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Learn from your mistakes

Practice Management

Gaining While Failing in Your Practice

Kristan Wojnar, RCC™ Jan 27, 2020


Can you believe it? We are already approaching the end of the first month of 2020.

As we began this new year, we all spent time reflecting on last year, as well as reflecting on the end of a decade.

Looking back, our hope is that we have made great strides in our practice. However, we have all made mistakes and even perhaps failed tremendously in our business. However, when we fail, we also make great gains. It is so important to be introspective and reflect on what we have gained by failing.

Ralph Waldo Emerson said, “Our greatest glory is not in never failing, but in rising up every time we fail.”

If you are looking for the right guidance to grow your practice, follow our Practice Management center.


The Strength is in the Struggle


Strength is gained through struggle. Think about how often you gain by losing both professionally and personally.

There are no victories without a battle and there can be no peaks without the valleys! You must take risks and try new things in your business.

What mistakes did you make last year or in the last decade? Take the time to be reflective in order to gain strength and knowledge to take with you this year.


Too Much Time with the Wrong Clients


If you are having trouble fessing up to your failures, ask yourself if you’ve made any of the most common advisor mistakes. One of the biggest mistakes advisors make is spending too much time with the wrong clients.

Do you spend too much time with difficult clients, especially ones who don’t fit your ideal client profile? Often, advisors can be overly accommodating to clients who simply just aren’t a good fit for their business. It can be difficult to say no.

While you may feel like you are failing as their advisor, it is OK to push back, to say no or refer them to an advisor who may be a better fit. Embracing this philosophy can ultimately free up your time and make you an even better advisor to clients who do fit your ideal client profile. Even more, it reduces your stress and ensures quality client experiences with your clients who matter most. If you haven’t done so already, commit the rest of this year to cutting your time with non-ideal clients.


Neglecting Yourself as a Business Owner


Another frequent mistake that many financial advisors make is forgetting that they are a business owner and in addition to a financial advisor. While strong relationships with clients and prospects should never take the back burner, it is also important to remember to focus on being accountable for your business.

Advisors can’t forgo the importance of business planning, marketing and scalability.

So what’s the takeaway here if you feel like you are failing to run your business like a business owner? Focus on what you have done well in this area, yet allow yourself to take more risks this year and try new things as a business owner.

Consider trying some new marketing strategies going forward in 2020. Do you make yourself known in your community by doing workshops and events? If so, consider inviting more qualified prospects and not just clients. If hosting workshops and events is too time-consuming or not cost-effective, consider hosting webinars on a routine basis.

How engaged are you in your social media channels? Perhaps you can focus on increasing your followers this year. Do you use digital ads? Do you write a weekly or monthly blog or newsletter? Do you do podcasting? Do you use email automation? All of these are cost-effective ways to improve your marketing.

You certainly do not need to implement all of these marketing tactics this year. Start by choosing just one. Remember, even the subtlest changes to your business can reap massive rewards.


The Bottom Line


When you reflect back over the past decade, you may have felt like you failed in some key areas. You are not alone; many advisors feel this way.

However, there is a reason when you are driving a car that the windshield is large and your rear-view mirror is small. Your past, and the mistakes you’ve made, are not nearly as important as where your business is heading.

Difficult journeys can take you to the most beautiful destinations in your business. Your biggest mistakes, both big and small, can ultimately bring your greatest gains.

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