Get advice to grow your business

These interviews involve talking with individuals who are typically outside of your client base to get general advice on growing your business. For instance, you might find out about new opportunities to network, such as learning about an association to join.

“[The] opportunities are really endless,” says Garibaldi.

Potential interview candidates include friends, acquaintances, fellow board members, business owners or centres of influence (COI). For example, you could approach a friend or acquaintance who is related to your ideal target market but is not a client, says Garibaldi. Questions to ask this individual would be: Where are some effective places to network? What associations should you join? Where might you find opportunities to speak at events?

These interviews can also direct you to other useful resources. For instance, speaking with someone you know in the marketing profession could lead to introductions and information about different groups or individuals that could teach you more about that subject.

Other successful business owners could also provide valuable advice. Get ideas for growing your practice by asking a business owner you respect — whether in the financial services industry or not — about some of the obstacles and challenges they’ve faced in expanding their business.

If you have a friend or family member who is a successful entrepreneur, “why not pick their brain?” says Larry Distillio, a director of financial advisor business management with Mackenzie Financial Corp. in Toronto.

Questions to ask such an individual include: What works or doesn’t work for you in your business? How do you manage your time? How do you motivate yourself? How do you become more proactive vs. reactive? How do you recover from a bad month?

Of course, it’s important to have a clear idea of why you want to speak with this individual and what you hope to accomplish with the conversation.

“There has to be a mutual reason for why you’re getting together,” says Distillio. “It’s not simply getting together because you want to get a cup of coffee with someone.”

If you decide you want to seek more targeted advice on your business from a mentor, Sara Gilbert, founder of Strategist in Montreal, believes it’s important to work with someone who has faced similar problems as you. That way you can ask more specific questions about your business and team.

Whomever you meet with, make sure the conversation focuses on them at first, says Garibaldi, before getting into the details of your own practice. Ask about their business, when they started in that industry, any organizations they’re involved with, and their personal hobbies.

After you’ve heard about them, explain your own business and the clients you serve. Being clear about the services you offer and your ideal client profile is important, since often these interviews can lead to referrals, says Garibaldi.

“Not only can you get valuable nuggets of how to grow your business,” she says, “but you’re very often getting introductions, referrals and just good sound advice.” Referrals, however, should not be your main goal of these interviews, Garibaldi says.

For Gilbert, seeking advice from a mentor or coach is all about finding a new perspective on your business.

“Advisors want to surround themselves properly to get different ideas, different perspectives and really challenge the status quo,” she says.

This is the third article in a three-part series on refocusing your business in 2015.