At some point in your career, you may feel as if you are stuck in a rut. And it could be for any of a number of reasons. For example, the growth of your business has stalled; you’re not generating new referrals; you keep encountering obstacles to growth and you just can’t seem to move on.
“You’re caught up in the same routine day after day,” says Heather Holjevac, a financial advisor with TriDelta Partners in Oakville. “It’s so easy to get into the habit of doing the same thing over and over, with nothing new.”
So, how do you get out of the rut and get back into growth mode? Here are some strategies you can use:
> Have a process
Audrey McFarlane, a financial advisor with Edward Jones in Victoria, recommends putting a process in place to periodically review your operation. For example, McFarlane has a trimester planning session, in which she spends up to a full day reviewing the previous trimester and preparing for the next.
McFarlane reviews what worked and what didn’t. She recommends setting a specific theme for each trimester, which, she says, gets you of a routine and allows you to remain focused.
> Create new activities
If you have grown accustomed to performing the same activities, then consider taking a different approach.
For example, Holjevac recommends participating in new networking events, where you can meet new people. Or you can add a new center of influence to your network, giving you the opportunity to connect with your clients to tell them about your new relationship and the services that you can now offer.
Prem Malik, financial advisor with Queensbury Securities Inc. in Toronto, suggests calling up clients to simply give them a quick update or ask if they have any questions or concerns about their accounts. Clients are generally happy to hear from you, and this client satisfaction could in turn generate referrals.
> Re-examine your business
Perhaps the underlying reason for your being in a rut, Holjevac says, is that you have reached a stage at which you need to re-examine your business model or value proposition. Look at what you currently offer and consider whether you should make changes.
McFarlane suggests looking at how much money is coming into your practice and how much is going out. If assets are not coming in, Malik says, it might be time to re-evaluate your sales process.
Consider rejuvenating your client acquisition process by attending client functions and networking events, Malik says. Send emails to prospects and clients and update your blog.
Holjevac suggests looking at all your contacts and reconnecting with them.
> Participate in extracurricular activities
Getting into a rut can cause you to lose perspective. Taking frequent breaks and getting involved in non-business activities can help you regain it.
Pursue a passion, whether it is art, music or a sport. Or, get involved in charitable work, Holjevac suggests.
Finding new clients is not a direct objective of this type of activity. However, becoming more rounded and meeting people who share your interests can’t help but improve your chances of encountering new prospects.