A Tool for: Creating Collaborating Communicating Critical Thinking.
Why Building a Team is Critical to Creating Value in Your Business
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Transcript of Why Building a Team is Critical to Creating Value in Your Business
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
KRISTA SHEETS
Accelerating Team Performance to Maximise Client Relationships
Why Building a Team is Critical to Creating Value in Your Business
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
Who is Paragon Resources?
Founded in 1994 in Atlanta, Georgia to help investment advisors build and manage successful businesses.
We are a practice management training and consulting firm specifically focused on ROP – Return on People.
Our clients are brokerage firm leaders and successful $1MM+ teams focused on fee-based asset management and wealth management services.
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
Value Defined
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
Developing Themes of Successful Advisors
Working ON the business not just doing it
Build the team and it shall come
Client Advocacy vs. Client Acquisition
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
Business Optimization
Less Effort
Good R
esu
lts
Gre
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Resu
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More Effort
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
Practice Management
Vision
Business Obesity
Systems = Capacity
Resource Utilization
Workload Capacity Gap
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
The Building Blocks of Business
GRIND
MINDFIND
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
PracticeManagement
Marketing Sales WealthManagement
PortfolioAnalysis
InvestmentManagement
ResearchPortfolioReviews
ClientService
RelationshipManagement
Administration& Operations
What are the Core Functions of Your Business?
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
Teams are the Solution
3 Types
Vertical
Horizontal
Hybrid
Which one is right for you?Which one is right for you?
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
Results-Driven Team Defined
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
Formula for Team Success
Complementary Behaviors (DISC) (HOW)
+
Compatible Motivators (Values)(WHY)
=
Results-Driven Team
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
5-Star Service Turns Clients into Advocates
LTV = Real Profitability
Referrals define your success
Organic growth
Consistently exceed expectations
Service drives sales
Actions speak louder than words
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
Design a Service Menu
Results of Designing a Service Menu:
Not all clients are created equal, but all deserve SOME level of service
Keep your clients ENGAGED
PROACTIVE communication strategies
Show your clients you APPRECIATE them
ATTRACT ideal clients by delivering a memorable client experience
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
Service by Segment
How? Assess your clients:
Client scorecard
Define ideal client
Classify each client
Develop opportunity and elimination lists
Determine your core, standard service ingredients then your signature ones
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
Why Define Your Ideal Client?
Helps you make wiser decisions on where or where NOT to spend your efforts
Allows you to target your marketing messages which leads to results
Leads to win-win relationships
Focuses you so you say no to the wrong business
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
Define Your Ideal Client
Factors to Consider
Quantitative
Influence
Qualitative
From: Know Service, Authors: Dale and Sheets
Know WHO Your Ideal Client is and WHAT they need and want
Know WHO Your Ideal Client is and WHAT they need and want
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
Differentiating Standard vs. Signature Service
Standard
Service elements to MEET expectations
Typically more reactive
Examples: mailing statements, issuing checks, returning calls within x hours
Signature
Service elements to EXCEED expectations
Typically more proactive
Examples: offering holistic advice on more than just insurance or investments; serving clients their favorite beverages; inviting a client and spouse to dinner; personalizing their appreciation items
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
Connect with Your Clients
Communication
#1 complaint by clients: “I don’t hear from my advisor enough.”
Type, purpose, frequency, and method
Appreciation
Show them you care
Notes, cards, gifts, and events personalized to them
Environment
Give them a memorable, enjoyable experience
What is it like to do business with you?Conduct a client experience exercise
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
Commit and Act!
Engage in the right activities with passion and results will follow
Never stop learning
Take baby steps – one idea at a time
Invest in your team – they are integral to your ultimate success
Simplify the complicated
Behavioral change is difficult, be consistent – you can’t “fly-by-the-seat-of-your-pants” anymore
Patience – anything worth it, takes time!
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© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310© 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
Contact information: Krista S. Sheets
US: 770.319.0310 | Skype: paragonresources
Contact information: Krista S. Sheets
US: 770.319.0310 | Skype: paragonresources