There is a critical factor in growing your financial planning business that is often misunderstood.
Despite there being lots of information available on how to do it, Michael Gerber, author of ‘The E-Myth Revisited’, observed:
“Why is it that with all the information available today on how to be successful in small business, so few people really are?”
My good friend and brilliant coach Wyn Morgan recently shared how a business client of his had a goal of growing their company by 10x in two years.
The client shared the training and development plan for their people and how it would deliver the results they wanted.
Wyn immediately knew it would not work and his question to the leaders of the business was:
“What makes people change their behaviour?”
They were stuck for an answer other than ‘motivation’ and ‘skills training’.
Just like Wyn, I noticed early on in my coaching career that skills training often fails to make a lasting impact. But why?
As Wyn pointed out, skills training can be powerful, but only when people actually adopt the new skills.
The problem with intervening at the behavioural level is that people often struggle to implement and maintain the new skills because something else must happen first.
Real and lasting change only happens with a change in mindset
A ’10x’ result does not come without a ’10x’ change within the minds of people. In other words, change must happen in people’s hearts and minds first and then the results follow.
New insights, fresh thinking, and the dissolving of limiting beliefs are what lead to a lasting change in behaviour.
What got you here won’t get you there
Often, the thinking that gets you to your current level of success is not the thinking that will get you to your next level.
When working financial planners who want to grow their practice, I want to deeply understand how they see their world.
I am listening to understand and to see what insights I get.
A financial planner I worked with had been stuck on the same plateau of results for several years.
He had no more time available so the result had to come within the time he already had. And he could not see how, despite helpful advice from other people.
What jumped out at me was the time he was spending on unprofitable clients.
We explored why this made sense to him and he had an underlying belief about needing grab every single opportunity.
Anyone who has built a practice from scratch knows that, in the beginning, you do tend to grab every opportunity. Yet there also comes a time when this holds you back.
His ‘ah-ha’ moment was his realisation that his behaviour was driven by a feeling of scarcity. And once he saw that this was just a thought it no longer held any power over him.
His new thinking naturally led to effortless changes in behaviour. Within a few months his business levels had increased by 150%! (Here is a link to my post ‘working only with wonderful clients-the two essential questions).
Understanding how your mind works
Your mind is incredibly powerful. It will give you the thinking you need, or it can hold you back and keep you stuck.
What sets you free?
Behaviour is after the fact of state of mind and this is why skills training alone often does not stick.
In over a decade of taking a ‘state of mind’ approach to creating step-change, the results speak for themselves.
When we know where to look for new thinking, we naturally tend to get more of it. The changes we want then naturally follow without struggle.
P.S. What step-change results would you love to create in your business? Would like to produce those results quicker and easier? Here is how you can get unstuck and back in the flow…
‘Freedom of Mind’ one day workshop – Monday 11th October
This day can change your professional life!
Your mind can be your greatest asset or your biggest liability.
Join myself and Wyn Morgan for a powerful day exploring ‘Freedom of Mind’ and unlocking your potential.
For full information, please email me at firstname.lastname@example.org
Here is some feedback from previous delegates on our ‘Freedom of Mind’ programme
“The quality of relationships with both clients and team members has been greatly enhanced due to my ability to listen, be present and my greater clarity of mind.” Paul Tracey, Provest Financial Planning
“I have learned to be more open, true to myself and how to navigate my way through life from an inspired place. The result is that I am making a bigger impact with clients, enjoying my work more, and the best part is that I know things will continue to get better.” Ashley Blackmore, Infinite Purpose
“I have significantly reduced the “noise” and “unnecessary” thoughts which previously distracted me from having meaningful moments in my life, but also with client interactions. Since I have dropped all of the noise, I have noticed that my client relationships have vastly improved as I am truly listing to the client and what’s really important to them. As things transpired, I noticed an immense improvement with my client interactions and this has naturally led to better outcomes for the clients’ and the business.” Ian Penberthy, Town Close Financial Planning
“In client meetings I am now more aware of my own and my clients state of mind and this allows me to go to a deeper level, have clients open up so much more and, consequently, I can create more value for them.” Stuart Knight, Miller Knight
“Through a deeper understanding of the mind, I am now building stronger, more empathic relationships with clients, finding decision making easier and feel calmer in myself. Highly recommended if you are looking realise more of your potential and improve your quality of life.” Bill Muammar, Chartered Financial Planner