48 weeks, they would not recognize themselves at the end of the term. Here’s the list:
- They focus directly on "actionable" items without creating a clear vision (clarity) for their life and business.
- They chase new business without maintaining solid relationships with their Top 100 which is their list of "private clients.”
- Habits, rituals and routines are never fully developed, keeping those advisors in a constant state of playing on defense, not offense.
- I see advisors wait too long or fail to add "capacity" to the team, trying to save expense on resources (team members) to support their business. Twenty-five transactions is the most one advisor can do by themselves in a given year but many advisors think they are different and can handle more than others until the wheels come off.
- They negotiate their fee against themselves. This comes from a lack of confidence in the value they bring to the listing and purchase process.
- They reinvent the wheel on each transaction without taking the time to build out SOP's (standard operating procedures) that create a consistent and improving experience for their clients.
- I see too big of an emphasis put on recognition, standings on leaderboards and production lists instead of making the competition about getting 1% better each day.
- They read books, go to classes, get designations and take courses but never implement what they learn.
- I see advisors failing to build in time to rest, relax and travel.
- They try to fit their lives into their business. They should be building a business that compliments their personal goals.
We are almost 50% of the way through Q3, the quarter where most of the heavy lifting gets done leading up to Q4. Q4 is the true start to the following calendar year. Ask yourself, on a scale of 1-10, where do you rate yourself as you go through this list of "10 Mistakes"?
I love to tell myself when trying to overcome those pesky items on my list: "If I don't accomplish _______ this year, I am going to admit to myself that it will never get done."
If you just "Focus on Getting 1% Better Each Day,” you can transform every item on this list from an anchor to a sail.
