I am all for finding ways to reduce stress, especially through food! We are having a little fun today, but hopefully sharing a way to help reduce stress.
Inc.com has shared an awesome article full of 7 stress-busting foods you can add to your diet.
Enjoy the article here….. Inc.com
Let us know how you combat stress! We want to hear from you! Leave us a comment here.
Are you on track to reach your mid-year goals? Today’s top advisors are increasing performance by placing laser focus on core elements within Ironstone’s Fundamental 4™.
Review the core elements and Ironstone’s Methodology to identify and plan your strategy to reach goals within your firm.
Question: How are you faring on your quarter end goals? Let us know by leaving a comment here!
Download your copy of Ironstone’s Infographic to identify the core elements you need to place focus on.
Trending in business, as well as being a “hot” topic, is “should we allow employees to work from home – or another remote location?” Depending on the requirements of the position within your firm, telecommuting can be a great option if managed properly.
Marissa Mayer, CEO of Yahoo, made headlines when she called it quits on Yahoo’s telecommuting program. (If you somehow missed it, here is just one of many articles regarding her decision from ComputerWorld.)
Research tells us employee engagement and motivation often increase when remote or telecommuting arrangements are made. The benefits to both the employer and the employee have caused many to question the decision of Mayer.
It’s All About Willingness, Communication & Collaboration
Before considering a telecommuting arrangement with employees, put your ducks in a row by ensuring everyone on the team is on board. Failure of leadership and team support will set your telecommuting employees up for defeat, both personally and for the firm. Once you have established critical team buy-in, develop standard operating procedures including willingness, communication and collaboration guidelines. We reviewed the benefits of the remote worker in our blog “Creating An Ocean View Culture – Is It For You?” Take a look at our resource for further insight regarding managing remote employees.
James DeJulio, the president of Tongal, shares what lessons he has learned from his experience in using thousands of remote staff. “I will never de-emphasize the value of collaboration with team members, but we’re really in an age where collaboration can happen in a lot of ways other than purely physical ones.” I relate to DeJulio’s comment completely. The team at Ironstone works from remote locations across the United States solidifying excellent communication and collaboration can and does take place in many forms through the use of today’s technology. Find the communication tool appropriate for your needs, implement it and use it to your advantage.
Tested Tips For Managing Telecommuting Employees
We have gathered some of the best guidelines and tips from across the board for you to use when implementing and managing remote teams:
Tips For The Telecommuter
Telecommuting requires a lot of discipline and commitment. Here are some tips for the employee who telecommutes for your firm:
Reward Results
Just as you reward your on-site team, rewarding virtual employees is equally important. Lay the foundation by showing how their work contributes to the big picture. Utilize benchmarks and graphs to measure progress and implement rewards based on performance.
Our firm knows first-hand the benefits of telecommuting. We have implemented processes and procedures for working effectively together with our team from coast to coast.
Question! Do you have team members who work remotely? Share your best practices with us!
Hi All,
The weekend is finally upon us!
We have put together a short list of the “best advisor reads” for your weekend.
Grab one of these books or articles, a spot in the shade and enjoy!
Thanks for following Ironstone - Have a great weekend!
Let us know what you are reading – Share your thoughts with us!
Client satisfaction survey time! Or, should we say, employee satisfaction survey time? The two go hand in hand. Research shows, happy, engaged and satisfied employees will increase client satisfaction and retention levels, leading to an increase in your bottom line.
I love the book, Happy Hour Is 9 to 5 by author Alexander Kjerulf. Kjerulf, a self-proclaimed chief happiness officer, lecturer and consultant on happiness at work, says, “happy employees make the customers happy’. It all starts with your hiring and onboarding process. We have all heard, “hire for attitude, not for skill’. If your hiring and onboarding process does not incorporate an “attitude check’, now is the time to rethink the process and review the attitudes of your existing team. Most employees are waiting for the “5:01 Happy Hour”, business owners and managers need to turn the happy hour around.
Happiness & Commitment – How They Relate
Dr. Andrew Shatte, is the founder and President of Phoenix Life Academy, a company specializing in measuring and training resilience, says, “if you want happy customer service representatives, commitment is critical’. Shatte adds, “What is happiness, anyway? In a workplace setting, many experts say that engagement or connection to work may be what ultimately leads to happiness. Make someone connected to their job, and happiness will follow. Trying to directly impact an employee’s happiness is going to be an extremely tricky thing to do. The crucial thing is to have people who are truly connected to their jobs—they can’t think of a better place to be for those 8 to 10 hours a day.” Read more about employee engagement and commitment in our blog, Put A Ring On It For Employee Engagement.
Ensuring that your customer service representatives care about your company requires first defining your corporate culture—and making sure its tenets are concrete enough to be hired and fired for, says Zappos.com’s, Aaron Magness.
Tying it all Together
Mid-year is a great time to review your firm’s standard operating procedures. Start with the glue holding your firm together, your team and your clients. Evaluate satisfaction levels across the board by linking client and employee satisfaction surveys together to reach your firm’s overall goal — employee satisfaction, client satisfaction and an increased bottom line.
According to a white paper by the Corporate Leadership Council, 40 to 80 percent of customer satisfaction and loyalty is determined by the customer-employee relationship.
Here are a few related articles on employee satisfaction and improving your client service:
2 Part Question! Does your hiring process evaluate attitude as well as skill? Do you have a process linking client satisfaction to employee satisfaction levels? Let us know!
Besides honoring our beloved fathers on Father’s Day in June, did you know that June is host to the National Flip A Coin Day?
Check out some of these other unique national holidays and have some fun!
Check this out – there is a day for almost everything! (Holiday Insights)
Are You Planning Some Fun On Any Of These Holidays?
Who wants to work during the summer??? Let’s face it, most of us are itching to get outside and enjoy the warm sun and grab some fun.
Take a peek at these great tips for your summer planning. You will find ideas on staying fit during vacation, keeping your teens safe and motivating your staff when they would rather be playing a round of golf or laying on a recliner in the sun. Plus, the family vacation critic weighs in on the 10 Best Vacation Bets for 2013. (We can all dream!)
Let’s Have Some FUN! Let us know what you fun and unique summer plans include! Plus, if you have any tips on how to stay motivated at work, let me know! 
Leave Us A Comment Here!
According to Bloomberg.com, financial advisors are relying more heavily on behavioral finance, the study of how unconscious biases affect financial decisions to coax risk-averse investors out of cash and into the markets.
Bloomberg.com provides us with several great articles to dig into the side effects behavioral finance has when you combine your money and your brain.
In addition, Bloomberg TV offers this advice:
Question: How do you close the gap between traditional investment theory and behavioral theory to meet the needs of your clients?
We want your feedback! Let us know by leaving a comment here!
Most of us are familiar with Beyonce’s song, “Single Ladies (Put A Ring On It),” depicting, “if you liked it, then you shoulda put a ring on it”. The truth is, employee engagement is much like engagement in personal relationships. Employee engagement means different things to different firms. Before you can determine the level of employee engagement in your firm:
Employee Engagement Aligns With Personal And Business Goals
BlessingWhite’s Employee Engagement Research Report – 2013, reveals, “Engaged employees are not just committed. They are not just passionate or proud. They have a line-of sight on their own future and on the organization’s mission and goals. They are enthused and in gear, using their talents and discretionary effort to make a difference in their employer’s quest for sustainable business success.” Employee engagement is directly correlated to employee rate of retention.
Measuring Employee Engagement
Most firms have implemented an employee engagement survey system. If you haven’t, it is critical to the bottom line and success of your firm to make it a priority. Once a year doesn’t cut the mustard. Top performing firms complete engagement surveys on a frequent basis. Well-designed surveys will provide you with a quantitative measure such as a score from 1 to 10 or a percentage. Avoid placing 100% of your focus on the survey outcome by developing solutions to meet employee needs both personally and professionally. Engaged employees have the following in common:
How Management Teams Matter To Engagement
Gallup reports the number one reason employees leave their current position is due to a poor relationship with their boss or other management. Choosing and evaluating the leadership of your firm is critical to your employee retention rate and engagement level. According to the Dale Carnegie Institute: a “caring” manager is one of the key elements that drives employee engagement. That is, employees want their managers to care about their personal lives, to take an interest in them as people, to care about how they feel and support their health and well-being. A manager’s ability to build strong relationships with employees, build strong team interaction and lead in a “person-centered” way creates an engaging environment in which employees can perform at the highest possible level.
How You Can Increase Employee Engagement
Employee engagement begins with hiring the right person for the right job. Hiring managers must provide new employees with a realistic job preview, provide on-the-job training and offer access to additional training or education. Employee engagement is significantly higher when the components listed above are utilized. One of the biggest excuses from management regarding low employee engagement is, “It is beyond my control”. Nothing could be further from the truth. Employee engagement is modeled by the leadership in your firm.
Understanding how a person is motivated is by knowing what they value. Incorporate a “values-list” in your employee engagement survey. Once values are understood, incorporate motivational methods to increase engagement.
Leading businesses in employee engagement have shared these ideas to boost engagement levels:
Gifts – Please make it more than a bouquet of flowers or a gift card. Although these are nice from time to time, their sentiment wears off. Use your creativity to find a gift relating to a specific project completed by your team or an individual. The gift along with the story will be remembered and told for years.
Money Does Matter – Study after study has shown when specific behaviors are tied to a significant dollar, the behaviors are more likely to occur.
Other Rewards And Incentives – Utilize other methods such as; recognition, awards for distinguished service, an extra day off or tickets to a unique event in your community.
When your team is aware of the direct link between their level of engagement, behaviors and productivity to rewards they value, they are motivated to engage into over-drive. This creates a win-win combination as the team and the company move toward the same goals.
In Conclusion
Managed properly, employee engagement systems will provide loyalty and devotion for your firm adding to a more positive and enjoyable office culture. Listen to your team, hear them and take them seriously. Rewards after engagement is lost; it is too little and too late.
Don’t assume you know your team levels of engagement without a system in place. Rather, be pro-active by utilizing your system, if you have one, or implementing a system if you don’t.
The survey results will guide your firm to become a threat to your competition, increase employee retention, performance and overall career satisfaction as well as increased client satisfaction and firm profitability. Enough said? ….Put A Ring On It!
Question: Do you measure employee engagement? Tell us how you do it!
Loving or hating new technology? Regardless, many advisors are falling in love with the perks new technology is providing for their firm, their employees and their clients.
In most every tech trend article, you will find advisors are creating comfort for their clients by moving towards mobility, removing barriers of old-school technology (traditional office setting with a desktop computer) and providing solutions across all mobile platforms.
We have picked great videos and articles to bring you up-to-date on the latest technology trends for advisors in 2013. Check these out to see if you can consider your firm “tech-trendy”.
I’m curious to know what technology trends your firm is implementing and how they are benefiting your firm and your clients.
Let us know what new technology you are using
& the success you are gaining from it! Leave A Comment Here!
Placing your firm’s video marketing on the back burner could be costing you more than you think. Video marketing is nothing new and has become a preferred marketing technique for many firms. Video allows your target market the opportunity to get acquainted with you, become familiar with your character and style, hear your unique value proposition and make an educated and informed decision on how your services will meet their unique needs.
Over 70% of people go online first to find local business information according to a 2010 local search usage study performed by Small Business Trends.
A simple website doesn’t make the cut in today’s world. Businesses who want the leading edge need to incorporate eye appealing and functional websites with video that will rank high in search engines to have a successful and profitable online presence.
Incorporating video into your marketing plan will provide your firm with numerous advantages:
Getting Started With Video
You have several options to choose from when adding video to your online presence. You can choose from a range of professional video shoots to using your own video equipment; the key is to make it professional yet personal. The best videos are less than three minutes and are more effective by showing the real you. (Research obtained from Business Management Daily)
Other options for short videos include:
Tout.com allows you to record a video from your computer or smartphone and upload directly to your Facebook profile and Twitter accounts.
Another great method to reach your audience is through the use of tutorial videos. Tutorials are videos that will be searched for and shared. People easily relate to visual, step-by-step learning tools through video tutorials. You have many options in creating a tutorial video ranging from free to expensive. A couple of the best free versions include:
Be sure to upload your tutorials to YouTube and embed them into your blog post. This will increase your search engine optimization (SEO) as it can be found through both search engines – Your Blog and YouTube.
When To Use Video
Video marketing can be used in a number of ways and is only limited by your imagination. Use innovation and creativity to deepen relationships with prospective and existing clients. Some ideas to get you started on when to use video include:
Have Fun With Video
Tell your story with video. Video gives you the opportunity to share the story of your business, your vision, mission and unique value proposition. Incorporate action shots so others can see you doing what you do and use variations through an interview with an existing client or another team member.
More Tips:
My challenge to you is to incorporate video into your marketing plan if you haven’t already done so. Measure the results, just as you measure other marketing strategies and let me know how video fared for you!
Question: Does Your Business Use Video Marketing?
Share Your Success Stories And Your Videos With Us!
“The difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather a lack of will.”
Success requires us to have clearly defined goals, benchmarks to gauge progress and a solid plan to reach them. Top financial advisors achieve success by laying a rooted foundation with a vision and strategy, followed by placing laser focus on tactics and strategies to reach each goal. The center of focus, for top advisors, is placed on the relationship with existing affluent clients.
10 Strategies of Elite Advisors
1. A Communicable Value Proposition – Your value proposition is one of the most important tools in your marketing tool kit. Create a value proposition clearly defining your benefits, products, services and why a client should consider you. The key is to make it precise, understandable and communicable.
2. Formal Business and Marketing Plan – Elite advisors develop and focus on their business and marketing plan regularly to ensure core strategies are carried out. Developing a solid business plan and marketing plan hold little weight unless they are reviewed frequently to identify progress, evaluate processes and detect gaps.
3. Team Focus – Success is rarely achieved alone. Top advisors find and employ quality talent and implement a structured plan to retain them. Providing team members with clearly defined roles and responsibilities, combined with regular team and departmental focus sessions, allow teams to flourish, excel and contribute to the bigger picture; the success of your firm.
4. Understand Expectations of the Affluent Investor – Advisors who desire to cater to the affluent investor must first understand their expectations. In order to stay abreast of the needs of the affluent, advisors must research and study affluent investors and implement ways to meet their needs as change occurs. Advisor confidence is essential in order to execute successful relationships with the affluent investor.
5. Concentrated Growth Initiatives – Growth initiatives should be regularly reviewed by firm management, as well as team members. Review of your growth strategies is critical to achieve your desired end result. Top advisors realize education and research are essential to improve affluent sales skills and to stay abreast of trending growth initiatives. Elite advisors do not place focus on activities that produce a low percentage of affluent acquisition.
6. Focused Relationship Marketing – Word-of-mouth continues to be the dominating factor in the minds of affluent decision making. Place a concentrated focus on existing affluent clients by developing and implementing strategies to increase affluent client acquisition through your existing client database. Identify which clients you need to become more social with and break down the barriers to their circles of influence.
7. Strong Networking and Strategic Alliances – Elite advisors place focus on the huge benefits of networking and strategic alliances. The two strategies are crucial for advisors desiring affluent client growth. Advisors who have not implemented a formal networking and strategic alliance plan need to restructure their business and marketing plan to include these components. Introductions, professional referral alliances and intimate client events are lead generators for acquiring qualified prospects; while seminars, direct mail and cold calling hold little to no value.
8. 2nd Opinion Offerings – Because investor confidence and anxiety remain high, advisors need to incorporate 2nd opinion offerings into business and marketing strategies.
9. Communication Assessment – Communication is vital in any relationship. The affluent investor wants more communication and desires to know and understand your firm’s investment and communication processes. The affluent need to know they are more than a number on your balance sheet. Understanding how you will communicate, the frequency of communication and the level of service they will receive can calm their fears.
10. Client Surveys – Elite advisors are proactive verses reactive. Client surveys offer the opportunity for firms to assess client satisfaction levels, identify gaps and make improvements where needed.
In Conclusion
Elite advisors commit to reviewing and making adjustments to their business and marketing plans on a regular basis. Develop a specific action plan to implement reviews of your business and marketing models. Only when your plan is reviewed are you able to identify the core strategies working and those in need of change. Each of your core tactics link together to provide you with a solid foundation and an increase in new business development.
While it is important to study, research and unveil the best practices of elite advisors; continue to make your firm one of innovation and differentiation.
Share Your Best Practice Ideas With Us!
What Is Your Firm Doing To Increase Affluent Client Acquisition? Leave Us A Comment Here!
“The employer generally gets the employees he deserves.” - J. Paul Getty
Top talent makes a business go, grow and thrive. The need for top talent, combined with escalating turnover rates, validates the importance of investing time, money and resources into your employees.
Your firm culture stems directly from how much training, responsibility and empowerment your team members receive.
Communication with team members is vital. I have come across many firms that fly through annual reviews without placing the proper importance or time they deserve. This is frustrating to employees and will likely result in turnover after a period of time.
Gauging your company’s performance and recognizing employee achievements on a regular basis is always vital, says Bhaskar Chakravorti, a partner at the management consulting firm McKinsey & Company in Boston. “Ideally, what you would want to do is have some kind of standing review process,” says Chakravorti, who is also a Senior Lecturer of Business Administration at the Harvard Business School. But when managers and owners get distracted by company woes, finding time to conduct such a review can be difficult, he says. Still, “putting off a workplace process that could keep people engaged and motivated — especially during a recession — is a mistake,” says Kathryn Kerge, the president of Kerge Consulting, a human resources strategy firm in New York.
Mid-Year versus Annual Performance Reviews
At times, annual reviews are avoided altogether or held only to fulfill company policy. Grasp the importance and make the time to invest in your team.
Why Hold Mid-Year Reviews?
Mid-year reviews allow for more detailed assessments. The less time elapsing between reviews will provide your firm with:
Annual evaluations tend to place focus on past performance. Proactive firms engaging in multiple employee evaluations place a portion of the review on past performance while allowing time to hone in on future strategies to reach individual and firm goals. If you missed our blog, Don’t Wait To Reward Great, take a moment to review the importance of rewarding outstanding employees.
For employees underachieving, a mid-year evaluation is vital in order to communicate deficiencies. Offer advice and design a plan to aide them to achieve higher levels of performance. Explain how their contributions help the firm achieve overall goals and establish measurable benchmarks with time-lines. Employees cannot change what they don’t know and many employees lose loyalty, commitment and desire to contribute their best to a firm when performance is not acknowledged. As a leader, the responsibility lies within you to provide an opportunity for growth and improvement.
Communication is vital to the process of employee evaluations. Paper documents hold little weight in reaching the true objectives of reviews; performance, improvement, engagement, loyalty and recognition. Spend ample face-to-face time with team members to engage conversation from all parties involved. Thoughtful discussion should be your final and desired result.
Alternatives To Dollar Increases
Ask employees for advice and suggestions. Christopher J. Collins, an Associate Professor of Human Resource Studies at Cornell University in Ithaca, New York, explains, “Unlike managers and owners who tend to have a higher-level view of the company’s operations, employees often maintain a more intimate knowledge of specific areas of the business. If there’s waste or slack in the system, they typically know where it is.”
In conclusion, if the bottom line can’t support a wage increase on an annual basis, offer alternatives. Here are some great incentive alternatives top-trending businesses have implemented vs salary increases:
Share your rock stars with us! What do your employees do that is great?
Recognize your employees by sharing a comment with us here!
I know many advisors are starting to think about their mid-year strategic meeting. Lack of planning can turn these much needed retreats into disaster. If your firm currently holds periodic strategic meetings, consider the following tips and benefits. Tip - Strategic team retreats will provide positive outcomes in productivity, team morale, team development and office culture.
Why Should You Retreat?
Team retreats give your firm the opportunity to reflect on the big picture by absorbing your vision, mission, value and purpose. It is vital for team members to put their position within your firm into perspective. Doing so allows team members to identify how they fit into your organization and contribute to overall success. When team members realize their value; productivity, ownership and self-improvement excel. In addition to team development, retreats provide an opportunity for:
“Only 29% of employees are fully engaged, 52% are not engaged and 19% are disengaged”
When & Where Should You Retreat
When and where you retreat is entirely up to you! Ideally, a retreat should be conducted away from your office. Retreats are hard work and require long periods of intense, uninterrupted discussion. Holding your retreat outside of the daily workplace will provide team members the opportunity to focus, enjoy the retreat and bring visionary ideas to the table. Tip - An ideal setting does not guarantee a productive retreat. Assign a team to spearhead your retreat including when, where and pre-planning assignments correlating to the agenda.
How You Should Retreat
Plan In Advance – Allow team members sufficient time to plan for the event personally and professionally. Establish retreat dates at the same time you plan your annual marketing calendar. Tip - Assign projects at least one month in advance for optimal results. Assigning projects to team members a week before your retreat adds stress and frustration, and results in an unproductive retreat with less than average ideas due to lack of preparation time.
During The Retreat – Create a relaxed environment with a twist on culture. This will not only be fun for those planning the retreat but will provide an atmosphere different from the daily office. Allow discussions to be open by asking for input from all team members. If the retreat gets off track, you are responsible to bring the group back into focus. Avoid topics that should be discussed in one-on-one settings. This is the time to retreat to a place where minds are relaxed and stretched and the entire team comes together for a greater cause. Tip - Create a theme for your retreat.
After The Retreat – Follow up! Just as you would follow up with a client, following up with your team is vitally important. Create a survey and ask members to complete it. Many team members are fearful to complete a survey and won’t share their true thoughts. Tip: Provide an anonymous online survey using a product such as Survey Monkey.
Why, when, where and how does your office hold strategic retreats? Share your best practices with us!
Happy May Day!
May Day has a special significance in a number of cultures. Want to know more? Learn how and why May Day is celebrated. (wikiHow)
Bizarre & Unique Holidays – May 2013
Check this out – there is a day for almost everything! (Holiday Insights)
Leave A Comment Here! What do you have planned for May?
“A mother understands what a child does not say.”
-Jewish proverb
Looking for awesome ways to celebrate Mother’s Day? Take a peek at these ideas!
What Is The Best Advice Your Mom Gave You? Leave A Comment!
Avoid Strained Eyes At Work With These 5 Tips
Does Your Firm Integrate Employee Wellness Programs? Share Your Ideas With Us!
Should You Help Emplo
yees With Their Physical and Financial Wellness? (TLNT)
Leave A Comment! Does Your Firm Integrate Employee Wellness Programs?
Don’t take greatness for granted. There are many choices employees have in today’s work environment. Retain great employees by recognizing their efforts on a regular but spontaneous basis. Clench special talents within your firm to avoid costly turnover.
10 Traits That Equal Great – Do You Recognize Any Of Your Employees?
Plays Well With Others – Great employees are team players. They understand the value of working together to achieve results. A great team player contributes and encourages other team members.
Dependable – Employees who are dependable, reliable and timely are harder to come by than you may imagine. When you can depend on an employee to finish projects on time be certain to reward their self-motivation. The performance of your firm is driven by employees who are proactive, leaders and followers.
Avoids Gossip – Unfortunately gossip is a common workplace hazard. Reward for avoiding gossip should be at the top of your great trait list. Gossip typically starts at the top. Employees who are secure in who they are will not participate in gossip. Because gossip is so destructive to a firm’s culture, it should be a zero tolerance zone.
Learns All Aspects of the Firm – Employees who take their career seriously will want to learn all aspects of the firm. They understand they are part of the big picture and strive to learn the mechanics of the business. When an employee takes initiative to expand their knowledge, they will impact multiple areas within the firm in a positive way.
Is an Out-Thinker – The best employees on your team may seem “different”. Nothing is wrong with “different”. In fact, these employees will typically go outside of the box providing innovative ideas that challenge status quo employees.
Finds Opportunity – A valued employee will find opportunity in every situation. They commonly turn a challenge into an opportunity whether it be learning something new, refining an outdated process or networking to provide firm growth.
Saves Face – I will never forget the time I was in a department store shopping for clothes and the manager forcefully corrected an employee in front of everyone including customers and other employees! This behavior is not secluded to management positions. Great managers and great employees will “save-face” of others by handling sensitive or corrective subjects in private while publicly praising their peers.
Nurtures Others – Inspiring others to grow in their career is a hard to come by commodity. In today’s world most people have the, “I’m in it for me attitude”. Employees nurture growth of others by leading by example and encouraging others to reach their goals and full potential.
Stimulates a Positive Tone – Amazing employees will set the stage for a positive day. Have you ever been around someone who carried a misplaced tone while putting everyone else in the office on egg shells for the next day, week or month? Great employees will keep it real and are not taking happy pills! They understand the dynamics of life and are able to provide positive energy in stressful times.
Communication Connoisseur – Last but not least, employees who will speak up when important issues or concerns arise are the lifeline to creating a positive office culture. Other employees may hesitate but a communication connoisseur carries remarkable attributes while having the ability to bring issues and concerns to the surface in a positive way.
Make every effort to show appreciation for great employees. When you value their contributions and let them know, you will challenge them to grow further than they may have imagined and while doing so you have just challenged yourself to grow as well.
Question: What do your employees do that is great?
Recognize your employees by sharing a comment with us here!
Disasters are inevitable and in the case of a disaster, failing to plan may be planning to fail.
Continuity planning is displaced because most people believe disaster will never happen to them. Review part I in our series, Seconds Away From Disaster…Without A Continuity Plan, to uncover the critical first steps to create your continuity plan. In part II we reviewed FEMA recommendations and how to prepare your clients and team. You can review part II here.
Technology Recovery needs to be the central part in any continuity plan as it plays an increasingly important role in business stability. Because technology includes many components, recovery strategies need to be developed so technology can be restored in a timely manner to meet the needs of your clients. Keep your business operating by implementing manual workarounds while technology is being restored.
Include the following guidelines in your continuity plan to prepare for the unexpected:
Critical to the restoration process is the ability to have your data available. Back up and store your data offsite to ensure you have access to vital records. This includes both digital and hard copy records. Many firms have implemented a paperless system through the use of cloud based storage systems. Don’t forget about data that is not stored electronically.
Your physical location may be in ruins and nonoperational. Develop a plan to keep your clients informed throughout the restoration process. Client contact information needs to be available even if every computer is destroyed.
Your telephone system is a very important part before, during and after a disaster. Research the features on your existing system to ensure you have the ability to access your system from a web browser. This will enable you to record important updates to keep your clients and community informed about your restoration progress.
Determine your obligations by analyzing your service agreements. Review leases and supplier contracts. In the event you need to relocate will your current vendor have the ability to meet your needs? It is important to determine which needs can be met through an existing vendor and to implement plan B to request services of a new vendor when existing vendors cannot fullfil your needs. Best practice tip; ask vendors for a copy of their continuity plan.
Putting Your Plan Into Action – Do I Really Need To Test It? Many firms ask if it is necessary to test a continuity plan. The answer is a big YES!
One of the largest gaps in continuity planning is failure to test your plan. Securing a comprehensive, multi-dimensional and ongoing BCP (Business Continuity Plan) testing program is the only way to achieve the level of confidence you need.
Business continuity plans move from a written document to an actionable plan by incorporating the following steps:
While exercises are time and resource consuming, they are the best method for validating your plan.
It is important for your disaster recovery plan to reflect current information. Technology, systems and operations change over time, therefore your BCP needs to be updated on a regular basis. Your assigned disaster recovery team should audit the BCP quarterly to identify gaps and make required updates. Firm management should be responsible to notify the Disaster Recovery Team of changes to present components in your firm to ensure your written plan is updated accordingly.
Drafting a continuity plan is a slow, methodical process. Use any of the resources we have provided or contact our office for further assistance.
Ready.gov
Federal Emergency Management Agency
Emergency Management Guide for Business and Industry
The American Red Cross
The Small Business Administration
Open for Business
Emergency Preparedness & Business Continuity’s free download
RiskINFO’s Contingency Planning and Disaster Recovery site
Institute for Business & Home Safety
Question: Does your firm have a continuity plan? Have you ever had to use it?
Let us know? We want to know! (leave a comment here)
Dealing with the employee who whines, blames others and drags down team morale is nothing short of painful. Managers and leaders report the least favorite aspect of their job is managing people. There are many ways to add fulfillment, rather than dread, to managing a team.
Unfortunately, there will be the time when a “Dear John” letter is not only necessary but vital to the success of your business.
Excuses For Not Firing
Imposing proper discipline, let alone termination, is challenging for many leaders and sometimes avoided altogether. The list of excuses grows and before you know it, you have put your business at jeopardy. Team morale is low, productivity is low and the culture within your firm resembles a room full of people awaiting a dreaded root canal.
Leaders and managers today tend to justify keeping an employee who poisons the office. Why? Firing doesn’t top the list of favorite leadership obligations, but at times a necessary evil. Overcome the little voice filling your head with excuses.
“I Can’t Manage The Office Without Him.” - Everyone has good qualities and I like to find those traits in each and every person myself. However, when required skills and characteristics are not being applied to expected responsibilities, it is time to remove a poor performing employee from your bottom line. The poor performer may have indispensable talent or connections you don’t want to lose. Nobody is indispensable. Low performers cost dollars to the bottom line of your business. Unique skills and talent can be replaced by talented people minus the drama of a complicated employee.
Punishment vs. Discipline – Managers and leaders will decide to take a guilt trip. This is a wasted vacation, to say the least, and unproductive. Identify the difference between punishment and discipline. If you have implemented and delivered appropriate disciplinary action, without improved results, you need to follow through with the stated outcome when an employee does not meet expectations.
Emotional Attachment – Many times we form “family-like” relationships with our colleagues. While this fosters a positive office culture, there will be times when cutting family ties is vital to the success of your business. Rather than coddle an employee, refer them to an appropriate resource for help.
Poor Manager Syndrome – When an employee fails to meet expected performance standards, many managers feel they haven’t managed effectively. Don’t assign personal responsibility to yourself. Provided you have followed solid and effective leadership guidelines and a proper management performance system, a poor performing employee is not a reflection of your leadership ability.
Knowing When It Is Time To Fire
Terminating an employee usually comes down to an identifiable issue in relation to attitude, activity and/or results. Tony Hsieh, CEO of Zappos won’t hire stellar candidates if they don’t fit the Zappos culture–and he fires those who don’t inspire it.
A common mistake for business owners is waiting too long to fire an employee. Identify and come to terms of the unfairness to both your company and the employee by retaining the employee with limited potential for personal growth and success. The wrong person can easily deteriorate the morale of an entire office.
Business leaders share the following reasons for implementing termination:
I love Colin Powell’s take on mediocrity. This quote should be included in every human resources manual. “The less you associate with some people, the more your life will improve. Any time you tolerate mediocrity in others, it increases your mediocrity. An important attribute in successful people is their impatience with negative thinking and negative acting people. As you grow, your associates will change. Some of your friends will not want you to go on. They will want you to stay where they are. Friends that don’t help you climb will want you to crawl. Your friends will stretch your vision or choke your dream. Those that don’t increase you will eventually decrease you.”
“Excellence is not an exception, it is a prevailing attitude.”
-Colin Powell
(1937-)
Retired General United States Army
Question: Are you making excuses regarding termination? Share your thoughts with us- we want to know! >>>>Leave A Comment Here
As March went out like a lion, for most of us, many of you are busy roaming through core statistics to analyze quarter end results. How did you fare?
Are your roaring like a lion or silenced by the lambs?
Today’s top advisors are increasing performance by placing laser focus on core elements within Ironstone’s Fundamental 4™.
Review the core elements and Ironstone’s Methodology to identify and plan your strategy to reach goals within your firm.
Question: How are you faring on your quarter end goals? Let us know by leaving a comment here!
Download your copy of Ironstone’s Infographic to identify the core elements you need to place focus on.
Thriving in talent management is crucial to sustain a strong foundation for your firm.
HR professionals and firm management must stay on top of new trends to prevent disengaged employees and costly turnover. Consider some of the latest trends in winning the war on talent management.
“Only 41% of firms are confident their human capital strategy is truly embedded in their organizations’ strategy”, as reported in research provided by Charted Global Management Accountant, CGMA. The battle at hand in the war on talent management lies in the ownership of who drives talent strategy. Is it human resources, marketing, finance or operations? The struggle and outcome are dependent on which department owns the talent agenda.
…………………………………………………………
Hiring For The Future
Growing your firm requires securing great team members from the beginning. Hiring high-quality talent gets your business off the ground and builds the foundation for future success.
In addition to hiring exceptional talent, employers are trending towards incorporating in-house skill development. According to CareerBuilder’s 2013 Hiring Forecast, 39% of employers plan to hire employees for positions within their organizations and train them for the skills required in their particular industry.
When businesses need to fill a role, they typically start with an external search. The gap in plunging forward to external resources is found when internal employees are the closest source of talent. Internal team members are familiar with the existing firm culture, the business, clients and existing team members. Studies have shown internally hired employees reach competency in a new role 50% faster than external hires.
Talent Matching
Hiring managers don’t have the time required to sort through employee talent profiles and candidate resumes in order to find the
perfect fit. Talent matching, also referred to as candidate assessments, is a critical tool filtering system, sending the top-matching candidates to the surface. Use of these systems will reduce time spent in decision making and reveal the best candidate based on multiple levels such as skill, knowledge, overall abilities and personality type.
Talent assessments help predict a new hire’s on-the-job performance and retainability, so, in theory, applicants that pass the screening test should perform better as employees if they are hired.
In addition to aiding in your hiring process, talent matching (candidate/employee profiles) will assist you in:
Learn more about the candidate/employee profile assessments Ironstone has available.>>>> Read more.
“I believe every person is born with talent.”
-Maya Angelou
(1928-) Celebrated Poet, Educator, Civil Rights Activist
Things are very different in today’s organizations. Every leader now has to acknowledge that employees are actually of the utmost importance in the organizations pursuit of its goals.
…………………………………………………………
Compensation – More Than $ Signs
Compensation trends in 2014 will more than likely flat line with the trends of 2013. Slight increases across the board may be prevalent depending on where our job market lands by mid-year. Research provided by Business and Legal Resources, (BLR), and the Society for Human Resource Management, (SHRM), shows that 27.5% of employers plan to offer merit increases of 2.5% to 5%. SHRM reported information from Ashton Solutions, recounting a recommendation to increase budget ranges between 2.5% and 3.5%, depending on the industry and level of position.
Businesses are trending towards identifying “indispensable positions” versus other positions not considered “mission critical”. With that being said, firms should establish market driven compensation budgets based on current supply and demand.
Salary doesn’t stand alone in the compensation arena. Many businesses are engaging in and developing additional programs in an effort to attract and retain high-quality employees. Integration of leadership and skill development top the list of compensation add-ons; other programs being considered by top hiring managers are incorporating budget allowances to reward top performers rather than the old school approach of passing along equivalent increases to all team members.
…………………………………………………………
Hire & Retain Employees Through Job Descriptions
Filling positions within your firm is a basic yet vital task. One of the most commonly overlooked links in employee retention is the relationship between an employee and their job description.
Written summaries detailing responsibilities and tasks ensure applicants and employees understand their role and what they need to do to accomplish each assignment.
Creating a direct relationship between a job description and your team members will result in employee ownership, accountability and engagement. When team members claim these traits, employee retention is increased.
A job description needs to provide a positive impact fostering consistency and clarity for everyone involved. Creating, reviewing and updating job descriptions should be included in your overall business strategy.
Using Job Descriptions as a Multifaceted Management
Although job descriptions are utilized as a valuable hiring tool, a well-crafted job description should be used as a communication tool and a means to review other workplace functions such as:
Leading HR managers are creating innovative ways to engage team members in fulfilling the duties assigned in job descriptions. Consider this suggestion as explained in John Flaherty’s book, Peter Drucker, Shaping the Managerial Mind.
Drucker suggests holding employees accountable for their future contributions by using the manager’s letter. He adds, “Setting objectives is so important that some of the most effective managers I know go one step further. They have each of their subordinates write a “manager’s letter” twice a year. In this letter to his superior, each team member follows these steps:
If his superior accepts this statement, the “manager’s letter” becomes the charter under which the manager operates.”
By following Drucker’s suggestion, you will have an employee who clearly understands their role and responsibilities and is accountable for their contribution to the overall success of your firm.
…………………………………………………………
Water Fountain Gossip + Your Incentive Plan =
Level of Employee Loyalty
Incentive plans can become a “touchy” subject; therefore, clear communication is vital to avoid “water-fountain gossip”.
Your incentive plan is a vital component within your salary package; the two are linked together as a whole. Business leaders and HR managers tend to forget the importance of communicating the link between the two components to team members. Bonuses should be addressed as a component of your overall compensation package.
Limited only by your imagination are the numerous ways to incorporate incentives. Bonus structures should be tied to measurable and achievable goals which are in direct alignment with the overall goals of your firm. Clearly communicating your bonus structure will result in higher levels of employee engagement, motivation and success.
Most business owners are in denial when it comes to what employees want and what it takes to retain them. A new study by MetLife found that employee loyalty has dropped steadily since 2008, but employers mistakenly believe it is on the rise. Solution – give employees what they really want. Determine incentives and benefits to engage your team by incorporating their desires within your incentive plan. Forward thinking firms are engaging in:
Complex programs don’t work. Your bonus and incentive plan needs to be easy for everyone to understand. The key for a workable plan is to keep it simple and achievable.
…………………………………………………………
Performance Reviews – Scrap Them!
Would it behoove you to consider throwing out performance reviews altogether with a replacement plan that will create actual results?
In lieu of the dreaded annual performance review, Procter & Gamble utilizes what they refer to as the Work and Development Plan.
The format lays out the work to be achieved in the upcoming year, how it links to the business plan, the strategies and timing for success and expected results.
Trending HR professionals are turning their backs on annual performance reviews, replacing them with a process of ongoing assessments and feedback. In regards to annual performance appraisals, Fred Nickols, a senior consultant with The Distance Consulting Company says, “But today, with the widespread emphasis on teamwork, shared leadership, and an ongoing struggle to find and retain qualified employees, it’s a model that is falling increasingly out of favor.”
A recent survey conducted jointly by the SHRM and Personnel Decisions International cited 32% of HR professionals are unsatisfied with their current employee review platform. Deficiencies in leadership development, coaching, 360-degree feedback and development planning were among the leading gaps in existing plans.
Scrapping your performance review plan by adopting an improved performance management system aligns the needs of your firm with the needs of your team members. The results, time spent wisely by managing team members rather than managing an annual flow of paper.
“I haven’t failed; I just found 10,000 ways that don’t work.”
−Thomas Edison
(1847-1931) American Inventor & Businessman
(Also attributed to Albert Einstein and Benjamin Franklin;
whoever coined the phrase, I’m sure they all had this positive attitude.)
…………………………………………………………
IN CONCLUSION
The top five priorities in claiming a “win” on the war on talent management include*:
*source shl
The priority list confirms organizations are trending towards engaging their existing workforce and developing leaders and team members from the inside.
“Surround yourself with the best people you can find, delegate authority, and don’t interfere as long as the policy you’ve decided upon is being carried out.”
-Ronald Reagan
(1911-2004) 40th President/United States of America
Question: What challenges are you facing in talent management?
Share with us by leaving us a comment here!
Cemented in my mind is the image of some people, who shall remain nameless, rushing to their phones or other devices to check email first thing in the morning! How much time do you spend sorting through emails? How much time do you imagine your staff is spending sorting through emails? Wasted time on email fixation is detrimental to productive time that should be spent elsewhere.
S. Anthony Iannarino is my inspiration in writing this blog to save myself and others from email hostage. Iannarino shares insight on those overly obsessed with email, “They are of the unfortunate breed of lost souls that live in their email inbox. They’re subject to other people’s priorities and other people’s whims.” Iannarino points out the reduction of productivity by businesses (leaders and team members) who live in their inbox.
Searching For An Escape
Whether your inbox holds a few hundred or a few thousand emails, the solution is to find a way to organize them. There are several applications available to receive and send emails, but just like many professionals, I want to find solutions to organize email, reduce email burden and create productive time for myself and my team.
In my quest for relief, I found some remarkable options. I suggest trying these ideas yourself and sharing with your team. It truly is time to put productivity first and email last.
Released From Email Hostage
I have been excited, along with many others, about the new Mailbox app. Mailbox is an iOS app from Palo Alto, CA-based Orchestra, which was previously best known for building a to-do-list app (also called Orchestra). My interest level flat lined as I learned Mailbox will only interface with the iPhone and Gmail accounts. Anyone depending on Outlook or Exchange is left in the dark. I would love to include it in my list of favorites, but the limitations kept me away from it. (If you are a Gmail user, this may be a premium choice for you!)
My favorite finds:
Sanebox: Sanebox works anywhere you read your email and is available for users of Gmail, Exchange, Yahoo, AOL, Apple Mail, Outlook, iPhone, Android and more. Sanebox will determine the importance of each email, move unimportant messages out of your inbox into a separate folder and summarize them for you.
Sanebox gives you the option to defer an email until you are ready to read it with choices of placing the email in the SaneTomorrow, SaneNextWeek or a custom defer folder. Sanebox will place the email back in your inbox when the time comes. Although not expensive, Sanebox does come at a cost.
Outlook: After exhausting my efforts to find an app to organize my email, the best option I could find for myself, as an Outlook user, is within Outlook itself.
My first step involved synchronizing all of my devices so I am only processing email one time. With a Google Business Account you can use Google apps to connect your Outlook, phone and iPad to access your email, calendar, contacts and tasks from all of your devices.
Turn on the conversation feature within Outlook. When the conversation feature is on, messages in your Inbox and other email folders can be organized by conversation and date. This feature works well when there are several emails in a conversation allowing you to delete previous emails and save the latest conversation. This feature is available in Outlook 2010. If you are using an earlier version of Outlook, you may still have the option to view conversations by choosing the VIEW tab and selecting conversations.
Set Up Action & Reference Folders: This tip is somewhat self-explanatory. Action folders are for emails requiring action and reference folders are for emails with no action needed. Items in your reference folder might include permanent records, tax information or legal requirements. Tip: When you create your action folders, type a period in front of the action folder name. This will move the action folder to the top of the list. You can also use numbers 01,02,03 etc.
Subfolders: Create subfolders within your action folder. Some suggestions:
You can also create subfolders in connection with your reference folder. Separating your action and reference emails will help you gain control on what requires your attention.
Organize Outlook with F.A.S.T.: Use the F.A.S.T. Workflow Decision Making Process to quickly decide what the next action is. With the F.A.S.T. process, you have four choices:
If your inbox is overflowing with emails and organizing Microsoft Outlook seems like a daunting project, here is a fast way to get your Inbox close to ground zero immediately. Create an Action folder “.OLD EMAILS”. Next, drag emails that are older than 7 days into the new .OLD EMAILS folder. Schedule time to process your old email folder. This strategy gives you instant relief since you only have 7 days of emails to process. You’ll be motivated to process the old email folder.
I’m Free
Train people to understand you don’t live in your inbox or with your phone attached to your ear. Just a few more tips:
I am no longer hostage to my inbox! I hope you take the leap as well; you will love your freedom!
Question: Are you an email hostage? Share your tips with us by leaving us a comment here!
Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
What We Can Learn From 223 Years Ago
“Tell me and I forget, teach me and I may remember, involve me and I learn.”(Benjamin Franklin) Nothing is further from the truth. I wonder if Benjamin Franklin had any idea how much power his statement would carry for more than 223 years.
When I read this quote, I immediately thought of the power within the statement, yet the lack of power he wanted to gain by saying it. What exactly is power? Power should be defined as the ability to empower others. If you have the courage to pass along empowerment to your family, friends and your team, you are a powerful person.
Empowerment Through Mentoring
Empowering others through mentorship is an undeniable benefit to all parties involved. Mentoring is matching less experienced employees with seasoned employees to achieve specific goals. Mentoring produces a multitude of benefits for all parties involved including:
In addition, mentoring will secure engaged employees and provide your firm with a normal progression for succession planning.
Creating A Mentorship Program At Your Firm
You can create a mentorship program at your firm with just a few basic steps. Although these are basic steps, they are vital and will ensure your program starts with a solid foundation.
It is important to remember that both a mentor and a mentee contribute to the program. Each holds valuable skills and knowledge contributing to the overall success of your firm.
Who Should Be A Mentor
Mentoring is an incredibly fulfilling experience. Not everyone can or should be a mentor. A good mentor is wise and willing to share knowledge and experiences in order to help another person succeed. The number one characteristic a mentor must embody is trustworthiness. The success of a mentorship program lies in the relationship between a mentor and a mentee. A mentor gains satisfaction by guiding others to success as well as obtaining a fresh perspective from the mentee. Innovation is vital in today’s business culture to stay in tune with new technology and trends. Therefore, the mentor must keep an open mind to modern ideas and advanced technology to enhance systems within your firm.
Knowing what to expect as a mentor is a key component to successful mentorship. Download our Mentoring Survey.
If you were to write a job description for a mentor, you should include some of these key responsibilities:
“Mentoring is a brain to pick, an ear to listen, and a push in the right direction.” -John Crosby
Who Needs A Mentor
In actuality, everyone needs a mentor!
In today’s competitive landscape a mentoring relationship can give you an edge both personally and professionally. Having access to someone who can provide knowledge, support, insight and guidance will differentiate you from others. A mentor can aide in shortened learning curves, provide new ideas and identify opportunities.
Having a mentor can be one of the most important keys to success.
Benefits of Mentoring
Company leadership should embrace, promote and value mentoring programs to realize a return on investment, according to Harvard Business Review writer Anthony K. TJan. He advises that business leaders develop a structured and staged approach to mentoring. For example, new employees should receive a “buddy” to learn the ropes and employees with a few years of experience should be matched with a career mentor to help them grow in their position.
Benefits of implementing a mentorship program are truly endless. You can expect employee growth and engagement, decreased turnover, higher employee satisfaction and increased production levels.
While fostering an employee’s growth, mentoring will aide your firm in time management, changed roles and responsibilities as well as succession planning.
“A lot of people have gone further than they thought they could because someone else thought they could.” -Unknown
Question: Does your firm or business engage in a mentorship program! Share your successes with us by leaving a comment here!
Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
We are busy gearing up for the Raymond James National Conference in Dallas (April 22-26)!
It will be an action-packed week full of best practices for advisors.
JOIN IRONSTONE AT THE FOLLOWING SESSIONS!
I’m An Advisor, Not A Supervisor! Unwrap the Riddle to Compensation and Incentive Pay: Learn why creating an up-to-date pay for performance compensation structure that support your business objectives requires planning, monitoring and re-evaluation over time. This session will highlight vital strategies to develop and implement a custom plan for sustained peak performance within your practice. >>>> Monday, April 22nd, 11:20am, Grapevine D Room
Are You Talking To Me? Communicate Up, Down and Across for Results Oriented Relationships: This fun and interactive session will give you valuable insight into the 16 Myers-Briggs types and vital competencies to productively receiving and transmitting information. In addition, understand and use the differences among people to build solid working relationships and deeper client connections. >>>>Wednesday, April 24th, 10:20am, Yellow Rose Ballroom
Coaches’ Corner: Best Practice Ideas from Five Top FA Coaches: Don’t miss this informative session filled with best practices, innovative ideas and new trends for financial advisors! >>>>Thursday, April 25th, 10:10am, Grapevine A1-3
We can’t wait to catch up with you! Let us know if you will be joining us! Leave us a comment here!
Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
It’s that time of year again! I know many of you are preparing to speak at conferences and present workshops or seminars.
From sweating palms to shaky voices, public speaking can be terrifying. Fear of public speaking is scarier than death and disease to many people; it ranks as the number one fear in the minds of the majority of people according to The Book of Lists.
Public speaking success is dependent on your ability to communicate effectively. Prepare for public speaking by utilizing these tips to deliver your message clearly and effectively.
Before Your Presentation
Know Your Audience - Focus on the needs of your audience by avoiding canned presentations. Customize your presentation to meet specific needs. Your presentation should be highly relevant to the issues, needs and concerns of the audience in front of you.
Determine Your Objective - Is it to sell, inform or educate?
Create A Compelling Presentation That Offers Value - Communication expert George Walther coined the term “power talk”. Incorporate power talk within your presentation to create credibility, value and expertise. >>>>>Watch a short video on “power talk.”
Eat properly - Avoid dairy products and large meals prior to speaking. Dairy products cause coagulation around your vocal chords, making you want to clear your throat.
Think About Your Voice - Concentrate and practice on your pitch, inflection, pace and articulation and pronunciation. Pitch and inflection are important in presenting a quality speech. A lower tone of voice will carry better than one of high pitch. Correct breathing will help you achieve a lower pitch.
Practice - Practice your speech by recording yourself. Use a tape recorder or a video camera. This is the best test you can do for yourself (and your audience). Avoid presenting a public speech at the same pace you would carry on a normal conversation. Public speaking should be slow (to an extent) and deliberate. Learn to enjoy silence! Experts in public speaking avoid sounds like “um, uh, er and aaah.”
Behind The Podium
State An Outcome - State an outcome or reason for your presentation. Doing so will prepare your audience to know what they should expect. Point out how your presentation will impact their life, solve a problem or provide them value.
Avoid Jargon - Even industry experts struggle with jargon. It is best to avoid slang. Clear and concise language will produce the best results for you.
Make It Fun - To stand out you need to capture the audience’s attention. Keep your delivery focused by creating energy and staying on track and on time.
Relax - Find your comfort zone and natural standing body position. Be relaxed and sincere. Insert personal anecdotes but avoid jokes.
Share Your Passion - Share your passion with your audience. Listeners won’t believe in what you are saying unless they are convinced you believe in it as well.
Visual Aides- Using visual aides is a great way to keep your audience engaged. Avoid relying on the slides to tell your story. Slides should provide structure for your presentation, not the details. Flip charts are another fun way to ensure audience participation.
Wrapping Up
Summarize - Summarize your presentation including the benefits of each topic.
Create A Call To Action - Avoid leaving your audience hanging. Create an exciting call to action motivating participants to follow up with you after the event.
Don’t Hard Sell -Hard sells don’t work. The most effective way to increase business is to position yourself as an expert.
Pay close attention to the small details and the big picture. Your presentations will stand apart from the rest.
Alleviate some of the stress before your presentation by taking time to read some inspirational public speaking quotes. >>>>>Read quotes here. Enjoy!
“You can speak well if your tongue can deliver the message of your heart.”
(1894-1973)
Irish-American Film Director
Question: We want to know what you are talking about! Share your upcoming presentations with us by leaving us a comment here!
Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Disasters are inevitable and in the case of a disaster, failing to plan may be planning to fail. In Part I of our series on continuity planning, Seconds Away From Disaster…Without A Continuity Plan, the best strategy is to have a disaster recovery plan in place.
Continuity planning is displaced because most people believe disaster will never happen to them. Review Part I in our series to uncover the critical first steps to create your continuity plan:
Be Prepared No Matter Where You Live – FEMA Recommendations
Identify ways to mitigate risks likely to happen to you and your firm. You can’t plan for everything but taking a proactive approach to disaster preparedness and following with a disaster recovery plan will make restoration easier for your business. Keep in mind disasters include natural and man-made hazards. Learn about the types of disasters facing your business. For disaster preparedness-specific content visit Ready.gov.
FIRE
The Federal Emergency Management Agency (FEMA) indicates fire is the most common hazard to businesses. FEMA provides a number of relatively simple steps you can take to limit fire risk:
HURRICANES/TORNADOES
If you are in a geographical area where tornadoes or hurricanes are likely, FEMA recommends taking the following precautions:
FLOODING
Flooding can’t be overlooked. Here’s what FEMA recommends;
These are just a few disasters that top FEMA’s “most-likely” list. Size up the risks most likely to strike your business based on your geographical location. Talk to your insurance carrier about insurance for each risk you identify. You can find additional information from FEMA through the Emergency Management Guide for Business and Industry.
PREPARE YOUR TEAM & CLIENTS FOR THE UNEXPECTED
Avoid Media Hype
Most disasters are beyond anyone’s control, however preparing is anything but. Comprehensive, detailed continuity planning is essential for any business.
EMPLOYEE PREPAREDNESS
Educating your team by reviewing your disaster plans will ensure they understand their roles and responsibilities before, during and after a disaster. Each team member should know how to prepare for a disaster and what to do if one occurs.
Take advantage of these free, online planning resources;
The last thing you want is the media telling your clients what is happening to your business.
HELP YOUR CLIENTS WITH PERSONAL DISASTER RECOVERY
Take the services you offer a step beyond the normal by assisting your clients with their personal disaster preparedness plan. Here’s a checklist you can share to help them deal with disaster before it deals with them:
Create a thorough disaster plan - Outline each step necessary to deal with a disaster. For example, who is in charge of evacuation or securing critical documents? Make a list of necessary phone numbers and e-mail addresses. Offer to review your clients’ plans to see if any technical steps or solutions have been overlooked.
Prepare for disaster reaction - Disaster preparedness means being specific about what needs to be done in the event of a serious mishap. Suggest that your clients create timeline benchmarks. For instance, how soon do they want:
Back up data off-site - Data may be the most critical part of the recovery equation, as it contains the history of your business, your transactions, financial information and more. While it is always critical to back up data on-site, incorporate a solid practice to back up all company data on a site separate from your business as well.
Address employee needs - Disaster recovery isn’t specific to a physical place of business. Make sure your clients’ planning covers personnel issues. Make arrangements for employees to work from another business location or offer telecommuting arrangements where employees can work from home. Address technical solutions in order to prepare for off-site work options.
Be financially prepared - Clients should set aside a specific emergency fund only to be used in the event of a severe situation. It is also worth considering business interruption insurance, which can keep employees and vendors paid during a stoppage.
Help your clients learn more about business continuity planning by providing additional resources:
It Doesn’t End Here…..
Effects of man-made and natural disasters have occurred but have also provided us with resources for recovery. The lessons learned from those that have faced disaster include updating plans, testing plans and consideration of all types of threats. Watch for our final blog in the series - Seconds Away From Disaster… Without A Continuity Plan? (Part III). We will review technology recovery and explain how to put your plan into writing and action.
“Know your enemy and know yourself and you can fight a hundred battles without disaster.”
(c.544BC-c.496BC)
Military General & Tactician
Question: Does your firm have a comprehensive continuity plan in place? Share your knowledge and experiences with us by leaving us a comment here.
Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
From time to time, we welcome a guest blogger who brings new perspectives on key issues in practice management. Today we are sharing a post from Eric Magyar, who spells out details on finding a perfect fit between advisors and wholesalers.
Eric graduated with an MBA in finance and has 16 years of industry experience. Eric serves as a Senior Regional Sales Consultant with Deutsche Asset & Wealth Management.You can find Eric online at www.internal-wholesaler.com and follow him on twitter @erickeithmagyar.
Genuine partnerships with quality people, products and services are essential for any business to succeed today. Professionals in the exceedingly competitive financial services industry have many opportunities to form partnerships. Internal wholesalers make excellent business partners with financial advisors. Most internals today have extensive industry experience and want to assist in building your practice. The problem for financial advisors is they get overwhelmed with calls every day and it is very easy to ignore the wholesaler’s call. If you are a financial advisor in your office right now, you will get a call from an internal wholesaler before you finish reading this article.
Take the call and profile the wholesaler with these questions to save you time and learn if they will be a beneficial partner to help grow your business.
The internal wholesaler should be prepared to deliver a 30-second pitch on their best idea. If it fits your business plan, partnering with them could be mutually beneficial. If the concept presented does not align with your investment model and goals explain why.
Benefit to Financial Advisor: In one minute you learned this internal wholesaler is not an ideal partner at this time and saved yourself hours from future calls.
Benefit to Internal Wholesaler: In one minute the wholesaler learned you will not become a client at this time. This is invaluable to the wholesaler enabling them to move on to find the “right fit” clients.
This answer can be anything from value-added programs – such as access to a Business Coach or personal meetings with the Portfolio Manager. Convey your expectations and ask how the wholesaler will be able to meet the needs of your clients and your firm. Keep in mind, the solution presented should align with your investment model and overall firm goals.
Benefit to All: In three short minutes a partnership was initiated to potentially benefit the Financial Advisor, the Internal Wholesaler, the firm practice, as well as, the end client with a new and/or better product/service.
In as little as one minute you can evaluate if working with an Internal Wholesaler will be beneficial to your practice. From that first minute you will know if they are professional, respect your time by being prepared with their best idea and know if that idea fits your business model and values. If you don’t want to work with the wholesaler, kindly ask them not to contact you again, or schedule an appropriate follow up time if desired. This will save you time by not answering future calls and also help the wholesaler in understanding why you are not a potential client.
The next few questions you should ask will reveal the types of services the wholesaler can deliver. Most of them will be in the following categories:
Starting a business relationship with the Internal Wholesaler is an efficient use of time since they are calling you and the most time spent is three minutes asking the questions above. Once the relationship is established, the next step will be to meet in person with their external wholesaler to learn how they can assist you and your clients. Filter through the vendors proficiently to ensure you have the best quality partners, products and services to help you build your practice, reach your firm goals and save you valuable time.
Question: What successes or challenges do you have with your wholesalers?
Let Us Know By Leaving A Comment Here
Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Thriving in talent management is crucial to sustain a strong foundation for your firm. HR professionals and firm management must stay on top of new trends to prevent disengaged employees and costly turnover.
Consider some of the latest trends in winning the war on talent management.
Hiring For the Future
Growing your firm requires securing great team members from the beginning. Hiring high-quality talent gets your business off the ground and builds the foundation for future success.
In addition to hiring exceptional talent, employers are trending towards incorporating in-house skill development. According to CareerBuilder’s 2013 Hiring Forecast, 39% of employers plan to hire employees for positions within their organizations and train them for the skills required in their particular industry.
When businesses need to fill a role, they typically start with an external search. The gap in plunging forward to external resources is found when internal employees are the closest source of talent. Internal team members are familiar with the existing firm culture, the business, clients and existing team members. Studies have shown internally hired employees reach competency in a new role 50% faster than external hires.
Talent Matching
Hiring managers don’t have the time required to sort through employee talent profiles and candidate resumes in order to find the perfect fit. Talent matching is a critical tool filtering system, sending the top-matching candidates to the surface. Use of these systems will reduce time spent in decision making and reveal the best candidate based on multiple levels such as skill, knowledge, overall abilities and personality type.
Charles de Gulle, French General and Statesman, emphasized the value of a military leader when he said:
“Men are of no importance. What counts is who commands.”
Things are very different in today’s organizations. Every leader now has to acknowledge that employees are actually of the utmost importance in the organization’s pursuit of its goals.
Compensation – More Than $ Signs
Compensation trends in 2014 will more than likely flat line with the trends of 2013. Slight increases across the board may be prevalent depending on where our job market lands by mid-year. Research provided by Business and Legal Resources, (BLR), and the Society for Human Resource Management, (SHRM), showed that 27.5% of employers planned to offer merit increases of 2.5% to 5%. SHRM reported information from Ashton Solutions, recounting a recommendation to increase budget ranges between 2.5% and 3.5%, depending on the industry and level of position.
Businesses are trending towards identifying “indispensible positions” versus other positions not considered “mission critical”. With that being said, firms should establish market driven compensation budgets based on current supply and demand.
Salary doesn’t stand alone in the compensation arena. Many businesses are engaging in and developing additional programs in an effort to attract and retain high-quality employees. Integration of leadership and skill development top the list of compensation add-ons, but other programs being considered by top hiring managers are incorporating budget allowances to reward top performers rather than the old school approach of passing along equivalent increases to all team members.
Incentive plans can become a “touchy” subject; therefore, clear communication is vital to avoid “water-fountain gossip”.
Your incentive plan is a vital component within your salary package; the two are linked together as a whole. Business leaders and HR managers tend to forget the importance of communicating the link between the two components to team members. Bonuses should be addressed as a component of your overall compensation package.
Limited only by your imagination are the numerous ways to incorporate incentives. Bonus structures should be tied to measurable and achievable goals which are in direct alignment with the overall goals of your firm. Clearly communicating your bonus structure will result in higher levels of employee engagement, motivation and success.
Most business owners are in denial when it comes to what employees want and what it takes to retain them. A new study by MetLife found that employee loyalty has dropped steadily since 2008, but employers mistakenly believe it is on the rise. Solution – give employees what they really want. Determine incentives and benefits to engage your team by incorporating their desires within your incentive plan. Forward thinking firms are engaging in:
Complex programs don’t work. Your bonus and incentive plan needs to be easy for everyone to understand. The key for a workable plan is to keep it simple and achievable.
Performance Reviews – Scrap Them!
Would it behoove you to consider throwing out performance reviews altogether with a replacement plan to create actual results?
In lieu of the dreaded annual performance review, Procter & Gamble utilizes what they refer to as the Work and Development Plan. The format lays out the work to be achieved in the upcoming year, how it links to the business plan, the strategies and timing for success and expected results.
Trending HR professionals are turning their backs on annual performance reviews, replacing them with a process of ongoing assessments and feedback. In regards to annual performance appraisals, Fred Nickols, a senior consultant with The Distance Consulting Company says, “But today, with the widespread emphasis on teamwork, shared leadership, and an ongoing struggle to find and retain qualified employees, it’s a model that is falling increasingly out of favor.”
A recent survey conducted jointly by the SHRM and Personnel Decisions International cited 32% of HR professionals are unsatisfied with their current employee review platform. Deficiencies in leadership development, coaching, 360-degree feedback and development planning were among the leading gaps in existing plans.
Scrapping your performance review plan by adopting an improved performance management system aligns the needs of your firm with the needs of your team members. The results, time spent wisely by managing team members rather than managing an annual flow of paper.
“I haven’t failed; I just found 10,000 ways that don’t work.”
−Thomas Edison-
(Also attributed to Albert Einstein and Benjamin Franklin; whoever coined the phrase, I’m sure they all had this positive attitude.)
Question: What challenges is your business facing in talent management? Let us know!
Share your comments with us here!
Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Twitter Tangle-Understanding Twitter Acronyms
As more of you are adopting social media, here are a few tips to help you out with your posts. Common Twitter Acronyms:
Hope this list helps with any “twitter tangles” you may encounter.
Ruthless or Smart? Was Yahoo’s, Melissa Mayer Right or Wrong?
What are your thoughts? Is Yahoo CEO, Melissa Mayer, cracking the whip too harshly? View a short video from CBS This Morning regarding the memo.
Let us know your thoughts! Our thoughts are evident in our recent blog post, Creating An Ocean View Culture-Is It For You?
Enjoying March Madness In Your Office
I’m certain everyone thinks I’m referring to the NCAA Basketball Tournament, which starts on March 19th and ends on April 8th. (just a little fyi.)
While I LOVE basketball and the excitement of March Madness, my intent is to direct your firm to invest time into boosting team morale and cultivate your culture with a “March Madness” of your own.
With a few simple ideas, you can help your staff enjoy March Madness at work.
Have a fantastic weekend!
Let us know what you are doing for fun this weekend!
Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
I’m certain everyone thinks I’m referring to the NCAA Basketball Tournament, which starts on March 19th and ends on April 8th. (just a little fyi.)
While I LOVE basketball and the excitement of March Madness, my intent is to direct your firm to invest time into boosting team morale and cultivate your culture with a “March Madness” of your own.
March Madness falls in the middle of the Christmas and summer holidays, making it a perfect time to blow off some steam. Start a new tradition at your firm by embracing March Madness and making this time block one of fun. Doing so will improve staff morale and productivity in the long run.
With a few simple ideas, you can help your staff enjoy March Madness at work.
These are just a few ideas. Use one of ours or come up with your own! For those of you wanting more information on the NCAA Tournament – find your information here!
Question: What do you enjoy best about March Madness?
Let us know if you are planning something fun at your office! We want to hear from you!
Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
As more of you are adopting social media, here are a few tips to help you with your posts. Common Twitter Acronyms:
Hope this list helps with any “twitter tangles” you may encounter!
Question: Is your firm using social media? We want to follow you!
Let us know!
Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Catastrophe for your business doesn’t have to happen when a natural disaster occurs as long as you have a strong continuity plan in place. Your continuity plan should be a detailed course of action to ensure your business can survive a disaster and continue on in the aftermath.
I recently reviewed a continuity plan that was simply a telephone tree consisting of employee names. This is not an acceptable continuity plan.
Displacing Continuity Planning
Continuity planning is displaced because most people believe disaster will never happen to them. Businesses are reminded of sudden chaos when hurricanes, flooding, tornadoes, fire, earthquakes or other natural disasters happen. Another misconception, succession planning and continuity planning are not the same. Your firm needs both.
Computer viruses can cause an equal amount of fiasco as a natural disaster, therefore, you don’t want to overlook something staring you in the face each and every day, literally.
After a disruption, picking up the pieces can be, at the least, very difficult for businesses. The Institute for Business & Home Safety report an estimated 25% of businesses never re-open their doors following a major disaster.
Is Having Insurance Coverage Enough?
Yes, if your insurance can safeguard your reputation and prevent your clients from going to your competitor whose doors are open. Most insurance companies, however, won’t cover your reputation; your best bet is to build your continuity plan. Here’s how:
Pre-Planning – Start With a Comprehensive BIA
Disaster recovery plans deserve the full attention of executives at the highest level of any organization. Start your business continuity plan by creating a Business Impact Analysis (BIA). A BIA questionnaire collects all the information about each business function so it can be ranked in order of importance to your business.
Resources available for a sample BIA form:
The University Of Texas at Austin
A comprehensive BIA should include the following information and more:
Additional Pre-Planning
Pre-planning research should also include data collection. Assemble important contact information and emergency procedures. Start building your continuity plan with:
Team Assignments
Without the right team, you can’t begin to recover your business. Employee contact information must include each team member within your firm. A clear succession of management in the event some employees are unable to work is vital. Arrange a meeting place should your office become inaccessible. In addition, determine which team members have the resources to work from home or other off-site location if needed.
Appoint a team member to coordinate the efforts of creating a continuity plan. A successful plan requires input and feedback from all departments and team members within your firm. Ensure Standard Operating Procedures (SOPs) have been completed for each function/duty of your business. SOPs are a vital component within your continuity plan if a team member will need to fulfill additional duties. Read more on how to create an SOP.
In addition to SOPs, each department within your firm should develop an individual recovery plan.
Include the Following in Your Continuity Pre-Plan:
It Doesn’t End Here…..
Drafting a continuity plan is a slow, methodical process. We will take you through each step in a series of blogs dedicated to continuity planning. Watch for our next series - Seconds Away From Disaster… Without A Continuity Plan? (Part II). We will review your Business Impact Analysis (BIA) and Federal Emergency Management Agency (FEMA) recommendations along with preparing your team and clients for the unexpected.
Question: Does your firm have a continuity plan? Have you ever had to use it? Let us know? We want to know!
click me here to leave a comment – I like it!
Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Could it be you are looking in all the wrong places for new clients? Spend some time searching for dissatisfaction. Why? Change happens when people, team members, clients and prospective clients are dissatisfied.
When dissatisfied with anything, I am impelled to do something different, make changes and take action to remove the gloomy, unsatisfactory feeling lurking over my shoulders.
Become An Undercover Agent – Train Your Sales Team To Discover Dissatisfaction
I always wanted to be an FBI agent. Although my career path took a different direction, I am thrilled at the opportunity to apply agent techniques in my personal and business life.
Clients and prospective clients won’t make a change unless they are dissatisfied. The key fundamental is for your sales team to find the hidden treasure of dissatisfaction. Unlocking the answers to the following will present opportunities to create an imperative solution along with a reason for clients and prospects to take action.
Creating Chaos
No, I’m not a proponent of drumming up problems, drama or chaos. I do encourage you to train yourself and sales team to discover and create dissatisfaction. You may wonder why you would want to do such a thing.
Your goal is to find the gaps, identify how you can close the gaps and effectively communicate the solution to your clients and prospects.
Most of the time, clients and prospective clients don’t know they are dissatisfied until you prove capability by providing better results, service and solutions.
Has Your Competition Beaten You To The Punch Line?
Great sales teams will utilize dissatisfaction to their advantage. If your sales team isn’t using this technique, your competition has beaten you to the punch line. When an opportunity of dissatisfaction is apparent, seize the moment to overcome your clients’ fear and guide them to close the gap surrounding the dissatisfaction.
“Change occurs in direct proportion to dissatisfaction, but dissatisfaction never changes.”
Douglas Horton
(1891-1968)
American Clergyman & Academic Leader
QUESTION: Is Your Sales Team Using Dissatisfaction Effectively To Increase Sales Opportunities? Share Your Success Stories With Us! We want to know! (leave a comment-click here)
Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
I know your first reaction is, “My office isn’t a fitness club”. Providing a simple time block during the work day to increase team productivity will allow you to sit back and revel in the glory of a focused and engaged team.
By the end of the day my back hurts; I feel tension in my neck and my shoulders are cemented in a hunched position. I am in desperate need of a high-priced custom massage chair and desk designed specifically for me; or perhaps another method that would enable me to remove the feeling of wanting to crawl into a ball at the end of the day. In my quest to find a solution, I found a “not-so-new” answer.
My find is YOGA. Yoga is a combination of physical postures and breathing, often linked with meditation.
Do you realize poor posture causing back, neck and shoulder pain have a negative impact on productivity? Seattle-based yoga instructor, Michael Huffman, reminds us, “The human body was built to move more than sit in a chair, car or couch for a large chunk of the day. Leaning too far forward to look at a computer monitor or slouching causes neck and back aches, stiffness and cartilage compression.”
Benefits of Yoga at the Office
Make a simple change at your office by allowing employees to incorporate desk yoga into their schedule. Blocking 10 to 15 minutes a day for a little yoga time can:
Health Benefits of Yoga
Yoga focuses on better breathing. Better breathing deepens and lengthens the breath; leading to physical, emotional and mental benefits. Combinations of postures, breathing and meditation can decrease your blood pressure and slow your heart rate. Most people will notice physical benefits of yoga the first time they try it. Known benefits of yoga:
Download the Yoga App
I found a free yoga app to incorporate some moves into my daily routine. You can benefit with these yoga poses during the day by doing just a couple as your PC boots up and a few more during your mid-morning and afternoon breaks.
You can download the app I use right here or search for one that suites you better. Better yet, business owners, give the app to your team as a gift. What a great idea to add a little fun knowing you will have a happy, healthy and engaged team on your hands!
Hats off to a stress free, limber and relaxed, engaged team!
Question: What does your office do to improve employee wellness? Let us know if you try out the Yoga moves at your office! We want to know! (click here to leave a comment).
Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Are you reaching your goals? If not, why? It is so easy to set goals and rely on your good intentions to meet them; however, much easier to make excuses for not achieving goals. Every year I set new goals and can find a hundred and one excuses on why I am not reaching them. Sound familiar?
Read on….. and download our Fundamental 4™ Goal Tracking Poster sample
The poster is designed to give you a visual aide to reinforce reaching and exceeding your goals.
“We want to set the goals that our heart conceives, that our mind believes and that our bodies will carry out.” – Jim Rohn
Setting and reaching goals is a simple process but does require following fundamental steps to ensure a positive and rewarding outcome. By using the acronym SMART, setting goals can be outlined into manageable tasks.
SMART =
Specific: Identify specific goals by answering the following questions:
By establishing a specific goal, rather than a general goal, you create a bond with your goal. The goal now embodies meaning, challenge and reward along with a much greater chance of accomplishment.
Measurable: Create a measurement system for your goal by establishing periodic checkpoints for measuring progress toward reaching each goal you set. Measuring progress helps you stay on track by meeting deadlines and target dates. Ask yourself questions to identify your progress such as, How much?, How many?, How will I know when my goal is accomplished?
Attainable: Attainable goals are reached when you link importance and achievement together. After identifying your most important goals and the success of achieving each goal, you will find ways to develop the attitude, skills and ability to reach them. By instilling these characteristics, you will create a new vision and desire to attain goals previously overlooked.
Realistic: Shooting for the moon can be realistic as long as you make a commitment to reach your goal. Making a commitment leaves no room for excuses. Identify a realistic goal by asking yourself, “What conditions need to be present for me to attain this goal?”
Timely: “Sometime” and “someday” will not allow you to reach your goal. Solidify your goal planning by establishing a time frame with specific dates. I like to use a timeline with each of my goals which also aides in progress measurement.
Creating the ability to see your goals and visualize the progress provides increased engagement, productivity and improved team morale.
Download a sample of our Fundamental 4™ Goal Poster here
The Ironstone Fundamental 4™ Goal Poster is available for purchase in a 19×27 wall poster for your office and includes an electronic version!
Contact us to have your poster shipped today!
Question: What do you use at your firm to measure goals? Let us know about your firm’s goal setting processes….We want to know!
(click here to leave a comment)
Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Hopefully everyone survived Valentine’s Day and perhaps enjoying a day off from work today! (It’s Presidents’ Day, so if you aren’t supposed to be at work, you may want to go back home!)
Last week was a busy one around the Ironstone office. We have a few updates to share with you, articles you may be interested in and of course, just a little bit of fun sprinkled in the mix.
Our Blog Has A New Home!
• In case you missed it, Our Blog Has A New Home! You can sign up to receive our blog through our e-mail subscription service. This means each time a new article is added, you will be notified directly in your in-box! We invite you to read the articles, connect to the post and add your thoughts and comments to share best practices with our online community. We want to make sure you know our blog is now located on our website – www.ironstonhq.com/blog.
We found these articles interesting – let us know what you think!
• Staying Active on Social Media: Ten Ways to Generate Relevant Content on a Frequent Basis
• Manage Your Time More Effectively with a Model Week
• Ten Minutes that Uncovers What’s Really Important to Prospects
• Don’t Just Do Something, Sit There
Great content webinars and videos you may be interested in…
• Taking the Worry Out of Referrals : Referrals are the lifeblood of your practice but many advisors either don’t like asking for them or don’t know how to ask for them. This webcast will help you understand just how referrals work and how to thank clients for referring you. Our panelists will discuss ways you can better use referrals and cover these points.
• Marketing and Collateral Materials: Grooming Your Image
• How to Attract Executive Women Clients: Talking to executive women clients can require different and new approaches.
As promised…a little fun……
• Banging your head against a wall uses 150 calories an hour. (Wanna try?)
• Alexander Graham Bell never telephoned his wife or mother. They both were deaf. (Pretty ironic huh?)
• Guinness book of records holds the record for being the book most often stolen from public libraries. (Why would anyone want to keep that book at home?)
Have an awesome week!
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
The bottom line – one size doesn’t fit all when it comes to tracking social media. In a survey completed by Susan Etlinger for the Altimeter Group, she acknowledged, “Despite the advances in integrating social media into business, the majority of companies surveyed do not have standard framework in place to measure its value.” So, where do you start?
While tallying the number of likes, followers and comments will provide value; results-based metrics are equally important.
As your firm starts to measure social media, you will find some tools fit your practice better than others. The key element is to start with a foundation and make adjustments as needed. As shown in the example below, vital areas of measurement should include exposure, influence, engagement and action/conversion.
Source: Nick Cifuentes
As we discussed in our earlier articles, formulating a proper succession plan starts with putting together a good team of advisors. At a minimum your team should include your attorney and CPA, and you might consider adding an outside financial consultant to the team. Think of your team as a coaching staff putting together a game plan. Once all the coaches have met and hashed out various ideas, a master plan is put together. As game day approaches, steps are taken so that the detailed game plan can be implemented. Among those steps is putting your legal affairs in order, including:
Happy Valentine’s Day! I have to admit, I’m a bit of a romantic this time of year. I enjoy reminiscing about memories of making valentine boxes in elementary school, preparing Valentine’s for each person in my class and now enjoy the fun of the holiday in general.If you have been procrastinating, I have put some fun ideas together for you – bound to get you in the mood.
you spirit!”
Interested in boosting employee productivity, engagement and loyalty? If you haven’t entertained the idea of creating a culture with an office desk on the beach, it is time to rethink the possibilities and go outside of the box. Employers are reluctant to entertain the idea of remote workplaces despite the benefits. Remote, virtual or telecommuting office culture is becoming more and more common as employees thrive and excel in their “beach setting” environment.
As a proponent of remote workplace alternatives, I have found from personal experience the benefits out weigh any disadvantages. Extending from coast-to-coast across the United States, the culture cultivated by our team provides:
The virtual culture works for us by providing efficient time management and innovative ways to stay connected. Skype is a tool we use extensively.
“Boss man, I just don’t have enough time to get everything done!” How often are you hearing this from your rock-star team? This time of year we should be feeling a sense of renewal and experiencing a fresh start! Often times, the opposite occurs as we are inundated with year-end reports, implementing new strategies and keeping up with daily business.
Embedded in my mind are the weekends as a youngster. Every Saturday, like clock-work, my mom and I had “chores” to do inside the beautiful farmhouse where I grew up. She always told me, “We have to finish our work first and then we get to go have fun.” Why that is stuck in my mind 30 years later, I have no idea. What I do know is she knew how to manage time.
We have all read hundreds of articles on time management tips, taken time management courses and received multitudes of advice. All of these workshops, articles and advice have provided me exceptional tools as well as vital components to effective time management. Time Management models will vary for each person on your team but the goal will be the same – Effective Time Management. I have found the best way to keep myself on track is through the development and use of a “model day” format where I create blocks of time from my job description. I have taken my so-called short fallings from last year and incorporated time for interruptions, time for NO interruptions and time for unplanned urgencies. Start your new year with these simple steps, perform them yourself and then share with your team. More…
Is your social media plan a simple act of dipping your toes in the water? If so, you should be prepared for the consequences of premeditated drowning by your competition. NOW is the time to jump in and get your feet wet. Social media is a critical business tool which is no longer considered a stand-alone marketing option; you must streamline it into your overall marketing strategy. If you haven’t read our article, Ready To Jump On The Social Media Bandwagon , review it now for simple and basic steps to get your toes wet. Today’s blog guides you further with a blueprint to incorporate social media into your overall marketing plan.
Financial advisors are expecting and planning for social media to play a meaningful role in 2013. Research conducted by LinkedIn partnered with FTI Consulting reports seven in ten financial advisors are using social networks for business. Adoption rates will continue to grow as 2013 unfolds representing an 80% increase year-over-year. Advisors face unique compliance challenges unlike other professions, however, the good news is advisors recognize ways to overcome these obstacles.
According to Forrester Research, two-thirds of U.S. online adults with an investment account now have social network profiles. Presented with the adoption rates of clients and prospective clients utilizing social media, advisors are facing their fears head on by linking social media strategies to their overall business and marketing plans. More…
Download Ironstone’s research paper here!
Create An Immortal Succession Plan By Integrating Leadership Development With Succession Planning
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Social Media is still baffling business owners as well as the question, “Is it worth it?” and “How will I know?” An eConsultancy survey of 1,000 companies found 41% of respondents had no idea of social media’s financial impact. Despite the hearty rush for firms to jump on the social media bandwagon, social media represents only a fraction of most marketing budgets, if any at all. Once firms are using social media, many do not have a structure in place to track results.
“Social media success comes to those that link their social media choices to the firms overall business goals,” as stated by Susan Etlinger. Etlinger represents her findings with 60 social media marketers to understand how businesses measure social media through research completed for the Altimeter Group.
More…
TEST YOURSELF! In 60 seconds, or less, can you state your value proposition without hesitation and awkward silence? Try it! Take your 60 seconds now… I’ll wait.
How did you do? Would your team members succeed at this test or better yet, how about your clients? A value proposition is a promise of value to be delivered and a belief from your clients that they will receive value. Creating a value proposition is part of a solid business strategy.
After a most recent coaching session with one of my advisor clients, the question of currency came to mind. Not the dollars and cents kind — the ‘client-centric’ kind. My client said something to the effect; “we may not be a council member team or have been doing this the longest, but our clients trust and love us”. That is priceless currency! This firm has clearly and successfully created a value proposition centered around their clients.
More…
How do you create a compensation structure that is fair to all employees, attractive to new hires, creates excitement and loyalty amongst your team and engages their learning development while increasing productivity? Reinventing the wheel is not necessary, but creativity, communication and evaluation of your existing plan are essential.
In my years of creating compensation plans for organizations, I have found the overall goals of the firm lack a link to a compensation process. For example, one of my clients would like to establish their firm as “the best place to work in town”. I love the goal but found that it doesn’t link to any current processes. When employees read this statement every week in their staff meeting, it is fruitless, stands alone and has become meaningless. Linking the goal to various processes, specifically a compensation plan, would benefit this firm across the board.
Creating an Effective Compensation Plan
Follow these steps to create an effective compensation plan. Communicating your compensation plan is extremely vital. Communication provides team members with a thirst to stretch themselves to reach higher levels within the compensation structure; therefore increasing engagement, productivity and development. More…
Jump-start your weekend with our recommended reading list and hot topics. Quiz your friends on our fun question of the week!
Recommended Reading
Hot Topics
Are You A Steve Jobs or George Washington Leader?
“Faith In America’s Future” is the foundation theme for this year’s inauguration day on January 21, 2013. As we look ahead to Inauguration Day, we will most likely reflect on the November election and envision what our future holds and study the leadership qualities breathing within the leaders of our country.
True leadership leaves a legacy. Now is the time to audit your leadership style and align it with the legacy you will bestow. Leadership styles certainly vary as evident when comparing style and leadership qualities between admirable leaders such as George Washington, the first President of the United States, and Steve Jobs, CEO of Apple. The two owned very different leadership styles, yet both left a legacy.
THE GEORGE WASHINGTON LEADER
“Although he lost most of his battles with the British, year after year he held his ragtag, hungry army together” - from the EDSITEment resource The American President.
What combination of qualities enabled George Washington to succeed as a leader and emerge as the most significant leader in the founding of the United States of America, to the extent of being called the “Father of the Country”? Resources tell us President Washington embodied experience and strategic thinking as well as being resourceful, quick witted, careful and both gentle and brutal. None of these qualities were cited as the most significant in the man who was able to lead through victory or defeat. Regarded as an indispensable man, his character was the most commonly cited quality, beyond his intelligence and ideas as he emerged to a supreme leader. More…
Is your marketing plan a hodgepodge organized mess of sending the same message to all clients and prospects in hopes that your communication may be applicable to a few people in your target market? Let’s get real this year – place focus on your target and niche markets by identifying the differences and applying strategies to engage clients and prospects and increase client retention.
Embedded in my mind au courant are the many idioms my mom chanted in earlier years. “Bird’s of a feather, flock together”, was one of them. What I didn’t realize is this proverb has been in use since the 16th century. Fully aware of the connotation, “those with similar characteristics and interests will choose to spend time together”, we can now link the adage to successful marketing strategies. More…
It’s hip to focus on getting things done; check marking and scratching things off the proverbial “To Do” list. Often times, the biggest challenge is deciding which task to tackle first. Even more often, we find ourselves either accomplishing nothing or only a little bit of everything. As the saying goes, the definition of insanity is doing the same thing over and over while expecting different results; so why not try something different this year. If you have trouble deciding what to do, try focusing on what not to do. This list of 10 things not to do can help you get closer to successfully attaining your goals.
DO NOT get caught up in resolution overload-
Don’t try to change all of your unhealthy habits at the same time. Try to replace one unhealthy habit with a healthy one before moving onto the next. Set small, measurable and attainable goals that will yield feedback and results within a few weeks. Break goals down into daily, weekly, monthly or quarterly milestones. Don’t expect them to take the full year to materialize. More…
Client surveys are a critical component of your overall business plan and should be incorporated into your marketing plan as well. Your surveys measure satisfaction or dissatisfaction in alignment with services you offer to your clients. Client surveys should be designed to determine vital needs of your clients and build and deepen personal relationships. The results of your survey will aide your firm in building invaluable loyalty and prompt existing clients to provide qualified referrals.
Firms that incorporate client surveys within their overall business and marketing plan, will position themselves ahead of their competitors. However, it doesn’t stop there – you must be prepared to process the information you receive from your surveys and take action in order to have an impact on your overall strategy and incorporate excitement among your clients.
Benefits Of Client Surveys
Client Retention: A well planned client survey allows your firm to gather client feedback which can greatly improve client retention rates.
Performance Opinions: Clients are your best judge of your products, services and performance. Utilize your client survey to determine where areas of improvement are needed.
New Trends/Innovative Ideas: Gain knowledge through your client survey by taking advantage of suggestions to improve products or introduce a new one.
“If you’re appropriately engaged with your life, you don’t need more time.
If you’re not, more time won’t help.” –David Allen
(Named as one of the “Top 100 Thought Leaders” by Leadership Magazine)
It’s almost year end with reports due, performance reviews, client surveys and organization seems to disappear with chaos in its place.
Use some of the apps listed below to provide structure, create order out of chaos and reduce daily stress in your office and personal life. Share these tips with your team, your clients, friends and family. They will thank you for it!
My overall favorite organizational app is Get it Done. David Allen, productivity consultant, introduced the Getting Things Done (GTD) method in his 2002 book Getting Things Done: the Art of Stress-Free Productivity. The Get it Done app focuses on the creation of a workflow process, tracking, storing and monitoring of tasks. This ranks as my favorite app but comes at a small price, $39/year. Considering the time I save and the relief of not worrying about things falling through the cracks, it is well worth the money. Get It Done is a task manager for your web browser and your smart phone. Tasks are always in sync.
Here are some other favorites used by advisors – don’t forget to share with
your clients, your team and your family!
While we know that Noah’s Ark wasn’t built in day, we are told Noah had 120 years to plan and strategize before the “flood” to construct an ark. It would be nice to have 120 years to build our strategic plan and to know what obstacles and challenges we will face, but we know the reality of the ever evolving financial world.
I know many financial advisors hold bi-annual or annual strategic planning sessions and year after year follow the same boring format without a true understanding of what strategic planning should be.
As many of you are reviewing year end reports and developing strategies for the new year, implement effective strategic planning sessions throughout the year to achieve the goals you envision for years ahead.
While I believe it is a healthy practice to schedule group strategic sessions, I do believe that firms are failing to carry out the strategies and tactical implementation processes discussed during these meetings. Strategic planning should be evaluated throughout the year by measuring results to identify successes, uncovering gaps in a plan and hunting for improvement opportunities on a regular schedule.
What Is Strategic Planning
Strategic Planning should strive to answer fundamental questions:
Your strategic planning meeting will entail forward thinking to visualize where you see your firm in the future. Review and create modifications to your vision statement in alignment with the goals of your firm five or ten years from today.
Creativity and brainstorming are essential to the quality and outcome of your meeting. Each team member should feel free to share new ideas without criticism but through inspiration. A true leader will inspire and enlighten team members to engage in discussion while feeling a sense of contribution to the overall success of the firm. When your team truly believes in the vision of the firm and contributes valuable ideas that are recognized, you will increase employee engagement, productivity and cultivate a positive culture in your firm.
Are you using your capabilities presentation to its full capability?
Providing solutions and differentiation to clients and prospects are vital components of your firm’s capabilities presentation and should be a fundamental element in your business development strategy for 2013.
Your capabilities proposal should target your niche markets concentrating on challenges and obstacles they are facing in today’s economy and the solutions you offer. You will also want to include the benefits of working with your firm along with a call to action.
In our blog, A Capabilities Presentation-A Vital Piece In Selling Your Firm, Learn How to Create Your Story & What To Include, we reviewed how to create your story and what to include in your presentation. Now that you have created your story, is it in alignment with your firm goals and strategically placed to educate existing clients and attract new ones? Advisors should focus on the following 6 ways to expose differentiation from competitors and to increase client acquisition.
What if one of your key employees didn’t return to work tomorrow? Would someone in your office be able to step in and perform their job seamlessly? Probably not, unless your office has SOPs in place, otherwise known as Standard Operating Procedures.
In the aftermath of the natural disasters occurring recently and the inevitable reality of your employees not living forever, it is critical for your office to create SOPs. SOPs are a management tool to streamline your business. They are a living document available to all staff and describe detailed instructions on specific work processes. Your SOP should include:
SOPs form the foundation of an organization and should be written to achieve specific results. The purpose of SOPs is to support employees in the daily operations of the business, ensure clarity and make certain employees know policies and standard methods for accomplishing specific tasks. They provide written documentation of best practices and a foundation for:
With SOPs in place, management can feel confident that daily operations will run impeccably.
How to Write SOPs
Writing SOPs isn’t as hard as you may think. It sounds like an overwhelming process, but the payoff is critical to your firm’s operation. Use the three simple steps below to get started.
Tipping Points
SOPs will provide clarity for your entire team and will allow employees to readily take over any specific task whether it be during vacation times or filling a vacancy within the firm.
Ironstone’s Vision is to forge and guide the personal and professional lives of entrepreneurs and business professionals alike to realize their full potential. Coaching and consulting allows us the opportunity to form an environment where success happens and goals are reached.
Read more about our coaching and consulting program here >>
Start your transformation with Ironstone as your Partner for Performance
Contact Ironstone with your questions & let’s get started!
Have a question or comment for Ironstone? Contact us!>>
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
I overheard the following between an Office Manager and an employee, “You have ruined my summer by being pregnant.” Yes, it is true! You can image how the employee felt after hearing that not to mention the rest of the staff walking on egg-shells. Not only was the statement bullying it was discrimination.
You may believe you would never tolerate or allow such behavior to occur in your office or would take immediate action to remove such a person from their position and duties; however there is a general lack of awareness of the behaviors bullying encompasses. This gap makes it difficult to detect along with the fact bullying is typically hidden from the “Chief”, therefore, you may not be aware it is happening at all.
What is bullying?
Bullying can come in many forms; verbal, emails, written messages, body language, formal documents, text messages etc. Bullying can also take place through office operations. As a manager, if you are assigning duties above or below an employee’s ability, changing to cause chaos and inconvenience, not providing proper resources to complete a job, you are bullying.
A study by the Workplace Bullying Institute, revealed 35% of workers in the United States have been bullied at the office. The percentage inflates to 50% when witnesses are included. With a tight job market many who are bullied put up with it, but at a cost to both them and the employer.
Reasons We Allow Bullying
Without a solid case, it is hard to convince the head honcho that his Office Manager is a bully. Often, denial is the cause. If you are being bullied, document everything and go straight to the decision maker. It is hard to believe that a business owner would justify or allow workplace bullying but perhaps after reading this article, they will see the light. There still are those that can’t let go of the bully through justification:
Promoting a productive, socially responsible and healthy work environment should be standard procedure. Oftentimes business owners and managers don’t put the pieces together until it is too late.
The bully cost to your bottom line
Putting an end to office bullying is of vital importance to minimize costs, maintain efficient office operation, office culture and employee retention. It can cost a company thousands of dollars to replace a new employee or employees who left because of bullying. The bully cost to your bottom line is:
Managers spend a lot of time finding incentives to keep key employees and ways to reduce operating costs. Perhaps the answer is; Make sure you don’t have an office bully and if you do, take action.
Ironstone’s Vision is to forge and guide the personal and professional lives of entrepreneurs and business professionals alike to realize their full potential. Coaching and consulting allows us the opportunity to form an environment where success happens and goals are reached.
Read more about our coaching and consulting program here >>
Start your transformation with Ironstone as your Partner for Performance
Contact Ironstone with your questions & let’s get started!
Have a question or comment for Ironstone? Contact us!>>
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Beware the barrenness of a busy life style
Socrates 470BC-399BC Greek Athenian Philosopher
For most of us, the holidays are the busiest time of the year. Make simple changes starting today to truly transform your work and personal life. We all wish for more time in the day. There is no better time than NOW to incorporate these tips to increase productivity, reduce stress and gain time!
How many times have we read articles on time management or referred to checklists only to put them in the “I’ll get to that later” pile? STOP! Actually incorporate these tips into your life and reap the benefits of effective time management.
I have incorporated these tips into my day and found a drastic change in increased productivity, less stress and additional time. This time, instead of putting this article in your “I’ll get to this later pile”, write down the tips and keep them in a spot where you can look at them daily. Go a step further by incorporating all or some of the tips into your business and personal life. By doing so, you will achieve the same results I have. Who doesn’t what more time, less stress and increased productivity?
Ironstone’s Vision is to forge and guide the personal and professional lives of entrepreneurs and business professionals alike to realize their full potential. Coaching and consulting allows us the opportunity to form an environment where success happens and goals are reached.
Read more about our coaching and consulting program here >>
Start your transformation with Ironstone as your Partner for Performance
Contact Ironstone & let’s get started!
Have a question or comment for Ironstone? Contact us!>>
More on Time Management:
Learn Common Mistakes You & Your Team May Be Making In Time Management
Put Time On Your Side, Not On Your Back
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Is your compensation and benefits package aligned with your firms goals and designed to attract and retain a winning team? Firms with a mediocre compensation plan are likely to lose potential qualified job candidates and deal with high turnover. Costs involved with employee turnover are high. Retain your team by giving them what they want. Incorporate fundamental components into your compensation package to enhance morale, performance and employee retention.
In addition to salary, an employee benefits package should be standard. It is expected by today’s leading employees. Employees equivolate their value by how you compensate them. They are more productive, focused on common goals of the firm and acquire loyalty.
Most business owners are in denial when it comes to what employees want and what it takes to retain them. A new study by MetLife found that employee loyalty has dropped steadily since 2008, but employers mistakenly believe it’s on the rise.
What employees really want in a compensation package:
Base Salary- Provide a base salary along with a structure of ranges. Employees want and need something to strive for. If they can’t visualize “moving-up” and advancing in the firm, chances are they will find another place where they can excel. No one wants to be in a dead-end career.
Bonuses- Bonus dollars based on performance are a great incentive to increase productivity. Set goals that are measurable and attainable, yet stretch your employee to develop and reach new heights. Performance based bonuses don’t need to be a competition in the work place, use bonuses individually or as an entire group effort.
PTO: Employees need time away. Without it comes burn-out resulting in reduced productivity. Many firms are choosing to offer a Paid Time Off program or PTO. PTO offers a flexible arrangement that give employees a set amount of days off to be used at the employees discretion for vacation, sick leave, personal days, etc.
Health and Wellness- If your firm is not offering a complete health and wellness package, you are going to fall short in attracting and retaining qualified and loyal employees. A total health and wellness package should include health insurance with dental and vision benefits, long and short term disability and life insurance. The good news for employers employees would rather pay for a portion of their benefits rather than not have them at all.
401(k) or Other Retirement Plans- Employers are in the dark when it comes to determining what benefits are key drivers to employee loyalty. As referenced earlier, the study by MetLife revealed more than half (52%) of employees named retirement benefits as a vital payback. Financial insecurity has become more widespread, therefore, employees are looking for ways to plan and enhance their retirement years. Retirement plans give employees a compelling reason to remain loyal.
Flexibility- Offer some flexibility and your employees may be willing to give up some of the other “perks”. Telecommuting’s popularity is on the rise. Working from home has never been easier with the growth of mobile technology. Employees, particularly those raising families, are in desperate need of flexibility. Place trust in your employee and provide flexibility. The trade off could benefit your bottom line by lower costs of “housing” another employee along with increased productivity from your telecommuter.
Your firm’s compensation program will need continual reinforcement. Communication is vital between managers and employees to keep your compensation strategy alive. Plan frequent reviews of your firm’s compensation plan as well as frequent communication with each team member. Talk open and honestly. Encourage feedback and be willing to make changes. As a successful leader, it is important to know in today’s economy you will need to reach and maintain high levels of employee motivation, engagement and contribution.
Ironstone’s Vision is to forge and guide the personal and professional lives of entrepreneurs and business professionals alike to realize their full potential. Coaching and consulting allows us the opportunity to form an environment where success happens and goals are reached.
Read more about our coaching and consulting program here >>
Start your transformation with Ironstone as your Partner for Performance
Contact Ironstone with your branding questions & let’s get started!
Have a question or comment for Ironstone? Contact us!>>
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Ready to kick your marketing plan into overdrive this year? Consider these 10 marketing ideas used by elite advisors to achieve your goals, increase revenue and take your firm to a new level of production.
When implementing the following strategies, don’t just look at the list, engage in the tactics to make them work. You must apply your tactical plan and stick to it, analyze the results and make changes when needed.
1. Teach your clients and prospects: Like most firms you probably have a vision and mission statement, but have you created a unique value proposition? Your value proposition should describe what you do along with your promise of value in a few sentences. Focus on providing clients with the words to refer you. Your unique value proposition should be prominent in your marketing materials as well as your conversation.
2. Form strong strategic alliances: Pay attention to who your clients seek advice from through CPAs, Estate Planners and Attorneys. Create a list and research to determine which businesses share a common vision with your firm and form an alliance to provide referrals to each other. Lay a strong foundation by defining goals and expectations. Follow up with scheduled meetings to ensure each party is on the same track. Your alliances should not be a one-way street. You don’t need a vast group of alliances. Careful selection within a small group, sharing universal goals and outcomes will be profitable for your firm.
3. Develop relationships: Get to know your clients on a personal level. Be patient. Relationships take time and consistent effort to form. Start learning more about your clients when they are in your office. Use Ironstone’s Client Personal Interest Worksheet. Client Personal Interests Worksheet Go a step further to create deep meaningful relationships by hosting small gatherings. Celebrate milestone events in your client’s lives such as birthdays and anniversaries. Ask them to invite a few friends! What a great strategy to solidify client retention as well as implementing another prospecting avenue.
4. Build credibility: Write, write, write! One of the best ways to build credibility is by providing educational material to your market. Use newsletters, news articles and emails to keep your clients and prospects informed of breaking news and trends in the industry. Offer to write a periodic investment article for your local newspaper. By doing so, you have fueled up your prospect line and those clients that you are working with will be more likely to refer you. Implement your own research and study program to create white papers, articles and blogs. Doing so will set you apart from your competition and create a recognizable name for your firm over time. If you don’t have time, delegate or hire a contract employee to provide research assistance. This is a must do!
5. Get Social: There are really two components in this strategy, implement social media and network. If you haven’t implemented social media in your firm, start now. Social media is here to stay and it hasn’t even reached its peak. Outside of the office, get social by committing to time away from the office. Review your community calendar, show an interest in community development and attend events where you can meet community influencers. People like to associate themselves with businesses that support causes within the community. Be certain that you have a genuine interest in the event you attend. It’s easy to spot a fake with ulterior motives. Tip: Your firm could offer to sponsor or host a community event.
6. Create a referral system: Referrals are still the best and most profitable source for new client acquisition. Learning how to earn referrals is the key to a successful referral plan. It is easy to ask for a referral, anyone can do it. Elite advisors don’t ask, they earn. Earn referrals by establishing a trusted friendship with your clients, providing incredible client service and supply resource and educational material readily. Tip: Include a resource section on your website with articles, white papers and blogs you have written. Clients will refer and share articles with their peers.
7. Play on your passions: Invite clients and prospects to do something with you that you are passionate about. Create a passion list and choose clients who share the same passions. Ask them to bring a friend to the event. This is a great opportunity to meet new people who share similar interests and to expand your lead generation efforts. Holding three or four of these events each year will provide opportunities to boost your bottom line.
8. Establish differentiation: It’s not enough to merely say your firm is different and you provide great service. Everyone says that. You need to show it! When I went to a local drive through restaurant the other day, I noticed an immediate difference from others. What was it? The employees were happy, engaged and initiated conversation with me. They made me smile, laugh and feel appreciated. They made my “drive-through” experience fun! So, I’m easy to please, maybe… But, I can tell you that I will go back and I will be calling the manager to let them know about my experience. They also got my order right! The key is to create an experience clients won’t find elsewhere – don’t be afraid to have some fun!
9. Understand your niche: You can’t be everything to everyone. Advisors that shoot for the moon may grab a few starts along the way, but it’s much more effective to group the stars that are alike and provide solutions based on their needs. You will position yourself as an expert in your industry, gain credibility and your marketing dollars and efforts will be utilized efficiently.
10. Appreciate your clients: Let your clients know you appreciate them!Give your clients a reason to be loyal! Hosting client events are an integral part of your overall business strategy and comprehensive marketing plan. Taking the time and effort to plan targeted events will enhance your client retention strategy.
Keep your marketing plan alive by reviewing the status of each objective you implement. You can have the best marketing plan in the world, but if you don’t measure the results continually, the plan will not generate results.
Ironstone’s Vision is to forge and guide the personal and professional lives of entrepreneurs and business professionals alike to realize their full potential. Coaching and consulting allows us the opportunity to form an environment where success happens and goals are reached.
Read more about our coaching and consulting program here >>
Start your transformation with Ironstone as your Partner for Performance
Contact Ironstone with your branding questions & let’s get started!
Have a question or comment for Ironstone? Contact us!>>
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Apply these 13 cost-cutting-busters as you prepare your 2013 budget. Applying simple tactics will help your business remain profitable.
“Economy does not lie in sparing money, but in spending it wisely.”
– Thomas Huxley (1825-1895) English Biologist
Reducing your operating costs without sacrificing the team’s operational effectiveness, the quality of service and the value you provide to your clients, will go a long way toward improving your bottom line.
Ironstone’s Vision is to forge and guide the personal and professional lives of entrepreneurs and business professionals alike to realize their full potential. Coaching and consulting allows us the opportunity to form an environment where success happens and goals are reached.
Read more about our coaching and consulting program here >>
Start your transformation with Ironstone as your Partner for Performance
Contact Ironstone with your branding questions and let’s get started!
Have a question or comment for Ironstone? Contact us!>>
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
We have all heard it, “He/she is a born leader!” Do you believe that to be true?
Leaders are not necessarily born as leaders, instead, they encompass the desire and willpower to become an effective leader. Successful leaders develop through education, training, self-study and experience.
With the election behind us, we can wonder what changes will take place under the leadership of our elected officials. Will our leaders serve our country, states and communities keeping promises and the hopes and dreams of us, “the people” in mind? If you held an election today in your office, would your team choose you as its’ leader? What characteristics and qualities does a leader need in order to be chosen to lead our nation, our community or yet, your firm?
We have identified that leadership is primarily learned. The skills and knowledge a person possess contribute to the development of leadership, while other attributes make a leader unique such as:
At the most basic level, a leader is someone who leads another. That alone probably isn’t going to be enough to land a leadership victory. A true leader carries vast qualities under one hat. People are naturally drawn to successful leaders because they inspire others, they are likeable and they lead through example. Failure of leaders to live up to employee expectations is the heart of leadership tribulations.
So, How Do You Get Elected To Run Your Office?
We have gathered a list of the most important qualities employees want in a leader. Here they are:
Leadership doesn’t happen haphazardly. It takes a lot of self discipline, a vision and a goal to continually develop and enhance your own set of leadership skills and knowledge. Leadership also means you are leading a group, working together to accomplish common objectives and goals. Being a successful leader also means you have a successful, engaged team by your side.
Management is doing things right; leadership is doing the right things.
-Peter F. Drucker (1909-2005) Political Economist & Author
Ironstone’s Vision is to forge and guide the personal and professional lives of entrepreneurs and business professionals alike to realize their full potential. Coaching and consulting allows us the opportunity to form an environment where success happens and goals are reached.
Read more about our coaching and consulting program here >>
Start your transformation with Ironstone as your Partner for Performance
Contact Ironstone with your branding questions & let’s get started!
Have a question or comment for Ironstone? Contact us!>>
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Your face to the world is your firm’s brand. Grounding your firm with a recognizable brand is invaluable in today’s ever changing and competitive world. Successful brands incorporate a conscious association of products and services a firm offers by providing a visual image to your target market displaying who you are, what you offer and how you are different. Sounds easy enough, but is your brand holding up?
Your brand should:
Creating a unique name and image for your firm is no small undertaking. Branding is a key component in the success of your firm. You can sink or sail. Your brand should manifest itself through icons to provide clear identity and appeal to your target market. Focus on how you are perceived by getting into the minds of your existing clients as well as your target markets.
What images are you projecting with:
Each of these symbols manifest together to give your brand an identity. Your brand is your firm’s face to the world visually expressed through these key symbols. Consider each of them as anchors which ground your firm and provide you the means to construct a larger “ship” by embedding a consistent set of beliefs, awareness and image to your target markets.
Construct consistency with your brand
Make sure you deliver a consistent image with your firm’s look. Your branding should project the same message in all avenues of your marketing strategy. Your ad may change but your logo, colors and taglines should always stay the same. If you decide to change your brand, do so over time so clients and prospects don’t lose you.
Your Brand and Your Balance Sheet
Your brand holds incredible value for your firm. Many companies put the value of their brand on their balance sheet. A branding strategy will encompass everything you do. When you are needed by clients and prospects the ship begins to sail. You will recognize an increase in client retention, advertising effectiveness, word of mouth referrals and goodwill you have created. This is nothing short of an asset on your balance sheet.
What is color saying about you?
Have some fun when establishing your brand or making changes but remember to use the core guidelines listed above. I love Jason Miller’s article about “True Colors-What Your Brand Colors Say About Your Business.” Read Jason’s article to see what your colors are saying about your firm. http://blog.marketo.com/blog/2012/06/true-colors-what-your-brand-colors-say-about-your-business.html
Ironstone’s Vision is to forge and guide the personal and professional lives of entrepreneurs and business professionals alike to realize their full potential. Coaching and consulting allows us the opportunity to form an environment where success happens and goals are reached. Read more about our coaching and consulting program here >>
Start your transformation with Ironstone as your Partner for Performance
Contact Ironstone with your branding questions and let’s get started!
Have a question or comment for Ironstone? Contact us!>>
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Singing the song yet! Sorry, it will be stuck in your head all day now, if you’re like me….but, maybe it should be. Are you ready to play in 2013?
What Is Coaching?
Coaching is an intentional function where active interaction with employees is implemented to align unique skill sets and competencies with overall business goals and objectives.
Advisors should consider coaching as a management style rather than a tool. Integrating coaching and consulting into your management system will incorporate recruitment, team building, leadership training and provide an independent objective resulting in management and team members gaining clarity directed to the overall strategies and goals of your firm.
With the help of a coach more hard work can be achieved!
“Talent is a dreadfully heap commodity, cheaper than table salt. What separates the talented individual from the successful one is a lot ofhard work and study.” – Stephen King, American Writer & Hard Worker
The Value of Coaching
Many advisors don’t feel the need to hire a coach. My response is, “Would you expect any team to perform at its’ best without one?” Suddenly the perspective changes and many questions arise.
Coaching supports professionals who desire major and comprehensive improvements in all aspects of their firm. Collaboration with a coach encourages breakthroughs in change, helps manage evolution and supports the implementation of desired outcomes.
Adding value to your firm with the amalgamationof a coach will provide your firm with interpersonal processes and strategic focus by integrating generations, aligning people to goals, building trust, managing expectations, providing constructive feedback and holding managers and team members accountable.
Building team loyalty with a coach has proven to produce positive results leading to higher levels of job satisfaction, employee engagement, higher productivity and retention of key employees through team development and learning processes.
How Does Coaching Work
Coaching provides awareness within a firm and identifies areas in need of focused attention. Firms with limiting structures block progress in reaching and exceeding new goals and identifying new trends within the industry. Limited structures also lead to a disengaged workforce discouraging commitment and desire to contribute to the firm. Coaching can cultivate a culture to encourage growth, awareness, responsibility and development removing stumbling blocks preventing the firm from true success.
Firms realize they can improve the performance and motivation of their teams through coaching. A coaching style of management is preferred to the traditional command and control approach.
An effective coach will take the big picture of your firm and break it down into manageable milestones to help you make necessary modifications for positive and significant change by:
Coaching programs will provide inspiration, passion and new awareness to firms and identify key values needed to create a winning team. Holding each member accountable for their contributions and roles in the firm will solidify a successful coaching plan.
“A coach is someone who tells you what you don’t want to hear, who has you see what you don’t want to see, so you can be who you have always known you could be” – Tom Landry
Ironstone offers coaching and consulting programs that are tailored to the needs of your firm:
Read more about our coaching and consulting programs here >>
Ironstone’s Vision is to forge and guide the personal and professional lives of entrepreneurs and business professionals alike to realize their full potential. Coaching and consulting allows us the opportunity to form an environment where success happens and goals are reached.
Start your transformation with Ironstone as your Partner for Performance
Contact Ironstone with your coaching questions and needs! Let’s get started!
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Unleashing your team from the chains of a micromanaged and controlling culture will create positive growth, a winning team and take your leadership skills to a new level!
Leaders are sometimes afraid to let go of the leash and open a new world of possibility to their firm. When team members are afraid to share and contribute ideas, grow and learn in their current environment and expand their horizons, they become bored, unchallenged and will most likely leave your firm for something better. It is the harsh truth; you must care about your team to create employee engagement, satisfaction and retention.
In our blog, “Implementing Team Development Programs Often Overlooked”, we outlined a process to implement a team development program. By following each step, you eliminate the need for micromanaging your team. Trust me, your team does not want to be micromanaged! The four components that Ironstone focuses on to implement a team development program are:
Read more about each component in our blog : http://aeschlapia.wordpress.com/2012/05/23/implementing-team-development-programs-often-overlooked/. Once you have put these components into your human capital mission, you will find that employees are capable of managing their individual positions within the firm. Support your team members and empower them to be as great as they can be.
How Do You Begin To Unleash Your Team?
Perhaps the first place to begin is to take inventory on your leadership skills. A team that performs well depends on your leadership abilities, training and development you provide and being a coach your team members can trust.
Being a coach to your team is highly motivational and almost guaranteed to improve performance. As a leader, your role is to help your team understand their positions. It is their job to take ownership of assigned job descriptions and design a process to carry it out effectively. Willingness to support your team’s development sets an example and will contribute to the culture and performance of your firm and team members.
Tip: Ask team members how you can help them develop their own solution.
As humans, most of us thrive in a continued growth and development society which consists of ongoing training and learning. A team development program will contribute to the natural desires of dedicated employees. Team development will:
Understanding Needs of Your Team
Identifying the needs of your team is crucial in implementing a successful team development program. Some training will need to be universal and apply to most, if not all, of your team members. However, each team member is unique and owns a specific skill and passion set. Goals and objectives of team members will be parallel when they relate to overall firm goals but will be dissimilar in relation to their individual job duties and responsibilities. Talk to your team to find out what training they want and need. Work with them to develop a personal plan that will help them get the training they need in an economic and efficient manner. Start by holding one-on-one meetings to discuss:
How Well Do You Develop Your People?
*Mind Tools (www.mindtools.com) offers a great quiz for you to take, allowing you to evaluate your leadership skills and identifying areas for improvement. The quiz identifies five main factors related to developing people. This will give you a clear understanding and foundation to develop a plan for yourself to improve your personal team development skills. Follow this link to take the quiz! http://www.mindtools.com/pages/article/team-development.htm
(*Mind Tools-www.mindtools.com)
How did you score? Let us know!!
In the ever evolving world of change, helping your team adjust to change while remaining successful, sends a clear and concise message that you care. If you are willing to support your team’s growth and job satisfaction, you will retain good people and an engaged workforce. Once you have implemented a training and development program into your human capital mission, you will find that employees are capable of managing their position within your firm. Support your team members and empower them to be as great as they can be.
“What’s worse than training your workers and losing them?
Not training them and keeping them.”
– Zig Ziglar, author and motivational speaker
Learn more about how Ironstone can impact the operational effectiveness of your firm! Read more at www.ironstonehq.com Want more information on team development? Contact us at http://ironstonehq.com/contact/
Follow us as we explore each of Ironstone’s Fundamental 4™!
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
I am always surprised and humbled when I walk into a business and am greeted by my name, and particularly impressed when one of the team associates asks me about an event we spoke about during my last visit. WOW! That’s impressive! It’s refreshing, invigorating and makes me feel connected and engaged to the team of professionals I am working with.
What have they done to me!!? They have earned my loyalty by:
Do you bestow this feeling to your clients? How well do you know them? Building meaningful relationships for powerful and effective client interaction is paramount in establishing client loyalty and retention. Client loyalty lies in several factors, but today’s affluent investor is looking for an advisor that:
This is not to say that you don’t have to provide quality service each and every time, but without the above factors, no matter how great you are at your job, it probably won’t matter much.
Gathering Information
Start by creating a process that outlines each step of developing deeper client relationships. Decide what information you want to gather and learn about your clients, then systematically collect, organize and store records for the most powerful and effective client interactions and campaigns. Below is a list of some of the information you may want to start collecting and, of course, tailor the form to include additional information that is pertinent to your firm.
Download Ironstone’s Client Personal Interests Worksheet to start getting to know your clients! Client Personal Interests Worksheet
Use the information you collect to make contacts and conversation with clients throughout the year. Clients like to do business with firms that express care and interest beyond the sale. By cultivating relationships that clients can count on, you earn loyalty and trust. Clients know that you have their best interests at heart.
Organize
You will need to include a system and process to organize the information you collect for each of your clients. Some options to consider:
Make sure that you and your team continue to learn about your clients on an on-going basis. The client profile sheet should be updated with your clients before, during and after the “sale”.
There is not a right or wrong way to store your client data – as long as it is organized, secure and readily available! Strive to set and attain goals that hold you and your team accountable for going above and beyond in getting to know your clients. Set periodic checkpoints to evaluate your progress and make changes to improve your process as needed.
We are curious! Do you collect client personal interest information? How do you organize the information?
Learn more about how Ironstone can impact the operational effectiveness of your firm! Read more at www.ironstonehq.com
Follow us as we explore each of Ironstone’s Fundamental 4™!
Coming up next, Human Element & Team Development
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Answering the question, “Does Your Niche Notice You?” may give you true insight to the effectiveness and impact of your marketing strategy.
Being all things to all people is impossible in personal lives and in your business life. I suggest relying on the old 80/20 rule. The message of the 80/20 rule is that it reminds you to focus on the 20 percent that matters. 80% of your potential target market probably won’t buy from you. Choosing a target or niche market is tough, but identifying the 20% who are most likely to become clients will give your firm a laser-like focus. Without that focus, you expose yourself to presenting a message that is full of fluff to 80% of your market.
Identifying Your Niche
Start identifying your niche with a narrow focus, but remain flexible to expand as new business is generated. Define a high degree of specialization in order to differentiate your practice. Avoid placing limitations on your firm and turning away business by defining your market too rigidly.
Choosing to specialize in a niche will allow you to:
Navigating Your Niche
By placing focus on the niches you have identified, your ability to hone in on select groups and provide specialized service will open the door to more referrals. Existing clients and your strategic alliances will be more inclined to refer new clients in your direction. Remind them of the ideal clients you are looking for. Providing specific descriptions, such as “retirees between the ages of 55 and 70”, will make it easier for others to identify connections they have in a specific group. When you simply ask for a referral without providing a descriptive landscape, it is hard for others to refer the ideal and compatible potential client. They may refer their next door neighbor who is in their mid 20’s, just starting a family…. It is your responsibility to steer your clients, alliances and COIs in the proper direction with a clear and concise description of the type of client you are looking for.
Get Your Niche To Notice You
Avoid aiming for an undecided percentage or portion of the already saturated broad market. This will place your firm with every other financial advisor in your area and provide no means of differentiation.
By identifying a market position or niche, you will be on the path of instilling operational effectiveness, success and a clear vision for you and your firm. Your service and product offerings will be aligned with your niche, thus providing a solution to client’s unique needs.
When you identify and market to a niche, your firm is:
More likely to have an impact – strong positions in a target market provide your business with identity.
Able to stand apart from competitors - your firm is positioned to connect and engage in meaningful solutions to specific needs.
Positioned to grow organically - by providing laser-focus service, your clients will be marketing your firm for you.
There are a plethora of niches you can choose from. Choose niches that you have a genuine passion for and reap the benefits of being viewed as an expert in your field. You need to work with clients you are comfortable with.
“Please all and you please none.” -Aesop, Greek Author
We are curious! Who are your niche markets? How is your firm benefiting from niche marketing?
Learn more about how Ironstone can impact the operational effectiveness of your firm! Read more at www.ironstonehq.com
Follow us as we explore each of Ironstone’s Fundamental 4™!
Coming up next, Operational Effectiveness & Your Client Database
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Constructing a business model should be a vital part of your firms overall business strategy; describing the core aspects of your firm, including services, purpose, organizational structure, operational processes/policies and your strategies.
As the financial services industry has evolved over the years, business models available to financial advisors have changed and expanded. You will want to make certain your business model:
Without an updated business model, it will be challenging to move forward, reach goals and experience firm growth. Top advisors are seeking to change their existing business models from firm driven to client driven by providing a holistic model. Advisors who have implemented the holistic business model are able to position themselves as a trusted advisor rather than a transaction-based sales person.
Your business model should describe how your firm plans to generate revenue
and profits while detailing the core aspects listed above.
High net worth clients are searching for a trusted advisor that is able to provide multiple products and services under one roof.
Providing results for your clients should be a key factor when constructing your business model. Clients are in search of an advisor who will:
In addition, advisors who provide some or all of the following services will stand far above the competition and can promote a proactive working relationship with at least a few of the following professionals:
When the overall financial plan is coordinated, you have added value for your clients. Your clients are able to:
WHY BOTHER?
Ever heard the song, “The Wise Man Built His House Upon a Rock”? The lesson of this song is just as true in the business world as it is in construction. If you want to run an effective profitable practice, you need to build on a solid foundation and function within a framework that is based on your goals.
The words to that childhood tune also say that the foolish man built his house on sand—without a foundation—and when the storms come, the house crashes down. In the same way, a business without structure will likely crumble when faced with challenges.
Don’t be like the foolish man! By taking advantage of systems and
structures, you can lead your practice toward success.
There is not a one-size-fits-all solution for every firm. Ironstone works with highly successful firms operating with different business models. Design your business model considering your goals and objectives along with the structures, systems and elements that will serve as your foundation.
Contact Ironstone for help in preparing your Business Model
We will provide you with a comprehensive plan in developing or updating your business model. Choosing the best business model for your firm is not an easy task. We will assist you every step of the way by identifying any gaps in your existing model and providing focus on proper infrastructure, market positions, client product and service mix, value-add and how to put it all together!
We are curious – what changes have you made to your business model recently? What changes need to be made to your existing business model? Let us know!
Follow us as we explore each of Ironstone’s Fundamental 4™!
Coming up next, Niche Marketing!
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Advisors specialize in helping clients prepare for life events such as retirement, and counsel them on the prerequisites for reaching their goals. Having said that, why don’t the 42% of advisors who are within two years of transitioning, have their own financial plan in place?* Align your succession plan with the long-term strategy of your firm, and , it will become an integral part of your business practice. Part I of Succession Planning, http://aeschlapia.wordpress.com/2012/09/17/passing-the-torch-succession-planning-part-i/, briefly outlined the succession strategy; below is an in depth review of the key factors.
EVALUATE THE PRACTICE, DEFINE YOUR GOALS, DESIGN A PLAN
There are multiple ways of passing your practice to others. The ideal time to coordinate your transition is 10 years; strategy options will decline the longer you wait to implement your succession plan. There will most likely be changes and adjustments along the way regardless of your time frame and pre-planning; stay flexible in the execution of your plan.
You will also want to identify the nature of the sale
Internal
External
PREPARE THE PRACTICE FOR TRANSFER
Include your CPA and attorney in this process to council your decisions and efforts as you outline the formalities of the transfer. Build a succession plan that incorporates events that occur in your practice. Some areas of focus include:
PREPARE YOURSELF FOR TRANSFER
In order to transition from your practice you need to solidify a sense of purpose beyond the transition. This will eliminate your fears and will sustain your emotional commitment to the transition.
PREPARE YOUR TEAM FOR TRANSFER
Communicate the changes to the entire team, as well as memorialize processes and systems that are repeatable and no longer require your supervision This will create a seamless transition and increase the value of your practice.
CHOOSE YOUR SUCCESSOR(S)
A common misconception is that a succession plan involves only finding a successor for the business owner; however, there is often more than just one role that requires continuity and is essential to the success and growth of your practice. There is also much debate surrounding the topic of whether you should inform team members if they are in the talent pool for advancement to leadership positions.
In Ironstone’s research, we have found the answer to be quite clear…….Tell Them! This will not only motivate team members to aspire to be a part of the talent pool, it will safeguard you from prematurely losing your top performers to the competition.
DEVELOPMENT, REFINEMENT AND PLANNING
The research is shocking – only 26% of firms have processes in place to develop internal talent.** Defining and designing career paths within your business are essential to combat unnecessary employee turnover. This process involves mentoring and coaching to prepare high-potential team members for advancement.
PREPARE YOUR CLIENTS FOR TRANSFER
Preparing your clients for the transfer is critical. You must create confidence for your clients with the new advisor(s) and that they believe their needs and interests are in good hands. The key is to make your absence a farewell rather than a loss to the business to ensure clients will stay with you through your transition.
IN CONCLUSION
Your successors are at the heart of your achievement! Groom your practice and invest in successors through realistic developmental expectations of high performing leaders. At each interval of your plan and your transition, stay realistic and take time to make necessary modifications. A refined process will secure the chances of exiting with a prosperous outcome for all parties involved.
Strategic business planning includes succession planning. Creating value for your firm that you can later sell will require that you look at your core values, vision and mission.
Ironstone will assist you with each stage of succession planning and provide tactical approaches to strategic planning, operational and human capital fundamentals that are vital components of successful succession planning.
*2012 AdvisorOne, **2012 IN Adviser Solutions Succession Planning Study
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
It is that time of year when most of you are beginning to think about annual performance reviews. For most, it’s a dreaded process that is done only out of obligation or outdated processes in your firm.
In a recent Human Resources Forum poll, 16% of the people that responded have no performance appraisal system at all. Supervisory opinions, provided once a year, are the only appraisal process for 56% of the respondents. Another 16% described their appraisals as based solely on supervisor opinions, but administered more than once a year.*
Take your firm to higher levels of standards and accountability by burying performance reviews and adopting a performance management system. Effective leadership encompasses a continuous learning and development program with diminutive reviews throughout the year. Place focus on the goals of your firm.
Implement a performance management system that will:
Performance management will strengthen the foundation of your firm by:
Performance management is an essential tool for top performing advisory firms. It may be one of the more time consuming processes you implement, but will improve overall effectiveness in your firm and provide your firm with vast, positive outcomes.
Getting Started
The process of implementing a performance management system is extremely detailed. Ironstone provides a series of steps to get you started.
Encourage human resource departments, managers and supervisors to be accountable for performance improvement. All components in your firm are part of a system that create value for your clients; the same holds true with a performance management system in that all components must be functioning to create value for your employees and the firm.
Ironstone can assist you in creating a new plan or evaluate your existing plan and collaborate and strategize with you to ensure a strong process with tactics that are cohesive with your firm goals.
We are curious!! Does your firm hold annual performance reviews or do you have a performance management process in place? Tell us about it!
Follow us as we explore each of Ironstone’s Fundamental 4™!
Coming up next, learn about Strategic Planning and Your Firm’s Business Model
* Step-by-step to a Performance Management System-Human Resources
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
An annual client appreciation event is great, but…you can do better than that. Why wait to say thank you once a year? One of the most important components of your business plan and strategy is to continue to find ways to strengthen client relationships. Implementing this practice on a daily basis will set your firm apart from the competition and create an experience for your clients that won’t go unnoticed.
Financial advisors know a rule of thumb asserts, “it costs five times as much to attract a new client as it does to keep an existing one”. A comprehensive marketing plan will include a client a marketing strategy targeted towards existing clients. The benefits:
In our blog, Foster-Strengthen-Maintain-Relationships Through Client Appreciation Events, http://aeschlapia.wordpress.com/2012/05/18/foster-strengthen-maintain-relationships-through-client-appreciation-events/ , we reviewed strategies and ideas for holding client appreciation events. More importantly, let’s not forget the daily acts we can implement in our firms to escalate a continued expression of appreciation for our clients.
Is your firm currently practicing daily and random acts of appreciation with clients? If not, now is the time to start and if so, how can you take those acts to the next level?
Implement a client appreciation program by identifying the outcome.
The underlying success of your program hinges on the ability to create an authentic client experience. Client retention starts when your firm recognizes the fact that the client should be acknowledged, thanked and recognized for their loyalty and trust they have placed in your firm.
We all have a natural tendency to take things for granted. Don’t wait for pivotal moments to appreciate your clients. By showing daily appreciation to each client that you come in contact with, your firm will stay on the path of acknowledging the benefits each client provides and will cultivate positive thinking in your office.
To have an impact, you and your team must be inspired to say “thank you”, not compelled or with lack of passion. As you are developing your marketing strategy for 2013, incorporate ways to increase client satisfaction by using gratitude in your firm; e.g implement a Gratitude Project and track your successes.
Ironstone’s Top Ten Ways To-Thank-A Client
Insist that your team start practicing the art of gratitude. Be proactive as life happens rather than reactive when it may be too late. To remain in a client’s mind, your firm needs to be “in front of them” as often as possible. Your clients are giving you lots of opportunities to stay in their minds – let them know you appreciate them!
“As we express our gratitude we must never forget that the highest appreciation is not to utter words, but to live by them.” ~ John Fitzgerald Kennedy
We are curious!! What do you do at your firm to show appreciation to your clients? Let us know!
Follow us as we explore each of Ironstone’s Fundamental 4™!
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Your succession plan is not just a blueprint for retirement, selling your business or a catastrophic continuity plan focused on legal issues and the best price. This is a plan for long-term sustainability of the firm; a vital strategic process that nurtures and develops rising leaders in order to increase transferability and continue the legacy of the practice.
In our two-part series of succession planning, we will look at:
The Succession Strategy
Purposeful planning is essential to the entire succession process and helps build strategies that benefit both the individual and the overall business. Make sure you involve the right people, invest in the right tools and make the right decisions in order to achieve results. The following provides an outline of the steps to incorporate in your succession strategy:
Common Misconceptions of Succession Planning
|
What It Is |
What It Isn’t |
| Develop talent to move forward | Identify immediate understudies |
| Identify long-term goals | Unchanging firm structure |
| Improve readiness/build a team to fit practice | ”Back-up” candidates |
| Develop large talent pool to fill vacancies | Catastrophic buy/sell agreement |
Overcome Risks and Reap The Benefits
|
You Don’t Have One |
You Have One |
| Fear of lost identity/control | Sustainability of the practice |
| Fear of mortality/aging | Ongoing supply of well-trained talent |
| Potential jeopardy to your family’s financial security | Available resources to aid future needs |
| Fear of not finding an acceptable successor | Well-motivated team to continue your legacy |
| No financial security for employees and clients | Improve all processes |
| Grief over separation from the business | Improve service offerings |
Part II of succession planning will elaborate specifically on each step outlined above. The actionable developmental steps provided will cover the process from start to finish.
The Tranquil Transition
Successful execution of your plan requires resilient structures, effective processes and dedicated talent in place to carry out the strategies defined above. Implementation will guarantee the long-term sustainability of your practice that you have worked so hard to ensure. Keep the following points in mind throughout the transition:
Always Be On The Lookout
Be adaptable to inevitable changes occurring in the practice; evolution not revolution. There are both challenges and unforeseen changes that have the ability to restrict a good succession plan.
Compensation for purchasing ownership, share valuation, percentage of equity to transfer, how to share decision making in management, financing new owner’s share purchase and cultural fit.
Team roles, clients and most importantly, updating your succession plan during the building and execution stages.
The financial elements of a succession plan are significant, but not all encompassing. The non-financial aspects influence the success or failure of the plan; they are most harmful if neglected.
The value of extraordinary human capital and robust processes allows evolution to occur evenly and without damage.
Don’t join the 50% of advisors that have not written a succession plan*
Make sure your business is one that others will want. Develop the next generation of advisors that best fit the practice in order to increase transferability and continue your legacy. The more indispensable you are, the higher the value your business will be when you leave.
The steps you take to define your succession plan, more specifically processes, clear roles and career paths, are as good for business today as it is tomorrow or10 years from now. If you didn’t start early, start now!
A successful succession plan embodies a talent development mindset and establishes a performance culture throughout your firm. If you can visualize the impact of a stellar succession plan, you need Ironstone to help you implement it! *2012 In Advisor Solutions Succession Plan Study
Ironstone will evaluate your existing succession plan and strategize with you to gain optimal benefits. If you haven’t implemented a succession plan, we will collaborate with you to develop a comprehensive plan. We specialize in identifying gaps in your existing plan and will collaborate with you to develop solutions that are parallel in achieving the results your desire.
We are curious!! Have you developed your succession plan? Let us know!
Follow us as we explore each of Ironstone’s Fundamental 4™!
Coming up next, learn about Business Development and Client Appreciation!
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Effective communication with your clients and team requires more than staff meetings and educational seminars. In a survey conducted by the Spectrem Group*, the #1 reason clients left their existing advisor was due to lack of trust. Building trust requires that you develop a relationship with your clients and prospects. By communicating and demonstrating trust you will-
In our blog, Knowledge is Power, http://aeschlapia.wordpress.com/2012/04/27/knowledge-is-power/, we reviewed how effective communication contributes to the success in your firm and how to build an internal communication strategy. Knowing that external communication is just as important to the success of your firm as internal communication, build your practice by applying these communication skills to instill trust with your clients and prospects-
Develop a relationship: Get to know your client or prospect. Learn as much as you can about them. Are they working or retired? If retired, where did they work? What are their hobbies? Ask about their family and community organizations they may belong to. Show a genuine interest in knowing who they are.
Practice listening: Listen, listen and listen. Listening is a vital component to establishing trust and an effective communication dialogue. By staying focused on what is being communicated, you show that you are engaged in assisting your clients and prospects. Don’t start developing opinions and compiling your answer before your client or prospect is finished speaking; rather, focus on everything being said. By applying this tactic, you will comprehend and retain 75% more of the information you hear.
Express empathy: Tell your client or prospect that you understand their concerns. Let them know their success is the #1 most important factor in your relationship.
Use Proper Timing: Don’t rush to sell your products and services before you have earned trust. Trust forms the foundation for effective communication. Once you have earned trust, you are then in a position to discuss solutions to meet your clients and prospects needs.
By becoming a trusted advisor, you are now in a position to engage in open, honest and detailed communication. Communicate details of your firm’s vision, mission and investment process.
Remember, any areas of communication that are not understood can present serious challenges to the level of trust that you have worked to build. Last, but not least, frequent communication with clients is essential to retain a solid trusting relationship.
To be a successful advisor and grow your firm, don’t sell your products until you have sold your trust.
“Effective communication is 20% what you know and 80% how you feel about what you know.”
~Jim Rohn~
We are curious!! Do you practice communication techniques at your firm? Let us know!
Follow us as we explore each of Ironstone’s Fundamental 4™!
Coming up next, learn about Strategic Planning and Succession Planning
*The Spectrem Group is a consulting firm specializing in the affluent and retirement markets.
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Growing up on an Iowa farm was one of life’s greatest pleasures. One of my fondest memories was the gathering of relatives when it was time to freeze corn. Nothing tasted better in the harsh cold winters than fresh farm corn; but the preparation of freezing corn consisted of a workflow detailing responsibilities each family member had to complete during the process.
The objective of Ironstone’s Fundamental4™ –Operational Effectiveness and the New Client Workflow, serve as the foundation of your unique process to solve problems, manage interaction, automate tasks and provide consistency for positive and repeatable impact to the client experience. The same was true when we would gather for our annual corn freezing day.
In our blog, Workflows & How They Enable Execution Of Your Business Strategy,http://aeschlapia.wordpress.com/2012/04/24/workflows-how-they-enable-execution-of-your-business-strategy/, we reviewed two primary objectives of a client workflow system; improved efficiency and profitability. The new client workflow will provide the mechanisms needed for all team members to work together seamlessly providing a high level of client service.
The absence of any workflow model in a firm is a primary culprit for office inefficiency
Each advisory firm will have a unique process that works to the advantage of its clients, team members and the firm. Create a checklist for each of these fundamentals to allow your client workflow to take the repetitive activities and routines out of your brain and let it rise above to focus on more difficult tasks. Download our guide for Creating Checklists: How To Create Checklists
Review the foundation and objectives of your new client workflow, ensuring that each component is aligned to achieve goals of your firm;
Ironstone can assist you in developing a comprehensive new client workflow. We specialize in identifying gaps in your existing plan and will collaborate with you to develop solutions that are parallel in achieving the results you desire.
A workflow system should always be a work in progress. Your practice will evolve and grow; and your firm will encounter regulation, compliance and industry change. Accordingly your workflow process should continue to evolve and be updated.
We are curious!! Does your firm use client workflows? Which part of your client workflow reaps the most benefits? Which part of the workflow needs to be improved? Let us know!
Follow us as we explore each of Ironstone’s Fundamental 4™!
Coming up next, learn about the Human Element and Communication
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020 • Connect with us:
With investor skepticism, market volatility and financial planners trying to differentiate themselves from competition, many advisors have plunged forward into creating client advisory boards.
What better way to find out what clients and prospects need from you than by asking your best clients. Not only will you have the capability to position yourself to provide solutions to the most sought after needs of clients, the likelihood of client retention will increase as well.
It is easy to stray away from developing a client advisory board because of the work involved. The payoff will out-weigh the work by helping you understand new expectations of the investor:
Engaging with a client advisory board will also prepare you and your firm for new changes and expectations that will continue to develop.
We outlined eight steps to creating your advisory board in our blog, Create A Powerful Asset With An Advisory Board, http://aeschlapia.wordpress.com/2012/05/03/create-a-powerful-asset-with-an-advisory-board/. These steps are your starting point in creating a group of mentors to provide advice, objective feedback and ideas to elevate the level of service you provide for your clients.
Populated by the right mix of clients, your client advisory board will help you stay connected, build trust and create a competitive advantage over other firms.
Client advisory boards will also improve internal operations by:
Ironstone will evaluate your existing CAB plan and strategize with you to gain optimal benefits. If you haven’t implemented a client advocate program, we will collaborate with you to develop a first-class plan. We specialize in identifying gaps in your existing plan and will collaborate with you to develop solutions that are parallel in achieving the results your desire.
The most pathetic person in the world is the one who has sight but has no vision- Helen Keller
We are curious!! Does your firm have an advisory board? How has your CAB enhanced your firm and clients Let us know!
Follow us as we explore each of Ironstone’s Fundamental 4™!
Coming up next, learn about Operational Effectiveness and New Client Workflow
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Building and maintaining strategic alliance’s does not need to be viewed as a mountain that can’t be climbed. Choose to climb the molehill instead and you will put the process of strategic alliance planning into proper perspective. This is not to say that developing and reviewing your plan won’t take a lot of hard work and preparation; all relationships do. Building your strategic alliances and/or partners is the same.
We have found that most advisors have not taken the time to invest in building strategic alliances, much less start to develop a plan. Yet, those that build alliances generate higher revenues and profits. It only takes a small number of strategic partners to have a positive impact within your firm.
In our blog, Strategic Alliances Build A Foundation For Long-Term Success, http://aeschlapia.wordpress.com/2012/04/30/strategic-alliances-build-a-foundation-for-long-term-success/, we reviewed the steps you should include when developing your Strategic Alliance Plan.
Don’t make your strategic alliance plan a mountain; it only needs to be a molehill
Many advisors avoid the process of creating strategic alliances because it appears to be an overwhelming project with diminutive benefits. Reality is, by creating strategic alliances you will position your firm to bring value to your clients and your business. Start and keep your plan small and simple. Focus on:
Recognize the importance your entire team can play in developing your strategic alliance plan and contribute to relationships that can be established. You don’t need to take the entire project on yourself. Delegate pieces of your plan and commit to regular meetings to discuss progress, challenges and overcoming objections.
Ironstone has found that the key factor in a strategic alliance plan is to follow up on metrics and expectations that you and your partners have agreed upon. Lack of follow up leads to non- productive and one-way relationships. If you find you are in a one-way relationship, you need to leave and create a new one.
We are curious!! Does your firm have strategic alliances? Tell us about it!
Follow us as we explore each of Ironstone’s Fundamental 4™!
Coming up next, learn about Business Development and Your Firm’s Advisory Board
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Fans are raving over the five teenagers who were the first Americans to earn a gymnastics gold in 16 years. Being referred to as the “Fab Five” or the “Fierce Five,” the team is being compared to the legendary team from 1996, the “Magnificent Seven.”
How does your team stack up in comparison to the “Fierce Five” or the “Magnificent Seven?” Are you using outdated policies and procedures in your hiring process? Get prepared and seize the opportunity to add to your talent pool and find your next superstar!
Building a champion team can be challenging; however, if you examine the plethora of talent and personality and choose wisely, your team can be the best. Hiring exceptional talent is critical to the overall success of your firm. As an employer, you should always focus on bringing the best talent to your firm.
Ironstone has outlined some of the best practices in hiring, on-boarding and human capital retention.
When hiring, ask yourself and determine:
Be certain not to discount the weight you place on “fitting-in” with other team members and your firm’s culture. All too often, advisors hire based on the look of a resume and skill set resulting in critical mistakes. A prospective team member possessing “potential” will only add so much to the depth of your team and may not provide a positive and profitable impact.
“If you don’t know where you are going, then you probably won’t end up there.” ~Forrest Gump~
Don’t settle:
Focus on finding and retaining the best talent for your firm. Top talent is in high demand; therefore, you should make it a priority to include your hiring strategies as a year-round business process. In your hiring process include each of the following goals and develop your strategies and tactics for each:
Identify & Keep Your Winning Team:
Utilizing your team and positioning team members with their unique ability will add to increased morale, productivity and profitability. Consider reviewing current positions and how they are measuring up to the overall success of your firm and identify what skills and personality traits are needed to enhance the caliber of your team.
Position Your Firm For Growth:
Don’t underestimate the competition in finding or stealing great employees. Develop the fundamentals that are needed to attract and retain quality team members.
Consider incorporating the following fundamentals in your hiring plan:
These enhancements can make a significant difference in employee satisfaction and retention without a mammoth investment.
Download these resources from Ironstone to get started on employing your champion team!
Employee Onboarding Checklist Hiring Implementation Guide
Your team is a reflection of your business. This reflection carries throughout the work day and most often in personal lives. Perception of your team is reality. Be certain you have the quality team your firm and clients deserve; prepare your firm to employ and attract a gold medal team.
We are curious!! What does your firm do to attract and retain a gold medal team? What are your team members favorite fundamentals included in your hiring plan?
Follow us as we explore each of Ironstone’s Fundamental 4™!
Coming up next, learn about strategic planning with strategic alliances!
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
In Ironstone’s Fundamental 4™, Operational Effectiveness, we take a challenging look into creating a service matrix that serves as your reference on how you will serve each client fairly, but not necessarily equally. Developing the proper client segmentation is vital in creating, growing and evolving your firm and then applying that segmentation to a service matrix. To make a service matrix effective, you must determine the type of services you offer and client contact frequency to promote clear communication to clients and prospects.
Determining the best way to align client services within your matrix
A service matrix should be based upon the characteristics of your firm, needs and goals of your firm’s processes combined with the uniqueness of each client and prospect. Your clients are not created equal in terms of their needs and desires. Your job is to determine the specific needs of groups within your client database, use the levers in your control to grow revenue and provide first-class service and sales effort.
You owe each client your best effort – not every service
In our blog, “Understanding Purposeful Meaning In Your Client Service Matrix,” http://aeschlapia.wordpress.com/2012/04/10/understanding-purposeful-meaning-in-your-client-service-matrix/ we outlined the principles inside a service matrix.
A client service matrix serves several purposes:
• Encourages clients and prospects to use your firm for all of their financial planning needs
• Clarifies what service levels each client can expect
• Aligns advisor time and resources
• Provides a way to thank your most loyal clients
A service matrix will allow your firm to deliver services to different client segments through the use of multiple channels and aide you in delivering outstanding service by defining what activities you will perform based on the profitability of each relationship. Position your firm to use your service matrix as a central tool in servicing clients and to show differentiation from your competition.
Using your matrix as an external and internal tool for success
A service matrix serves as an external and internal managerial tool. Use your matrix internally to:
Utilizing your matrix will ensure all services within the matrix are being provided and will allow you to support proactive client/prospect service and ensure you are delivering on the promises you made.
Employing a service matrix is a useful tool when you evaluate the strategic changes in your firm’s service operation. By paying close attention to the challenges associated with each classification, overall firm performance will improve.
The end result, your firm will be more strategic, efficient and likely more profitable.
“In business, words are words, explanations are explanations, promises are promises,
but only performance is reality.” Harold Geneen
We are curious!! Does your firm utilize a service matrix? Tell us about it!
Follow us as we explore each of Ironstone’s Fundamental 4™!
Coming up next, learn about the human element and hiring and onboarding!
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Imagine your field of dreams overflowing with all of the referrals you could ever hope for! Closing your eyes and picturing a huge field full of perfect referrals to help you grow your firm doesn’t have to be a dream, you can make it reality.
The old way of getting a referral is more than just old. It’s now considered greedy, pushy and desperate. Asking for referrals puts your clients in an uncomfortable position. Building loyalty and trust with clients is paramount to ensure client retention. Making clients feel uncomfortable by asking for a referral could jeopardize your relationship, thus causing more harm than good.
I have noticed that nothing I never said ever did me any harm. ~Calvin Coolidge
Referrals are still the best and most profitable source for new client acquisition. Learning how to earn referrals is the key to a successful referral plan. It is easy to ask for a referral, anyone can do it. Elite advisors don’t ask, they earn. Implementing a referral program at your firm should be a goal for every advisor. Learning the correct way to implement and use your plan is vital to overall firm reputation, growth and profitability.
Putting your reputation on the line; why would anyone give you a referral?
When a client or strategic alliance partner provides a referral to your firm, their reputation is on the line. To earn a referral, the referee needs to feel confident that you are trustworthy, knowledgeable and will provide a positive experience to a new prospect. As an advisor, your primary focus must be on the client and the overall client service you provide. If you are “just in it for the money”, clients will eventually see through the bogus wall.
Steps to earn referrals;
Ironstone has compiled a list of the best practices you can use and apply to start earning referrals and stop asking for them.
Client referrals start with the quality and depth of your client relationships. You may choose to include asking for referrals in your overall strategy; however, once you have incorporated earning referrals in your strategic referral plan, provide first-class service and a memorable experience; referrals will fill your field of dreams.
We are curious!! How do you earn referrals? Do you ask or earn?
Follow us as we explore each of Ironstone’s Fundamental 4™!
Coming up next, learn about operational effectiveness and your service matrix!
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Most of us have a bucket list created for our personal lives living in our thoughts or being utilized as a functional document. A bucket list is the thoughts, dreams and goals that we want to achieve in our lifetime. It serves as a roadmap to guide and lead us to reach each of those goals.
A bucket list outlines:
Your business plan should serve as the bucket list for your firm.
Developing your initial business plan is essential in achieving the goals you have realized in your mind and will provide you with a written plan to follow, evaluate and revise. Just as you achieve and make changes to your personal bucket list, you will do the same with your business plan.
A bucket list can change your life. A business plan will improve results.
Ironstone’s research shows us that approximately 40% of financial advisors actually have a written business plan and even fewer have a marketing plan. Those firms that implemented a completed business plan have 50% more profits and revenue than firms without a plan.
Your business plan will:
In our blog, “Creating A Roadmap For The Success Of Your Firm” http://aeschlapia.wordpress.com/2012/04/16/business-plans-creating-a-roadmap-for-the-success-of-your-firm/ we provided 13 focus areas to include in your business plan. Refer to the focus areas when developing or updating your business plan by incorporating each to gain optimal benefits.
A well thought out “bucket list” or business plan will lay a comprehensive strategy and timeline, both personally and firm wise, for achievement and promising stages of growth. Download our Business Overview Snapshot to get started on creating your firm’s business plan. Business Overview Snapshot
Have a Plan B
Be sure to create back-up plans. We all know there is one constant in life, change. Examine the challenges you might face and determine how you will overcome them by redefining your existing strategies.
Once you have developed your business plan, don’t file it away until the end of the year. Use your business plan as a GPS guidance system for running your practice. Update it often; real-time changes are ideal. Doing so will ensure you are following your plan, creating actions to meet your objectives and allow you to hone in on areas that need re-crafted strategies.
Communicate your business plan to your team in order to effectively bring it to life and track milestones to enhance your overall business focus.
As you begin to develop or review your business bucket list, contact Ironstone for templates, tips and best practices that will assist you in taking your firm to the next level. We have numerous tools and aides available for you and insight that will help you reach the goals you have set for yourself and your firm. Consider a team development workshop on creating bucket lists – we can help!
Last but not least, enjoy the journey!
We are curious!! Share your bucket list with us! What do you want to accomplish in life?
Follow us as we explore each of Ironstone’s Fundamental 4™!
Coming up next, learn about business development and your referral network!
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Effectively developed employee job descriptions summarize the roles and responsibilities of each team member in your firm providing them with the foundation needed to reach desired goals and outcomes.
We outlined the components job descriptions should include in our blog, “Learn why Job Descriptions are Essential for Overall Effectiveness at Your Firm.” http://aeschlapia.wordpress.com/2012/03/30/learn-why-job-descriptions-are-essential-for-overall-effectiveness-at-your-firm/
Understanding each component and realizing their value will aide you in modifying and updating job descriptions by:
A job description needs to provide a positive impact fostering consistency and clarity for everyone involved. Creating, reviewing and updating job descriptions should be included in your overall business strategy.
Using Job Descriptions as a Multifaceted Management Tool
Although job descriptions are utilized as a valuable hiring tool, a well-crafted job description should be used as a communication tool and a means to review other workplace functions such as:
Flexibility is the key when it comes to creating and modifying job descriptions. Consider creating broad-based descriptions utilizing attachments which delve into the specific tasks required of each employee. A more generic job description is easier to maintain and won’t require a complete modification as minor changes that takes place.
How often do you use or refer to the job descriptions at your firm? I’m curious?
Contact us for assistance in developing job descriptions that can be used as a multifaceted tool at your firm.
Follow us as we explore each of Ironstone’s Fundamental 4™!
You won’t want to miss our next in the series: Strategic Planning-Business Plan
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Segmentation is the first critical step toward greater efficiency and ultimately improved profitability. In our blog, “Take the First Step Towards Greater Efficiency With Client Segmentation,” http://aeschlapia.wordpress.com/2012/03/27/take-the-first-step-towards-greater-efficiency-with-client-segmentation/ we provided you with basic steps and resources to segment your client database.
Start your segmentation process by defining client value. Viewing each group with different needs and priorities will present you with the ability to serve each segment based upon their needs, not the firm’s profits.
Client segmentation is about improving customer service for all of your clients. Use it to deliver solutions more effectively by streamlining and automating the services you offer. Aligning the right level of advisor support to the client’s specific needs results in increased client satisfaction and in turn may even result in more client referrals.
Advancing Your Client Segmentation Plan
Client segmentation needs to be taken to a deeper lever in order to gain the full benefit. Once your initial segmentation process is complete, you are ready to segment your client database further by distinguishing clients based on characteristics beyond the dollars.
Many advisors have not segmented their client database in a meaningful way beyond assets under management. Assets under management will be your constant starting point for segmentation and predicting client needs. Understanding that clients within the same segmentation class still have extraordinary needs and expectations will allow you to provide matched solutions with your product and service offerings.
Trying to provide the same high level of service to everyone can make it difficult to focus on the more complex clients and on the inevitable changes that come with growth and business development. Ironstone can assist you in all phases of client segmentation and ultimately design a comprehensive client segmentation plan that will allow you the opportunity to hone in on specific and unique needs of clients within each segment.
Ironstone recommends you place some of the following attributes in your segmentation plan beyond assets under management:
Applying the above listed characteristics will provide another layer to your segmentation plan and aide in shaping optimal service for your clients. You may not want to engage in each market base, but you can start with the characteristics that employ the biggest role in improving your firms’ bottom line. By marketing to each subcategory you will accomplish more targeted messages and information that will resonate with your clients, resulting in engaged clients and prospects, higher response rates and a shorter conversion cycle.
Use this model to segment your clients by determining their level of revenue and the value of the business relationship.08.06.12 Segmentation Guide
Readers, we are curious!! How do you approach segmentation in your firm?
Follow us as we explore each of Ironstone’s Fundamental 4™!
You won’t want to miss our next in the series: The Human Element-Job Descriptions
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
As social media has taken a front seat for many advisors, there is still a high percentage not taking advantage of this prospecting tool. Many advisors simply don’t have the time, knowledge or staffing to implement a social media platform. The benefits of having a social media presence will out-weigh the efforts you invest developing your prospecting strategy.
The fundamental element needed to implement a successful prospecting plan at your firm is to systematically position your practice to attract new clients. Choose activities that will put you at your best in order to invoke natural enthusiasm with the purpose of cultivating trusting relationships. Within your marketing plan, you will need to develop a comprehensive prospecting strategy appealing to new clients. Begin with the 7 strategies Ironstone recommends as your foundation. If you missed our blog, “How to Write a Prospecting Plan for Your Firm,” http://aeschlapia.wordpress.com/2012/04/05/learn-how-to-write-a-prospecting-plan-for-your-firm/you can read it here.
Top financial advisors have one common denominator:
The biggest difference in this common denominator is what is within the marketing plan and how committed each firm is to their follow-up strategy.
Adding Social Media to Your Prospecting Platform
Ironstone suggests starting small and simple. Establish your social media goal. Don’t feel you need to take on the world. Facebook, Twitter, LinkedIn and Blogging are all easily managed social media channels you should be using; START TODAY! By using social media, you will gain:
Follow Ironstone’s simple guidelines to get started with your social media presence. By following these basic steps, your social media goals will be easier to reach and more rewarding.
Create Basic Profiles on the Social Media Channels You Wish to Engage – You must realize social media is an active exchange of information. In order to establish relationships, you must engage in and actively participate in discussions.
Add Your Photo – Use a professional photo. If you don’t have a professional photo, make the investment to have one taken.
Be Yourself – Engage in social interaction. Relationships are developed when you allow others to get to know you. Talk about your family, your interests and things that will interest them. Consider scheduling random posts or blogs about health and wellness or other generalized topics that pique interest levels.
Target Market – Pick a small niche. Remember, you don’t need to take on the world. Find out where your target/niche market hangs out online. You might find your COI’s on Linked In while retirees are making posts on Face Book. Connect with your clients in these various social media channels.
Provide Value – Being the solution to a prospect is the key to landing new business. Provide information that will genuinely help others. Review profiles; find out the interests of your clients and prospects. Gather relevant content you can post and distribute on your social media channels that are devoted to your target market.
Provide A Capture Funnel – Add a form that is short and simple to capture information from readers and those who are downloading your content. Do not simply ask readers to call you; they are online and that is where they want to stay for now. An Ironstone best practice tip is to provide a capture form that leads readers to valuable and relevant information; example: “The Top 5 Ways To …………..”
Manage Time – Define your own unique publishing schedule and pick a specific time to post and read updates from those in your network. Make adjustments as needed, test different times and days. If you find you get more interaction on certain days and times, stick with it. Maintain a continued presence online, but be cautious of overdoing it!
Follow-Up - It is imperative and courteous that you follow up with those who have accessed your information. Be ready to provide them with additional information that will be useful to them and offer a solution to their needs.
Ironstone can assist you in developing a social media plan for your firm. Let us know how you are using social media in your firm!
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Incentive plans should not be misconstrued as a means to motivate your team. You first need to build concrete goals and then inspire your team to reach each goal with conviction. It is imperative to communicate overall firm goals with your team. Group and one-on-one meetings provide an opportune time to discuss and evaluate strategies to reach each goal. Allowing your team members the opportunity to contribute to the overall success of your firm will instill motivation, confidence and passion that incentive plans cannot do on their own.
Before implementing an incentive plan, make certain your team members are fully engaged and committed to the position they hold at your firm. This will mean you, as a manager, must realize offering an incentive plan will not magically transform a disengaged team or team member. In our blog, “Learn How to Make an Employee Incentive Plan Effective,” http://aeschlapia.wordpress.com/2012/04/03/learn-how-to-make-employee-incentive-plans-effective/ we stressed the importance of being a good manager by guiding your employees to work on what is most important and then implementing an incentive plan as a reward.
Employee incentive plans are a significant component for firms wanting to stay competitive and on track with the pace of evolution in the workforce. You will need to do your homework for your plan to be effective:
At Ironstone, we have found many employee incentive plans simply don’t reap their intended results because they were implemented for the wrong reasons. Don’t be fooled in believing that an incentive program will counter poor behavior, performance or disengaged team members.
Start your incentive plan after you have managed your employees to the level of being:
Once your team is instilled with the qualities listed above, you can implement your incentive plan by including the following critical elements:
Remember every aspect of your plan needs to be measured to ensure the program’s success in achieving each goal. Make sure your firm’s strategic goals are concise and specific which provides team members a clear understanding of what is expected from them.
Goals should be challenging, yet achievable. The incentive plan will be destined
for failure if goals are interpreted as being unattainable.
A successful incentive program requires that each feature is suited to your team members’ interests. Find out what motivates your team. Adapting each element of the program to fit your team will provide you with engaged participants and enhance the effectiveness of the program.
Ironstone can assist you in strengthening relationship management at your firm which will lay the foundation needed to implement a successful employee incentive program.
Readers, we are curious! What are your thoughts on employee incentive programs?
Follow us as we explore each of Ironstone’s Fundamental 4™!
• Strategic Planning
• Business Development
• Operational Effectiveness
• The Human Element
You won’t want to miss our next in the series: Business Development-Prospecting
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
I will never forget the day my grandmother came for a visit. As a typical teenager, my bedroom was in complete disarray. To this very day, I remind her that most everything I needed to know about organization I learned from her. She looked at my room, grabbed a sticky note and wrote, “Don’t Put It Down, Put It Away.” I still have that sticky note.
We all have had those days (well most of us) where we don’t know right from left, up from down or just where to begin to achieve a productive day!
Disorganization has a way of creeping into our inner being to wreak havoc on our lives. At both home and work you need to make time for organization. Living in a messy and disorganized environment radiates stress and drains energy, as well as, causes brain overload and creates conflict. If this is not enough to convince you that you must make time for organization, here are more side effects of disorganization: raised anxiety levels, wasted time, reduced creativity, fosters an undesirable environment, causes worry and increases depression.
Convinced? Let’s put order back in our lives starting today!
Ironstone has 7 helpful ideas for you to implement allowing you to seize control of your new healthy organized lifestyle!
Once you have implemented the above strategies, you will more than likely notice a lifestyle change. Be patient and stay committed. By taking small steps to become more organized, you will have a burst of energy and feel less stressed.
Ironstone can assist you in developing the strategies needed to improve organization at your firm. By doing so, you will find that your team is more productive and workplace culture is improved.
Contact us for assistance in starting and improving your organizational skills. Let us know what we have missed! What organizational strategies have you implemented that have made a change in your life?
Follow us as we explore each of Ironstone’s Fundamental 4™!
• Strategic Planning
• Business Development
• Operational Effectiveness
• The Human Element
You won’t want to miss our next in the series: Business Development-Marketing Plans
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Learning how to turn your staff meeting into a meeting that produces results and develops team bonding can be simple and fun. First identify your objective. Create an effective staff meeting in which your team can:
An effective team meeting should produce results. Make certain each meeting you have is well thought out in advance. After the meeting, review thoroughly to recognize and record the results produced.
Team meetings are critical to the execution of projects.
If proper management is not implemented, the meeting can produce unfavorable results.
Have An Agenda - Create an outline and leave space to record notes. Use a consistent format for each meeting.
Listen To Your Team – Encourage employees to share their thoughts, insights and ideas.
Allow Team Member Interaction - Just as you encourage employees to share their thoughts and insights, encourage employees to interact with one another. Make sure team members are engaging in effective interpersonal communication with other team members.
Be Time Sensitive - Start and adjourn each meeting on time. The facilitator of the meeting must make sure discussions do not veer from the topic. When this happens, step in and redirect the discussion.
Identify Action Plan - List the critical strategies you have developed; operating processes and procedures that will be applied to achieve your objectives. This will ensure your employees can see at a glance what is expected of them.
Establish Timelines – Discuss deadlines during the meeting. Each team member will then know the amount of time they have to complete a project.
Follow Up Notes - Assign someone to take notes. Notes should be documented during and after the meeting while they are still fresh in mind and distributed to each team member.
In case you missed our blog, “When Was The Last Time You Attended A Productive Meeting,” http://aeschlapia.wordpress.com/2012/03/13/when-was-the-last-time-you-attended-a-productive-meeting/ we included resources to help you through the process of holding regular staff meetings. Sample Team Meeting Agenda
Because effective team meetings require more than preparing an agenda, Ironstone has designed a workshop that covers the what, the why and how to produce results through your team meetings. In this workshop you will learn how to define and create an action plan for each of your team meetings.
As humans, we have interactive processes that change and develop incessantly. Well planned team meetings will put your firm on the path to building and developing strong relationships with one another, nourish a healthy work culture and create new interactive processes. Be sure to follow an established operating procedure to ensure consistency for your team meetings.
Contact us for more information about our Team Meeting Workshop! We will help you dig beneath the surface to ensure your staff meetings are productive and effective. We want to hear from you! Share your best team meeting idea with us!
Follow us as we explore each of Ironstone’s Fundamental 4™!
• Strategic Planning
• Business Development
• Operational Effectiveness
• The Human Element
You won’t want to miss our next in the series: Human Element-Organizational Skills
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
With so many means to market your firm, it is easy to get off track by wanting to do it all. Developing a marketing plan, reviewing it, and making changes are vital to the success of your firm.
Advisors have more marketing strategies to use and take advantage of than ever before, but lack of time and knowledge to hone in on every opportunity. Hiring a marketing consultant, a marketing manager or outsourcing marketing will have a fundamental impact on the bottom line of your firm.
Always start with the end in mind by defining what you want to accomplish. This declaration can be applied to almost everything you do in life and is most definitely applicable to your marketing plan. Once you have determined your desired outcome, focus on the core of your marketing plan and what tactics you will use to reach your goals.
Today’s elite advisors know that introductions, strategic networking, referrals, and intimate client events typically produce the best results in bringing new business to a firm. These marketing tactics should be at the core of your plan. Structuring your marketing plan around these tactics and developing strategies to reach your goals will provide you with a solid foundation. Decide how you will carry out each of the above core marketing tactics and include a process to define strategies for each.
Build your marketing plan around your core elements. From there, you can branch out into other marketing avenues to test the water or begin a pilot program. Trial and error will allow you to perfect your plan, therefore it is imperative that you implement changes as often as needed. Evaluate your existing plan and track the results to be certain that your focus is placed in the core marketing areas that will generate the best results.
Optimize your efforts within each avenue and lead your firm down the path of obtaining your goals.
Ironstone can assist you in developing core marketing tactics for your firm and the strategies to carry out and seize each opportunity. We will collaborate with you to gain a comprehensive understanding of your goals and review or design a marketing plan that is tailored to your firm.
Contact Ironstone for more information and additional strategies that will assist you in starting and improving your Marketing Plan. We want to hear from you! Share your best marketing ideas with us!
Follow us as we explore each of Ironstone’s Fundamental 4™!
• Strategic Planning
• Business Development
• Operational Effectiveness
• The Human Element
You won’t want to miss our next in the series: Operational Effectiveness-Staff Meetings
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
It’s not surprising that one of the most frequently asked questions of advisor firms is how to attract and retain talented people and reward them effectively with a remarkable compensation plan. Compensation packages are one of the largest line items in a budget. Ironstone finds that many firms are struggling to stay abreast with changes and new trends in salary and compensation beliefs while experiencing confusion on how to properly control organizational costs and remain viable.
Today’s compensation trends are moving from a base salary package to plans that include:
• A measurement system for variable pay
• Less emphasis on increasing base pay
• Overall firm goal achievement
• Flexibility
By implementing a compensation plan that includes the directives listed above, both the employee and the firm benefit. Compensation plans that incorporate these strategies foster teamwork that focuses on the concrete goals of your firm.
In order for firms to stay competitive, you must frequently change your compensation program and have a plan in place to do so. Your imagination is your only limitation to retaining and motivating the kind of people who are catalysts for the success of your firm.
We recommend that your firm be pro-active in developing and refining your firm’s compensation plan. Recognize that “quality of work life” rewards and appreciation play a vital role in the value of your firm’s benefits package. Your firm can be pro-active and creative by adding an array of perks to the overall benefits package you offer. Consider the following:
• Recognize results with a one-time monetary payment
• Offer opportunity for flexible work arrangements
• Write thank you notes to acknowledge a team member’s “above and beyond” actions
• Present pre-paid legal, education, and insurance benefits
• Place an emphasis on training and development of your team
• Introduce employee wellness initiatives
Lastly, remove the dead-end sign. Your team needs to see a clear and concise view of the opportunities within the firm for growth. You can add a suite of perks to your compensation package, but without the chance for growth and development, your dazzling compensation package won’t work.
As you contemplate the strategic changes you want to make in your compensation plan, do not forget that your team can be your most valuable asset. It is in your best interest to focus on reducing stress at work and in your employee’s personal lives. Reward your team, without hesitation, if you hold a team of energetic, talented and growth oriented individuals.
Developing and offering a compensation plan to your employees with traditional and non-traditional elements is both egalitarian and accountable. Download Ironstone’s Compensation Planning Checklist! CompensationPlanningChecklist
Contact Ironstone for more information and additional strategies that will assist you in developing and strengthening your compensation plan. You can find more information regarding compensation in our blog- “Human Capital Strategies.” http://aeschlapia.wordpress.com/2012/03/19/human-capital-strategies/
Follow us as we explore each of Ironstone’s Fundamental 4™!
• Strategic Planning
• Business Development
• Operational Effectiveness
• The Human Element
You won’t want to miss our next in the series: Business Development-Marketing Plans
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:
Forming a positive culture at your firm is harder to do than you think. It’s one of those intangible objects that burrows into every aspect of our being. Learning how to form and instill a healthy, positive culture is an important but often neglected process.
Workplace culture is a concept that studies the beliefs, attitudes, and thought processes of employees as well as the ideologies and principles of your firm.
In our blog “What Culture Are You Cultivating At Your Firm-Healthy or Toxic?” we reviewed characteristics of a healthy culture. If you haven’t taken the time to step back and look at your workplace culture, now is the time. http://aeschlapia.wordpress.com/2012/03/02/what-culture-are-you-cultivating-at-your-firm-healthy-or-toxic/
Firms that take advantage of opportunities to discuss culture reap the benefits of increased productivity, growth, and efficiency. Start by knowing how to effectively create a healthy culture in your firm by establishing a process that includes the following components:
Hire For Passion: Make sure that you have your hiring checklist in the proper order. Many firms are hiring for credentials and experience but overlook passion. Dig beneath the surface of skill set and qualification to uncover your candidate’s true passions. When potential new hires are passionate about their career, they are more creative.
Open Communication & Discussion: On a regular basis, review with employees what is working and what isn’t. As a leader in your firm, make certain that you interact with your team frequently. Allow employees to discuss issues among themselves to reach better conclusions. Remember that the art of communication is a two-way street. Position your communication focus on talking as much as listening, which will lead to a dynamic workplace culture that will grow.
Weed The Whiners: Nothing can be more destructive than a whiner in the firm. Whiners will typically wind through the firm secretly complaining, instilling doubt, and poison passion in other team members. You must identify these people and replace them. Their passion is not equivalent to that of the organization and they simply aren’t a good fit.
You can create a legacy that will include a healthy culture. Invest and surround yourself with positive, passionate people and remain loyal to them. In doing so, you will earn loyalty from your team members that will provide you with long-term support and commitment. Making certain that your workplace culture is healthy will define the ambience of your firm.
Ironstone can assist you in developing the strategies and tactical questions to gain meaningful insights that will strengthen the culture in your firm. By seizing control over the factors above, you will improve the overall performance of your team and reduce workplace stress.
Contact us for assistance in starting and improving your Workplace Culture. We want to hear from you! Share your best ideas here!
Follow us as we explore each of Ironstone’s Fundamental 4™!
• Strategic Planning
• Business Development
• Operational Effectiveness
• The Human Element
You won’t want to miss our next in the series: Strategic Planning-Compensation
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Follow us on twitter @ https://twitter.com/#!/AndreaSchlapia
• Join us on Facebook! https://www.facebook.com/IronstoneCommunications
• Connect with us on LinkedIn @ http://www.linkedin.com/profile/view?id=29647364&trk=tab_pro
Time management has become a topic of concern for many of the advisory firms that Ironstone works with. How do we control the amount of time we spend each day on needed and unneeded tasks while the world around us continually adds new means of technology, greater resources for us to utilize, and an endless supply of emails, tweets, blogs and messages?
In our last Time Management Blog, “ Learn Common Mistakes You & Your Team May Be Making In Time Management,” http://aeschlapia.wordpress.com/2012/02/28/learn-common-mistakes-you-your-team-may-be-making-in-time-management-7/ we touched on the wasted efforts of multi-tasking. It still holds true today, that we must redirect our focus into single-tasking. If you are a multi-tasker, you will need to develop your own personal plan to switch from doing useless tasks (often involved in multi-tasking) to executing a strategy that ensures you remain single focused.
Ways You Can Change Improve Your Time Management Skills
List Three Top Priorities: Review your task list for the week. Choose three top priority tasks for each workday. This will allow you to hone in on the tasks that are priority items rather than randomly performing secondary tasks.
Scheduling: Block out fifteen minutes each day for planning. During this time, choose your top three priority items so that you can focus on those items at the beginning of each day. Schedule certain times every day for things like emails, phone calls, meetings, etc. Do not allow a fluctuation in this designated time.
Identify your time-wasters: Track what you do on a daily basis for several days. This will allow you to find where you are losing time. Time is valuable, we just need to know how to control and separate what is important at any given moment. By identifying your time-wasters, you can get rid of them.
Change your habits: Make a dedicated promise to yourself to change those things that are your biggest time-wasters. Write out your plan and follow it. Review it briefly each day to see how you did and what areas you can improve on.
Have good reasons to save time and reward yourself: If you make changes to improve your time management, reward yourself. Your reward will motivate you to make changes.
Get Rid Of Interruptions: If interruptions are a big waste of time in your day, find ways to get rid of them. Turn electronics off, disconnect from the internet or try closing your email. (*Tip: add a disclosure on your email indicating how often you check and respond to email.) You will be surprised at how quickly others respect your response. You can live without these interruptions and will be amazed at how much more efficient and productive you become.
Know your key times: Identify specific times of the day when you have the most energy. Align your priority tasks with those times.
Batch Your “To Do List”: We love this idea at Ironstone! Maintaining your to-do list and scheduling specific, allotted time during the day, will help you keep the list manageable and reduce stress. During the allotted time, complete as many of those tasks as possible.
Technology can be used to your advantage in saving time, but make an effort to beat technology time-wasters. If a lot of your time is spent online, surfing websites for the latest content and news, take advantage of having that information pushed directly to you by using RSS or “Really Simple Syndication.”
Relocate: If you are receiving walk-in interruptions, phone calls, instant messages or even need to rejuvenate your energy levels, consider relocating to a place that will lift your mood and where you can be completely free of interruptions. A conference room, a library, a home office, etc., can aide you in completing tasks on-time in a fresh environment.
Taking Time To Make Time
Take control of your time management – the advantages will drastically improve the quality of your everyday life. When you feel that everything has to be done at once, levels of frustration increase. Don’t forget to celebrate! Time management is not an easy task. If it were, there would not be a significant amount of self help, customized training, checklists, and performance reviews regarding the subject. You owe it to yourself to pat yourself on the back if no one else does. Consider your new management skills a victory and own them! After all, you succeeded!
Take time and reap the benefits of time management.
Ironstone can assist you in improving the time management skills of you and your team. Check out our Time Management Tool!- (TimeManagementTool) We specialize in identifying problem areas and then implementing the strategies needed to align with the goals of your firm. Firms with time management programs in place have lower stress levels, peace of mind, a higher sense of achievement, increased energy and productivity and a healthy cultural work environment.
Follow us as we explore each of Ironstone’s Fundamental 4™!
• Strategic Planning
• Business Development
• Operational Effectiveness
• The Human Element
You won’t want to miss our next in the series: The Human Element-Culture
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Follow us on twitter @ https://twitter.com/#!/AndreaSchlapia
• Join us on Facebook! https://www.facebook.com/IronstoneCommunications
• Connect with us on LinkedIn @ http://www.linkedin.com/profile/view?id=29647364&trk=tab_pro
As we continue our series in Ironstone’s Fundamental 4™, we explore the common mistakes made in capabilities presentations whereas our last blog showed you how to build one – http://aeschlapia.wordpress.com/2012/03/08/a-capabilities-presentation-a-vital-piece-in-selling-your-firm-learn-how-to-create-your-story-and-what-to-include/
The most vital component of your capabilities presentation is knowing when to share it. Before prospective clients hire you, they want to know:
Amongst many mistakes, the most common is taking the lead and jumping in front of prospects only to give them a detailed list of services offered by your firm.
Establish a process that will build a solid foundation with prospective clients. List the steps that you currently take when holding a first time meeting, review them, and update them to avoid the mistakes and include the components described in this blog.
The Four Components That Must Happen Before You Present Your Capabilities Presentation
Once you have established a solid foundation to build on, you are ready to incorporate your Capabilities Presentation. Focus on providing highly effective communication and tailoring a wealth management approach that will fulfill needs and become a solution for your clients and prospects. By redirecting your efforts to where they should be (towards the client and prospect) you will be creating opportunities rather than waiting idly for decisions.
Some Common Mistakes to Avoid During Your Capabilities Presentation:
In new business, you only get one chance to make a GREAT impression.
Your capabilities presentation will ensure that you, your team, and prospective clients know exactly what you do and how you can become a solution to their needs. New business will come your way, by following the guidelines that Ironstone has established. Knowing when to present your capabilities presentation will give you a leading edge over your competitors.
Ironstone can assist you in developing the strategies and tactical questions you need when meeting with a new prospect for the first time and provide agendas and follow-up checklists to ensure vital pieces aren’t falling through the cracks.
Contact us for assistance in starting and improving your Capabilities Presentation. We want to hear from you! Share your best ideas here!
Follow us as we explore each of Ironstone’s Fundamental 4™!
You won’t want to miss our next in the series: Operational Effectiveness-Time Management
Living in today’s unpredictable business environment, one of the most frequently asked questions we receive is, “How can we cut our operating costs?”
Streamlining business operations, while containing overhead costs, is the real secret to profitable growth. Without coming to grips with reality, your firm will face the risk of severe loss.
Steps that you can take, starting today, to ameliorate issues and make your office more effective and efficient:
Reducing your operating costs without sacrificing the team’s operational effectiveness, the quality of service, and the value that you provide to your clients, will go a long way towards improving your bottom line.
Keep these principles in mind and implement them. You’ll find that your reduced operating costs will lead you down the path to substantial growth before you realize it.
Ironstone can assist you in developing the strategies needed to reduce your operating costs while strengthening your relationships with existing and potential clients. By being held accountable and responsible for the cost cutting steps above, you will gain control of your expenses and move towards a better bottom line.
Follow us as we explore each of Ironstone’s Fundamental 4™!
You won’t want to miss our next in the series: The Human Element-The Performance Evaluation
Integrating management skill development is a critical component in order for managers to become leaders. Adding the mere word “manager” to a title does not define or magically transform a manager into a leader. In order for managers to understand and carry out leadership skills and strategies for your firm, it is imperative that they have an in-depth understanding of how their actions make a vital impact on the firm’s profitability.
A manager is to a leader as a seed is to a plant.
This analogy tells us that the seed needs to be nurtured in order to grow. The same is true for managers in your firm. In order for managers to succeed and become leaders, you need to provide the components needed for their growth.
Leadership development is essential to the success of an organization-Firms with effective leaders execute better, therefore capturing the capability to deliver more powerful and tangible results leading to fulfilling the goals you have established for your firm.
Good leadership requires the understanding that leadership involves serving- Leadership is often misunderstood as a means to direct people and make organizational decisions. A true leader understands and knows that they serve an organization or a group of people, rather than fostering the idea that they are to be served. Leadership is about behaviors first followed by specific skill sets.
Strong leaders are often described as possessing qualities such as assertiveness, adaptability, intelligence, and preciseness. Leaders who are positive, inspiring, and empowering develop followers which result in higher performing teams for your firm.
Leaders Make Things Happen By:
• Knowing objectives and having a plan to achieve them
• Building a team committed to reaching the objectives
• Helping each team member attain their full potential by providing support and empowerment
Embrace Characteristics To Become A Better Leader
Learn More About Your Leadership Style - Define your strengths and weaknesses. Once you have determined areas that need work, you can begin to improve your leadership abilities.
Encourage Creativity – Encourage your team to express their own unique ideas. Offer new challenges while supporting your team to achieve the goals of your firm. By encouraging creativity and providing support you will motivate team members to stretch to their limits without becoming discouraged by barriers to their own success.
Show Your Passion – Think of ways that you can express your zest. Don’t just focus on completing tasks without sharing your genuine passion and enthusiasm for projects.
Be A Role Model - “Walk the walk and talk the talk.” Team members admire and will emulate behaviors that you display. Model qualities that you want to see in your team members.
Communicate Effectively - Keep the lines of communication open. Ensure that your team members know that they are able to share their contributions to the overall success of the firm and be certain to recognize their contributions and achievements. As a leader, don’t forget to embrace new ideas from team members.
Effective leaders need to consistently work towards developing and improving their own unique leadership style and skills.
Ironstone can assist you in developing a leadership training program. Assess the leadership and managerial skills in your organization with our Profiles CheckPoint 360⁰ assessment. Here’s a sample from the information you will gain from this report. By determining leadership styles, we will assist you in transforming managers within your firm into leaders. 6.8.12CheckPoint Ind & Comparison Sample
Today’s managers need more than basic managerial practices and tools to lead high performing teams. Contact Ironstone to set up find out more about the CheckPoint 360⁰ and how we can provide the training needed to direct managers onto the path of leadership which will align with the organizational structure and strategy of your firm.
What does your firm currently do to promote leadership development? Share your best ideas and practices with us!
Follow us as we explore each of Ironstone’s Fundamental 4™!
• Strategic Planning
• Business Development
• Operational Effectiveness
• The Human Element
You won’t want to miss our next in the series: Strategic Plan-Operating Costs
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Follow us on twitter @ https://twitter.com/#!/AndreaSchlapia
• Join us on Facebook! https://www.facebook.com/IronstoneCommunications
• Connect with us on LinkedIn @ http://www.linkedin.com/profile/view?id=29647364&trk=tab_pro
It’s that time of year again for performance reviews… I’m sure we’ll all agree that the traditional top-down performance review system is not only ancient but flawed, ineffective, and loathsome for all parties involved. For appraisers, the responsibility is overwhelming and for those on the receiving end, there is a fear of the results.
Based on Ironstone’s research and our work with multiple advisory firms, we have experienced first-hand the harmful consequences of these flaws, which are numerous and fall within the following categories:
Clear, Consistency, & Connected: Ineffective performance reviews often have performance goals that are either complex and therefore difficult to fulfill; inconsistently measured among team members and result in competitive and conflicting behaviors; or disconnected from any kind of common purpose. The basis of performance goals should start with a common connection, which is the client’s need. Every goal should be defined in terms of how it will impact the client, which results naturally in a consistency among all goals not matter what level or department. By outlining tangible actions or objectives in this manner you automatically create clearly defined goals without even trying.
Not Goal Oriented: Improvement goals can be both short-term and long-term, however are seldom aligned with a company’s 5 to 10-year goals. Significant long-lasting changes don’t happen overnight and while performance goals should be attainable, they should also be realistic.
Output vs. Input: A performance review is more than just inaccurate when it only captures results and not the work that goes into achieving those results; it is discouraging and counterproductive. All objectives may be fulfilled and yet an employee may have performed at the minimum standards (or displayed exemplary standards). Without recognition or rewards for “going the extra mile”, those extra efforts will wither away and team members will be reduced to mere clock punchers.
Quantitative vs. Qualitative: Often times, there is too much emphasis on a numerical rating, leaving any qualitative comments practically useless and merely cosmetic. In such cases, numerical averages are the only influence over incentives and employees are quick to pick up on whether their efforts make a difference to the company’s bottom line or their own.
Beyond the Dollars: Employees are influenced heavily by what behaviors have the highest financial return because in most cases their end-of-year bonus is on the chopping block. At a minimum, the performance interview should never include the conversation about compensation. Beyond that, the performance interview should include an inquiry about incentives that exceed compensation and therefore uniquely important to each individual.
Power in Numbers: Key advisors seldom focus on more than 10% of team member efforts, so when review time comes, it is impossible to rate the remaining 90% with the same accuracy and depth and almost always involves an unhealthy amount of bias. This only provides a snapshot and therefore paints an inadequate picture of performance and renders the review system futile.
Too Little, Too Late: On the one hand, annual performance reviews rate results over the last 12-month period and team members expect to get an accurate appraisal of objectives (whether they were projected or not). On the other hand, regardless of the rating, there is little to no effect one can have on outcomes that have already occurred.
In our efforts to help our advisory firms implement best practices, we have developed the following checklist to create a performance review that not only rates performance but empowers employees to achieve more.
Always Be Coaching!
These checklist items are essential to the ABC’s of performance reviews, inspiring you to…
CRAFT THE JOB DESCRIPTION
This is more than just a title and description. This is the foundation of your expectations and all aspects of your performance review.
ESTABLISH EXPECTATIONS
Define tangible and intangible traits/behaviors, and create a scoring system that allows employees to know what to work toward.
INSTITUE A REWARDS SYSTEM
Determine what motivates employees beyond the dollars to define tangible and intangible consequences of actions. Build a tailored portfolio of recognition and rewards that will create a wide winners circle and not a losers circle. Meaningful recognition and incentives result in gravitation toward desired behaviors. Some of the most common favorites are: work from home, casual day, gift cards (coffee, gas, books, etc…).
CREATE 360-DEGREE PERFORMANCE REVIEWS
A performance review should consist of more than just an annual checklist of excellent, good, fair, and poor. There is power in numbers and is therefore important to gather information “… from people who work for, with, and above the employee, as well as those outside the company …”.* This approach relies heavily on a high frequency of reviews and goal setting. Regular (quarterly) performance reviews and goal revisions are proven to increase performance results**.
COLLECT THE DATA
Create performance logs that supply concrete examples to ensure raters (managers and subordinates) know how to rate what they observe, and provided guidelines on appropriate vs. inappropriate criteria.
ANALYZE THE DATA
Sort the data per employee in order to make sense of it and identify the trends. Draft your interview agenda, which should include employee feedback and action items to implement.
CONDUCT THE PERFORMANCE INTERVIEW
While meeting with the employee to review the data you have collected you need to make rating consistent by keeping the interview structured for all interviewees. To alleviate the anxiety in this part of the process, see it as a collaborative learning experience for positive change based on reaffirming job expectations, correcting problems, and answering questions. As confirmed by the Alexander Hamilton Institute, Inc., feedback can have significant legal and practical management effects. Recommended feedback requires the following preparations:
IMPLEMENT GOALS & FOLLOW THROUGH
You know the saying “gone but not forgotten”? Well, this step in the review process is often gone AND forgotten! Regularity is an inherent characteristic of the 360-degree performance review, which ensures continuous monitoring and execution of objectives and goals that have been set.
RATE THE PERFORMANCE REVIEW PROCESS
The key to any successful program is following through, constant monitoring of effectiveness. Review the successes and failures to refine process and create a performance review that works for your firm. Take a look at the most common Do’s and Don’ts and the performance review audit below to assist in this process.
The volume of information that is collected from this type of performance review can be overwhelming, but the impact on motivation and results is undeniable. Focus on the continuous process of goal setting and a development plan to Always Be Coaching! The success rate will soar and the gratification from the initial reward is replaced with a genuine desire to produce and grow for the betterment of the firm and its employees.
We’ve outlined pitfalls that hinder effectiveness in order to help you build pillars for performance:
DO’S:
DON’TS
Take this audit to evaluate your current performance review process.
Ironstone can assist you in developing a custom performance review process for your firm. We specialize in identifying gaps in your existing plan and will collaborate with you to develop solutions that are parallel in achieving the results your desire.
Contact us for assistance in starting and improving your Performance Review Process. We want to hear from you! Share your best ideas here!
Follow us as we explore each of Ironstone’s Fundamental 4™!
You won’t want to miss our next in the series: Strategic Planning-Investment Models
During difficult market times, building strategic alliances is one of the best investments you can make for your firm. Taking your firm to the next level will require that you incorporate key tactics in your marketing plan to gain market share and improve your client acquisition strategy. To be more competitive and differentiate your firm, having strategic alliances will extend your team and present your firm a way to offer clients a full spectrum of services.
Strategic Alliances Should Be About Your Client, Not Your Firm
One of the biggest mistakes advisors are making today is attempting to build strategic alliances for the benefit of the firm. These types of alliances will fall short of your desired result, providing you with nothing more than a network rather than a true solid alliance producing results.
Center your strategic alliance plan around solutions to meet client needs.
The value of your firm is measured by your client problems, needs, and wants, as well as the quality of solutions you can provide to them. While cost & skill sharing are some reasons why companies form alliances, creating the ability to offer clients more services is the most desirable shared benefit for each partner, including your client.
Begin to structure your extended team with other professionals whose efforts are symmetrical with the needs of your clients. Identify professionals that share your niche and are able to provide solutions for your clients beyond your existing realm of services.
Choose counterparts that you can easily collaborate with, develop good connections, and those that will actively introduce you to new clients rather than waiting for an opportunity to present itself. Perform searches of noncompeting professionals in your community, (such as attorney’s and CPA firms) and then find a mutual connection to help initiate contact. Explore the common motives and objectives between your firm and those of your alliances.
Steps To Creating Successful Alliances:
1. Approach local CPA & Attorney Firms
2. Interview key people to determine their suitability for an alliance with you
3. Implement a systematic process to create strong relationships
An important factor to any successful long-term alliance includes a plan and documentation of future success for each firm. Ironstone can help you structure your alliances by picking the right people to partner with and develop a comprehensive strategic alliance plan.
Contact us for assistance in cultivating a web of alliances with your peers to identify and implement best practices to build a world-class business and achieve bottom line results.
We want to hear from you! Share your best ideas here! We always love hearing from you!
Follow us as we explore each of Ironstone’s Fundamental 4™!
• Strategic Planning
• Business Development
• Operational Effectiveness
• The Human Element
You won’t want to miss our next in the series: Business Development-Advisory Boards
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Follow us on twitter @ https://twitter.com/#!/AndreaSchlapia
• Join us on Facebook! https://www.facebook.com/IronstoneCommunications
• Connect with us on LinkedIn @ http://www.linkedin.com/profile/view?id=29647364&trk=tab_pro
Hiring exceptional talent is a significant component to the overall success of your firm. Hiring the best people for your firm should always be your goal even wh
en the economic culture is not ideal.
As a leader of your firm, your team of employees is a direct reflection of your leadership skills. The quality of your team is measured by several benchmarks including accomplishments, adaptability, flexibility, innovation, teamwork, accountability, and overall quality.
Begin with outlining your hiring business process. When outlining your process, start with the end in mind and create a written recruitment plan that includes a strategy and an outline of your hiring process. Creating a written plan will help you indentify the profile of your ideal new hire. Engage talent through use of email, telephone and mail and screen potential candidates. In the selection process consider involving multiple members of your team.
Talent matching has to become an integral part of the hiring process. Ironstone can assist you during your hiring process with tools and support decisions that are critical to the overall success of your business. Matching technologies will aide you in identifying top candidates that meet specific criteria. Results of matching or assessment tools should not be used to label, evaluate, or limit an applicant but used a measurement preference rather than aptitude. Ironstone will help you administer screening processes and determine who your most compatible applicants are.
Skills and experience will always catch your attention, but the “fit” is often overlooked during the hiring process. Align the best people to the position in your firm with a combination of the skill, experience and passions of your applicant.
Once you have selected your ideal candidate make sure that you follow through with an onboarding process. Onboarding is as essential to your firm as it is to your new employee. Orienting employees to the workplace and their specific role in your firm is one of the most neglected functions in many firms.
Developing an onboarding process for your firm should include more than an initial “new hire orientation.” Onboarding of a new employee should continue through the first full year of employment. Possible components of your process include (but are not limited to):
Your firm will reap the benefits of a well organized on-boarding strategy including increased morale, reduced turnover, increased production and reduced costs. A documented process will make a new employee feel welcome and comfortable.
Contact Ironstone for assistance in your hiring & onboarding development. We have numerous tools and aides available for you.
Follow us as we explore each of Ironstone’s Fundamental 4™!
You won’t want to miss our next in the series: Strategic Planning & Your Business Plan
As an extension of our Q2 newsletter, here is a deeper look into the factors that influence and shape engagement:
Infrastructure
As soon as your practice adds support staff, the question of structure rears its head. At first, with only one or two people assisting you, that may seem a rather silly concern. But add enough staff, or grow to the silo (multiple advisors sharing space and in many cases staff with different client bases) or ensemble (multiple advisors with shared staff working together) models, and suddenly it becomes a very real issue. Choosing the right structure is intimately related to the next issue—roles.
Roles
The hierarchical organizational structure that defined American business for so long is rapidly falling by the wayside. Today who does what, and who is responsible for what, should have less to do with title or position than with aptitude and desire. As an advisor managing a team, you’re fortunate—you have much more latitude than, for example, a department head at a Fortune 500 company. Ironstone can show you how to make the most of this freedom.
Recruiting and Retention
Your practice won’t have the headcount to allow for any Hamsters—there’s just nowhere for them to hide. That’s the good news. The bad news is that a small staff means that every member has significant impact, and that in turn means you can’t afford to hire the wrong person. How, then, do you select people who will be easily engaged? We’ll show you the keys to an effective process.
Compensation
Engaged employees focus first on what they produce for the organization, but that doesn’t mean that compensation is irrelevant. An engaged employee is a valuable resource, and a key team member who can be just as engaged with another employer for more money is likely to depart sooner rather than later. Learn how best to balance your total compensation package to retain your team.
Non-monetary Rewards
Money matters, but there is much more than money that matters. Recognition is consistently cited as among the most effective motivators, and you should never underestimate its impact in the close-knit environment of your practice. Constructing appropriate incentive systems above and beyond base compensation that will achieve the desired result is also crucial. Our workshop will offer creative approaches to this challenge.
Self-development
One of the best ways to retain engaged team members is to provide a clear path to greater responsibility and assist your people in progressing along it. In some cases that may even mean that they one day move from support staff to being an advisor themselves. Facilitating that process instead of standing in the way will earn you tremendous loyalty.
Assessment Tools
There are a number of tools available, and Ironstone can help both you and your team members recognize where their aptitudes and preferences lie—and no, many of them won’t actually know, especially in the case of something they’ve never done before. The Myers-Briggs Type Indicator and Profiles International Assessment are examples of instruments with a tested theoretical base and extensive use, and we’ll show you how best to apply them.
Evaluation
Most companies require some form of employee evaluation. Performance reviews are often a dreaded chore for both manager and employee—which is why you may have decided to forego the process in your practice—but what if you could transform it into something of true value? Ironstone can show you how.
Coaching
Helping your team members achieve maximum value to your practice and maximum personal satisfaction won’t happen magically or overnight. It requires consistent and ongoing guidance, feedback, and communication. Our workshops will show you how to coach consistently and effectively.
When was the last time you attended a productive meeting?
If it’s hard to remember, you’re not alone. Poor planning and preparation contribute to zero results and low returns on investment.
We find that many advisors and managers skip over holding staff meetings. While most staff meetings are usually described as boring, useless, and intimidating, they are an integral part of building the winning team.
Ironstone has several job aids available that can help you through the process of holding regular staff meetings. View Ironstone’s Meeting Agenda Template:
How can you improve your staff meetings?
Successful meetings will require the involvement of management before, during, and after the meeting.
If you are neglecting any one of these meeting management requirements, your meetings will result in productive time being wasted.
If you’re looking to improve communication within your firm, perhaps even increase efficiencies among staff, regular meetings are a good place to start. The key, however, is to begin scheduling the meetings for positive reasons, not negative ones. Other staff meeting tips you should keep in mind:
Ironstone has designed a workshop that covers the what, why, and how to produce results through meetings.
You will define and create an action plan with the following aspects in mind:
Are they Necessary – desire vs. need, timewasters, alternatives, explore different types of meetings
Coordination & Preparation – before, during, and after
The Leadership Role – guiding your group towards the objectives
Information delivery & Enthusiastic Involvement – prepare the right kind of questions for the right kind of conversation
Control and conclusion – keep things on track, avoid deviation for speedy wrap-up
We want to hear from you! What are you doing to make your staff meetings successful?
Follow us as we explore each of Ironstone’s Fundamental 4™!
You won’t want to miss our next in the series: The Human Element: Organizational Skills-Do You & Your Staff Hold The Key To Organization?
A Capabilities Presentation-A Vital Piece In “Selling Your Firm.” Learn how to create your story and what to include!
Your aim in this endevour is to create a personalized package that outlines your client’s experiences as well as organizes and illustrates the components of your brand and service offerings.
A business card won’t cut it …. Tell Me A Story……
When a prospect or client wants to “see” what you do, you need to be prepared. By designing a “package” that outlines your brand or unique value proposition, you tell the story of your company and explain the service offerings that can fill the needs of your potential prospects. It is also an excellent resource that compliments your physical building, your stationary, your email signatures, and your web site.
Your capabilities presentation is more than a selling technique. You want to explain and show why a prospect should choose you rather than another firm. Your presentation, whether presented to a group verbally, emailed through power-point, or created on hardcopy and made into a professional folder should:
Let’s look and understand the buying process: first people “buy” you. Secondly they “buy” your firm, third and finally, they “buy” your product and the investment for your product. The best way to start your capabilities presentation is to show the following:
And last but not least, include a Call To Action. Include a questionnaire that clients and potential prospects can complete or give them the option to schedule a follow-up meeting with your firm. Include the following questions:
View your capabilities presentation as a key to continue in the sales process. You want to make your best impression, consider it a resume of your firm.
We recommend having a professional hard copy brochure or binder available that will “tell your story” as a supplement to your verbal presentation.
Contact us for assistance in following the proper steps needed for a successful capabilities presentation. If you are having a hard time taking these steps we can support you through the design and development of your presentation and brochure.
View the following examples of presentations that Ironstone has assisted with:
Follow us as we explore each of Ironstone’s Fundamental 4™!
You won’t want to miss our next in the series: Operational Effectiveness-Staff Meetings
