Track “lessons learned.” As you grow your business, some ideas will work–and some will fail miserably. Many who came before us failed before they found success. RH Macy failed at 7 stores before he founded Macy’s. Einstein was expelled from school. Edison had more than 1000 failures. What they had in common, at a minimum, is that they learned from their mistakes and were persistent. Create a Lessons Learned Sheet to record the institutional knowledge you collect on projects, new forms, new processes, etc. Did a marketing idea tank? A meeting with a prospect go astray? Record the situation in detail on paper or in a database–as well as your analysis of why it didn’t work–and
When a firm is in startup mode, the owner often has a vision on what they want that business to looks like in the future. It doesn't mean that that vision won't change as time goes on. But there is a vision short and long-term in their heads. Those visions pushes us forwards, even on very challenging days, weeks and months. An advisor might prefer to be stay a solo business, become a partnership, grow to a small business, or scale to a much larger visible firm -- or somewhere in between. Startups The main goal of a start up is to take what they know, serve as many clients as possible, and to
Even under stress we can do much good at this time in our history (April 2020). That's why the perfect question to ask yourself, as often as possible, is “what is the best use of my time right now?” I wasn't asking myself that question enough since I started working fewer hours, and so I found myself getting down in the dumps. To that end, I wrote this article as a reminder for myself of what I can be doing, and hopefully the list in this article will help you, too. Maybe you're like me and have been working from home for a long time. Maybe working from home is new to you. Either
Creating your first business plan, whether you're new to business or an established advisor starts with introspection and continues with your answers to the 24 business development questions below. I've provided you with questions that will get the process going. If you're in need of funding, answer these questions BEFORE you sit down with business plan software that will walk you through a much longer but necessary process. If instead you need a plan to help you run and scale your business, start by answering the questions below. Then get on the wait list for my next Create Your Business Growth Plan Masterclass wait-list to learn how to put everything together and monitor what you've created.
It's a must-have because many other "business best practices" include questions this exercise answers, too! The tool is called The F.A.B. Exercise. F.A.B stands for features, advantages, and benefits. I started using the process I teach you below to help me rename my business. Then as clients needed to name or rename their business or a service they offer, they found it to be very helpful, too Then we started using the same process to name a service, product, ebook, template, etc. And realized that this is one of my "duplicatable systems". Now while a system is created to be duplicated, a "duplicatable system" is a system that is used for a specific function and then