What provides more motivation for a group of financial services professionals looking to lose weight: the possibility of losing money — or losing face?

According to Dan Richards, president of Strategic Imperatives Ltd. , shame proved a far more compelling motivation to hit the gym for a group of advisors this past year.

Each member of the group committed to a 5% weight loss, with each member tossing $500 into a kitty that would be rewarded to the “winner.” The problem was, Richards says, that day-to-day life took over and a few of the members started missing scheduled weigh-ins, essentially dropping out of the competition. But then an assistant of one of the participants started
e-mailing the group with weekly weight loss results. Suddenly, participation rose.

“It had nothing to do with the $500 and everything to do with public embarrassment,” Richards says.

Making yourself accountable to at least one other person can overcome the inertia that inevitably sets in after the first burst of manic energy that people put into their resolutions fizzles out.

“I am a big proponent of having accountability groups,” says Richards. In fact, after he conducts training workshops on referrals, he’ll often suggest participants continue working with the colleague with whom they were paired for part of the training session.

“I’ll say, ‘You spent the morning working through this with the person next to you. If you’re really serious, make a commitment to sit down together every two weeks for the next few months’,” Richards says. “People who do that are more likely to make it.”

There are other ways to prevent your resolutions from being packed away with the New Year’s champagne glasses.

> START SMALL. Choose only one resolution at a time and zero in on it.

“There is an inverse correlation between the number of things you try to do and the likelihood that you’re going to achieve any of them,” says Richards. “Just be disciplined and pick one thing.”

Only once it becomes second nature should another resolution be attempted.

> MAKE IT A HABIT. When Richards decided to get serious about fitness, he knew he would stick with it only if he did it every day, at the same time. So, first thing each morning, he works out — whether he’s at home or on the road.

“Change is hard, and you have to recognize that,” he says.

The key is overcoming the tendency to revert to your old routine. And the only way to do that is by carving out the time every day to devote solely to the steps that need to be taken to achieve the new goal.

> MARK YOUR CALENDAR. Don’t look too far down the road and assume you’re going to be able to carry on with your goal endlessly. Break it down into baby steps and track your progress over short periods, says Richards: “It’s more manageable that way.”

This also leaves room for an early feeling of accomplishment, which might encourage you to continue.

> PUT SOME MONEY ON THE LINE. While it may not have worked for the advisors keen on losing weight, it’s not a bad idea to commit to something financially, to give yourself another layer of accountability.

Richards recalls an advisor who made a vow to conduct more client meetings. Rather than simply set aside more time on his calendar, the advisor took his plan a few steps further. He booked a company boardroom for two lunch hours every week for a three months and prepaid a local deli to deliver sandwiches each lunchtime so that he would feel obliged to have an appointment set up.

“He really committed,” says Richards. — WENDY CUTHBERT