There are a lot of approaches advisors take to run a successful business. Adam Rex, AIF, CFP, a 10-year MDRT member from Virginia Beach, Virginia, says these five elements have helped him in his practice.
- Document your ideal customer. Think of who you met that worked and what it is that made that connection strong. Recognize and repeat.
- Strategic plan. Establish your approach to your business, informed by your clients and an outlook of “This is who we want to work with.”
- BHAGs—big, hairy, aggressive goals (taken from Jim Collins’ book “Built to Last”). Set some baseline items to accomplish, then think of bigger ones. Follow through.
- Key performance indicators. Identify how to track success, and know what’s working and what isn’t.
- Accountability and ownership over action items. Don’t allow an idea to be brought up and forgotten. Make sure tasks are assigned and executed.
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