Whole Brain Business Plan

I recently read an article, The Success Formula, that talked about the future direction of businesses.? Heres an interesting trend: hiring people not because they fit in a box-like job description, but because they have the skills and talents that matches the companys mission and vision. What this says to me is that the how or mechanics (left brain) of business has now become a given?the starting point or the entry ticket. You are expected to have a certain amount of product knowledge and understand the ten steps to create more business. What will separate you from others and drive your performance, results, and sales is your behavior (right brain).
Great relationships, know    your client, business transformation, personal development

Lets take a look at a typical practice management formula for success (Planning the Next Step, Investment News, June 20, 2011) and see how we can turbo-charge it by adding behavior to know, engage, and grow your clients and employees.? The added benefit,

according to Gallup Research, is that over time you will see a 240% increase in profits when both employees and clients are fully engaged!

Step #1:? Update Your Business Plan
Left Brain:? Be sure to focus on the exact client you want to attract.? Include assets, career type, age, etc.

Add Right Brain: Be sure you know the inner world of the client you want to attract.

  • Are they fun, outgoing, and practical like you?? If they are, it will be much easier for you and you will be more energized throughout your day.
  • Just because they have $2 million to invest doesnt make them an A client.? Its more than just numbers.
  • If you have more than one type of client, maybe you want to limit the number of clients in each type.

Step #2:? Ask for More Referrals:? Satisfied customers and professional contacts are your best source of finding new business
Left Brain: Have a plan for encouraging referrals.? Be sure to ask for them on a consistent basis.? Establish strategic relationships.? Communicate (conference call, newsletter, webinar) on a monthly basis using a focused approach.

Add Right Brain: How you ask for a referral depends on both the type of person you are and the type of person you are asking.

  • If your client is naturally more trusting, they may automatically give you a referral with just a gentle reminder that you are adding to your client base.
  • How you ask for a referral will depend on your type of personality as well as your client.? How do you adjust your tone of voice, the words you say, etc. to the type of client?
  • Focused communication requires personalizing the experience for a client.? A newsletter with lots of market details will not be suited for every type of client.? Graphics with short bullet points would be better in many cases.DNA Business Performance, advisor business performance, know your client, predict client behavior, behavioral finance

Step #3:? Hiring the right staff is critical for success.
Left Brain:? Hire when growth is projected rather than when it occurs.? Determine how much time an advisor spends with each client to analyze your staffing needs.? It takes 18 months for an advisor to become productive.

Add Right Brain: How do you define the right staff?

  • Think about adding a type of person that is a complimentary style to your own to attract different types of clients.
  • Or, a style that can tag-team with you in client meetings.? You will each hear different things and be able to give the client a better perspective.
  • Behavior can block performance.? Hire a person with a style that fits the job and your team.

Step #4:? Make sure your technology is up to date.
Left Brain: Review your three-year technology plan for disk space, bandwidth.? Do you need a new laptop, an iPad, an iPhone? How about software needs?

Add Right Brain: Add communication styles into your CRM.

  • Every phone call, every meeting, every communication is tailored to create a unique experience for each client.
  • Engage your clients and staff in exactly the way they need to create lifetime relationships.

How do you get started with a whole brain business approach? Take two minutes and check out your communication style, click here.

Peggy Mengel

Peggy Mengel

Peggy Mengel - Business Coach - The Biz Sherpa

As CEO and founder of The Biz Sherpa, I coach and consult with executives on developing deep and strong relationships with clients, staff and most importantly, themselves. When you align your talents, passions and strengths with a strategy that fits your uniqueness, you will transform yourself, your client experience and your business.

Throughout my career, one my driving principles is to understand people before numbers. It is this philosophy that ignites my desire to help financial services firms meet the challenge of driving results through a behaviorally based strategy.

How can your firm balance the demands of effectively managing people and maximizing profits? Start building business from the "inside-out" with a coach who understands your industry and your challenges.

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  1. […] may like this 4 step Whole Brain Business Plan which centres on being right-brained (less mechanical, tick the box, more inspirational, […]

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