5 key principles for growth

Do you have a system for personal and professional growth? A properly structured business can deliver higher revenues, additional profits and a satisfying personal life with far more money, time and mental freedom.

A system is a repeatable process that generates predictable results. The word “SYSTEM” is an acronym for “save yourself substantial time, effort and money.”

Five key principles of growth have helped me move from chaos to clarity in my retirement, tax and estate planning financial services business.

Clarity of purpose: You must know what you want in both your personal and professional lives. That helps you say no to what you don’t want. Without a clear vision, anything will do, and that leads to massive distraction.

This article first appeared in the September/October Round the Table.

Clarity of profile: Reverse engineer your success. When you stay on track with your best-case scenario, you immediately have an ability to multiply your revenues while working less. The difference leads to monumental growth.

Clarity of program: This is what you deliver to those you serve. It is your knowledge and expertise, combined with the financial strategies, products and tools you use to guide your prospects to intelligent decisions in their financial strategies.

Clarity of process: These are the A-to-Z processes you use to keep your business on track. They help you determine when and how you will build your team for support. This leads to more money, time and mental freedom.

Clarity of performance: Your key performance indicators (KPIs) are specific activities in your business process that you must manage to keep your business running at a peak performance level. KPIs tell you when your business is or isn’t working.

These five principles of growth laid the foundation for a business model that led to a successful succession plan for my business. We need theories, tools, techniques and training that align and integrate to create systems that help us grow much faster and easier than ever before.

Wayne Cotton, CLU, is a 44-year MDRT member from Lake Country, British Columbia, Canada. This first appeared in the 2020 Virtual Event Takeaway section in the September/October Round the Table.