Growing Your Practice: The Rule of 5
- April 19, 2010
- Posted by: Rochelle
- Category: Client Relationships
Consultants and advisors are a bit schizophrenic when it comes to focus. We’re hard-wired to deal with client deadlines and address problems as they crop up. But focus on the non-urgent spadework of building our practice? Not so much.
Making a call to a long-term prospect. Having lunch with a future alliance partner. Delegating administration so you can spend more time doing the work you love. How are you supposed to fit these into an already jam-packed schedule?
Try the “Rule of 5”. Every day, do 1 thing that will advance your business in 5 weeks, 5 months or 5 years. Crazy busy? Then do 2 the next day–hold yourself accountable.
The important thing is to start.
5 weeks: This is referral territory. These are the calls, the meetings, the posts that get you connected to referral sources and prospective clients. It’s responding to those who ask for referrals to your network. Making time to help someone else is just good business for advisors.
5 months: We’re talking about the time it often takes to turn a warm, connected prospect into a client. Forward an idea, continue the conversation, do a favor, stay connected. Help your contacts with their job searches. Building these relationships takes consistent effort.
5 years: Here is where you dedicate time to learning, writing and long-term relationship and brand building. That book may not pay for itself in the first year or two, but by year 5 it could well be your primary calling card. Ditto that client relationship that was slow to start but is now at the core of your practice. Are you investing enough in your future?
The Rule of 5. Try it. Master it. Pass it on.