Before taking the leap on something new in your advisory business, such as adding a subscription model, targeting another client persona, starting a new marketing tactic, or adding technology, we want you to pause and consider a few important questions:
- Why are you doing it?
- Who benefits from it?
- How do you best do it?
To make this exercise easier, we’ve developed a decision map to help answer the most fundamental question, “Should we do this?”
Note: If you are considering something that doesn’t add value for your ideal client or your business, and is outside of your expertise and strengths, then this should be an easy “no.” This will help you evaluate value vs. resources.
Should we do this?
Consider the questions below when considering if you should start something new.
- Is it valuable to your ideal client?
- Is it valuable to your business?
- Is it within your areas of expertise or strength?
- How can you adjust so it is valuable?
- How can you do this in a profitable or scalable way?
- Who can help you or how can you develop? (i.e. outsource, partner, hire, train, etc.)
If the answers are all “yes” great, move forward. If two areas are a “yes” then maybe move forward. If you have two or more “noes” the answer is likely no. Consider the impact or risk on the area that isn’t a “yes.” Also consider if this is the right time. Anywhere that is not a strong “yes” consider the follow-up questions for guidance.
Is it worth your focus?
Your focus (time and resources) is a precious commodity. What you focus on becomes reality. Yet, staying focused is one of the most common challenges, according to the advisors I talk to, and their teams.
Focusing in the areas and solutions that add value to both your business and ideal clients is a great place to start. Focusing in ways that are most natural, which leverage your strengths and expertise, or outsourcing, hiring, or developing if it’s not within your zone of excellence, can help you gain traction, and stay focused long enough to see a positive result.
Try our Business Audit
We provide a Business Audit, which is a tool to help you gain clarity on (or confirm) which aspects of your advisory business you should focus on.
Think like a consultant in your own business: You can also listen to our recorded advice on how to use the business audit tool for high value results.
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