Most successful solo entrepreneurs reach a point in their careers at which they’ve surpassed their ability to grow as “lone-rangers.” This is especially true in today’s increasingly complex financial services environment, which is dominated by demand for differentiated products and services.
“In this day and age there are too many hats for a lone ranger to wear,” says Joanne Ferguson, president of Advisor Pathways Inc. in Toronto. “You just can’t try to do everything.”
Going solo can be rewarding, says Raymond Yates, financial advisor and senior partner with Save Right Financial Inc. in Brampton, Ont., who has worked as a solo practitioner. “You get to be your own boss and are responsible for your own success.”
As a solo practitioner, you end up working harder, Yates says, but you do so on your own terms.
Although you might have been quite successful in building your book of business, you may find that the growth of your practice has reached a plateau. “You might find that you’re tired of running everything by yourself,” Yates says. “Or you don’t have enough time for yourself and your family.”
Adds Ferguson: “You can’t even take a vacation without having to worry about who will take care of your clients.”
If that is the case, you should reconsider whether remaining solo is your best option.
> Change your mindset
Abandoning your “lone ranger” approach in favour of a team-based practice requires a change in your mindset.
You have to start thinking about putting a team together, Ferguson says. She suggests figuring out the roles of individuals who would make up your team, and then looking to hire the right people.
“Based on your experience,” Yates says, “you should have a pretty good sense of the type of practice you would like to build.”
More important, he says, your role will change, as you will be leading a team and will rely on the collective skills and experience of its members to grow your practice.
This strategic shift is not necessarily easy for someone who has become accustomed to working alone. But as you consider the benefits, Yates says, adapting to your new role will become easier. For example, you can concentrate on maximizing the use of the skills that made you successful as a solo advisor, leaving tasks that bogged you down to team members.
> Delegate tasks
Administrative tasks that can be time-consuming can be handled by an assistant. You can also be relieved of managing day-to-day client services and other business-related processes by team members.
You will have to learn to delegate tasks to team members, which at first can be difficult, Yates adds, because “you were used to doing everything.”
You will incur additional costs, but these will be offset by higher revenue over time as your business expands. The limitations of a solo approach will become more evident and you will probably be much happier because you will have more time for yourself.
See also: More to teamwork than co-operation