​Become more productive in the coming year

​Become more productive in the coming year

​Become more productive in the coming year Inc. magazine asked the Young Entrepreneur Council for some productivity resolutions in 2015. They came up with fourteen. Five are especially helpful for financial advisors.

After all, higher productivity can be the difference between a good year and a fantastic year in the financial services business. With only 24 hours in a day it definitely pays to be productive.  

That’s especially true given you already work long hours.

Our first annual lifestyle survey, part of the December edition of Wealth Professional magazine, found that the average Canadian financial advisor works nine hours per day with 54% also working weekends. That doesn’t leave much additional time to pad revenues.

Rather than work a greater number of hours you’re better served accomplishing more in the same amount of time. Your family will thank you.

Productivity Resolution # 1
Plan your day: This one is applicable to everyone doing business including financial advisors. Easy to implement, all you need do is sit down for 10 minutes prior to going to bed and write out five things you’d like accomplish the very next day. By having a plan in place before you get to work, you’re more likely to achieve it. As they say, “Those who fail to plan, plan to fail.”

Productivity Resolution # 2
Focus on your weak areas: While some productivity experts suggest it’s better to put most of your efforts into the things you do best, it also makes sense to eliminate or minimize the things you don’t do very well. Whether that means delegating these things to someone in your office whose talents are more suited to these tasks or by getting better at doing them yourself, the payoff down the road is tangible.

Productivity Resolution # 3
Set up systems that increase efficiency: With only so many hours in the day you want to ensure that your systems and processes are operating at maximum efficiency. Repeating tasks more than once because of poor systems and processes in place is simply inexcusable. Businesses won’t grow if they’re not set up in advance to handle that growth.

Productivity Resolution # 4
Stop multitasking: New evidence suggests that multitasking doesn’t work. Rather than trying to do six things at once, it’s better to do one thing focusing on the task at hand. You might think it makes sense to answer 25 emails while putting together a financial plan for a client but the YEC are here to tell you that’s not a good idea.

Productivity Resolution # 5
Unplug and unwind:  Probably the most difficult resolution for financial advisors to master, it’s likely the most important. Taking as little as 15 minutes each day to relax and recharge is the key to a successful practice. Otherwise, burnout sets in and your focus and productivity weakens.