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The Unexpected Way Advisors Can Boost Profits

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Profits
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Sometimes I am a one-man band. I run a busy coaching practice. I travel all over the world giving talks based on the research set forth in The Smartest Sales Book You’ll Ever Read. I write weekly for The Huffington Post and Advisor Perspectives.

Yet, I have plenty of time in my schedule, which permits me to take on new business, expand my writing and engage in other work-related activities.

I can also achieve a reasonable work/life balance. My wife and I travel extensively and have ample opportunity for leisure activities.

Outsourcing

Here’s my secret, which I’m happy to share.

I learned how to outsource.

In my younger days, when we had two small children, I remember someone telling me. “It’s just not true that only Mommy can make a peanut butter sandwich.” Those words have stuck with me.

About a year ago, when my practice was expanding, I was overwhelmed. I was doing everything myself, including invoicing and making travel plans. These tasks can easily be done online. But, in the aggregate, they were a time drain. Before I realized it, I was spending a couple of hours a day on administrative work.

Then I had an epiphany. I wondered what would happen if I delegated everything that could be done by others? I didn’t make a judgment call about whether it was cost-effective to do so. Either it fit into this category or it didn’t.

Implementing the plan

Implementing this plan required hiring an IT person to take over management of my website and a virtual assistant (VA) to deal with everything else.

I thought carefully about the personality types with whom I work best. I made a list of positive traits and used them in my screening process.

I’m an introvert. I don’t like talking on the telephone. I also don’t like meetings, whether they are conference calls or in-person. I find they are often a waste of time.

I don’t like “experts” who feel a need to “educate” me (sound familiar?). As I told the wonderful IT person I hired, “Don’t explain to me what you did or how you did it. I don’t want to learn how to code. You have forgotten more than I will ever know. Just show me your work product.”

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

Sometimes I am a one-man band. I run a busy coaching practice. I travel all over the world giving talks based on the research set forth in The Smartest Sales Book You’ll Ever Read. I write weekly for The Huffington Post and Advisor Perspectives.

Yet, I have plenty of time in my schedule, which permits me to take on new business, expand my writing and engage in other work-related activities.

I can also achieve a reasonable work/life balance. My wife and I travel extensively and have ample opportunity for leisure activities.

Outsourcing

Here’s my secret, which I’m happy to share.

I learned how to outsource.

In my younger days, when we had two small children, I remember someone telling me. “It’s just not true that only Mommy can make a peanut butter sandwich.” Those words have stuck with me.

About a year ago, when my practice was expanding, I was overwhelmed. I was doing everything myself, including invoicing and making travel plans. These tasks can easily be done online. But, in the aggregate, they were a time drain. Before I realized it, I was spending a couple of hours a day on administrative work.

Then I had an epiphany. I wondered what would happen if I delegated everything that could be done by others? I didn’t make a judgment call about whether it was cost-effective to do so. Either it fit into this category or it didn’t.

Implementing the plan

Implementing this plan required hiring an IT person to take over management of my website and a virtual assistant (VA) to deal with everything else.

I thought carefully about the personality types with whom I work best. I made a list of positive traits and used them in my screening process.

I’m an introvert. I don’t like talking on the telephone. I also don’t like meetings, whether they are conference calls or in-person. I find they are often a waste of time.

I don’t like “experts” who feel a need to “educate” me (sound familiar?). As I told the wonderful IT person I hired, “Don’t explain to me what you did or how you did it. I don’t want to learn how to code. You have forgotten more than I will ever know. Just show me your work product.”

Read the full article here by Dan Solin, Advisor Perspectives