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Three Drivers of Inefficiency and Three Solutions for Your Advisory Practice

Rather than fitting your practice to the CRM, it’s much more efficient to have a CRM that fits your practice:  your professional needs, your personal needs and your customers’ needs.

The First Driver of Inefficiency in Your Practice is not Prioritizing.

Hyrum Smith (10 Natural Laws of Effective Time and Life Management) offered us a life-altering exercise:  record everything you do for three average days, and then list each activity in one of these four boxes:

  • Urgent and Important
  • Urgent and not Important
  • Important and not Urgent
  • Not Important and not Urgent

Not only does this exercise clarify where the time goes, it also demonstrates why your current schedule is inefficient. Most of it is spent chasing down and putting out fires, or doing urgent things which it’s not important you (versus someone else) do, i.e. things you should delegate.

Smith’s first principle is:  do whatever it takes to allow time for what’s Important-and-not-Urgent:  prayer and meditation, exercise and gardening, planning and socializing. When you do this, the number of  emergencies goes down, you address the big rocks first, and you enjoy your day much more because everything’s aligned with what’s most important.

The Second Greatest Inefficiency in Your Practice is Caused by Avoiding Tough Conversations.

I’m reminded of the time, growing up in Granite City IL, when my mom sent me on my bike to quickly get a bottle of oil for the friend shrimp, while the dinner guests waited.

Unfortunately, I dropped the bottle on the way home. I then rushed home, snuck up the stairs to get more money (this time from my piggy bank), and went back to the store to try again. I didn’t want anyone to know that I’d messed up. In retrospect I see that it would’ve been much more efficient to report what was going on as soon as it happened, so that I could’ve gotten support rectifying the situation.

Coming clean, being vulnerable, is always enormously more efficient than running interference, covering up or avoiding the truth. It just takes courage, yes, which means communicating your good intentions straight through the challenges, so you’re never caught withholding or pretending something that isn’t true.

The Third Driver of Inefficiency in Your Practice is an Ill-Fitted CRM.

Rather than fitting your practice to the CRM, it’s much more efficient to have a CRM that fits your practice:  your professional needs, your personal needs and your customers’ needs. So first, understand how you plan to use the CRM system to interact with and satisfy your customers the way you like.

Give yourself time to implement the system. Implement in increments, using each phase to successfully produce results, before moving on to the next piece. Communicate with your customers as you phase in the CRM to see if the system is having the desired effect. Efficiently leverage the comments, complaints, and recommendations your receive to formulate, redesign, or process areas of improvement that your CRM will resolve.

Omniscient’s Total Practice Management platform is centered around our CRM tailored for financial advisors. Don’t waste anymore time and explore solutions for your practice and schedule a demo.

Background:  Martin W. Kettelhut, PhD

Dr. Kettelhut has coached groups and corporate teams, as well as individual entrepreneurs and executives, since 1997.  Before then “Doc” received a PhD from Temple University and taught ethics, logic and aesthetics at Villanova and Drexel Universities in the Philadelphia area.  His coaching practice grows out of a deep desire to take his PhD in philosophy into the marketplace and facilitate the transformation of business lives.

After moving to NYC, he Co-founded and was Head Coach for The Center for Excellence, a communications consulting firm specializing in training and developing financial advisors from UBS, Merrill Lynch, Smith Barney, Morgan Stanley and Wells Fargo in leadership, business development and team building.

For a Gift Coaching Session where we focus on creating time-, money-, and effort-saving efficiency in your practice, call me at 303 747 4449.

Martin Kettelhut, PhD / ListeningIsTheKey.com

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