The continuation of a business requires constant, never-ending improvement. Business, (and industries) that get stale and complacent die. However, many financial advisors and other professionals often reach a point of “comfortable sustainability.” Business rolls along for a while, steady and true, and management adopts an attitude of, “If it ain’t broke…”
Business is relentless in a primal fact of economic reality; you are either growing or dying. Permanent plateaus do not exist in the real world, so we need to embark on a voyage of perpetual improvement. The good news is improvement does not require endless committee meetings, cyclical individual and departmental input, or lengthy feasibility studies. Sometimes looking outside your firm with a simple eye toward improvement offers all the insight necessary to produce a better client experience and additional growth. Of course, we learn over time. Some learn from their own mistakes, which is smart. Some learn from the mistakes of others, which is wise. Some never learn.
We want to be smart and wise. With few exceptions, there is always another firm that does it better than you do in one or more areas. Serious growth and improvement often results from a simple, realistic process designed to take this competitive knowledge, add it to the best of your offering, with the result being a new performance paradigm. Consider this simple process for improvement:
- Dream
- Observe
- Repeat
- Improve
Dream . No serious advancement ever occurred without it first having been conceived in the mind of an individual or a group of people. If you produced twice the results which you produce today, what would it mean to your ownership, clients, employees, and community? Dream big, and commit to massive improvement.
Observe. In addition to you and your company, who offers serious value in the marketplace or captures a notable market share? What do they do differently than you? What do they do (or not do) that, if replicated and added to your unique market value, would produce seriously improved results for you? A caveat; choose your role models wisely, and discern what you do and do not want to duplicate.
Repeat. If you replicate market activities and behaviors, you will replicate results. When you add the secret ingredient called “You” to the mix, the resulting outcomes can be astounding!
Improve. While you do not want to reinvent the wheel, a little engineering often goes a long way. Seek constant improvement in products and processes. Nothing is ever so good it cannot be improved. Just make sure you are the one making the improvements!
If you are going to work, why not be the best in your market?
Work Hard & Have Fun!™
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