Let’s talk “business development” with Philip Volk, Managing Director at the Financial Focus Group

VUE: Philip, it’s been a tough few years for many Professionals, especially those in the Financial Markets. What have you see the most successful Practices and Professionals doing over the last few years to stay focused and positive on a personal level?

PV: You have to believe in what you are doing! The first thing that a client “smells on an adviser” is a lack of belief in the service that they are delivering! Those advisers that:

1. Know where they can add value and with what clients,

2. Understand the value that they deliver, and

3. Have a process for consistently demonstrating the value

...have been able to delight their existing clients and bring new clients into their businesses. At a personal level, having the right person to coach you in your business is also a great way to bring encouragement, accountability and reality, particularly when times are tough!

VUE: January and February are typically months of planning and goal setting for many people and businesses. With your experience in this area, what are three quick tips to creating a better business plan?

1. PV: Do your personal plan first – what are the 5-7 things that are really important to you this year? Your “personal plan” and business plan must be heading very much in the same direction and be realistic in terms of what is actually doable!

2. Have a business plan - Keep it simple – one page is best!

3. Get someone to hold you accountable – the statistics below speak for themselves!

I. No goals <10% chance of success

II. Goals <20% chance of success

III. Goals + Strategy <40% chance of success

IV. Goals + Strategy + Plan <60% chance of success

V. Goals + Strategy + Plan + Regular Review with Coach > 90% chance of success

VUE: Let’s talk Business Development for a moment, which is an area many Professionals struggle with. Why do you think this is so? What hurdles normally stand in their way?

PV: Business development is about activity, process and relationship. All need to be in place for it to work!

1. Activity - you have to keep the activity rates up for business development to have any chance of working. The struggle for most is to prioritise it over other work until the business development becomes urgent – and with that comes a smell of desperation which tends to be pretty unattractive to those you are trying to attract!

2. Process - You must have a business development process and tools to support it in place otherwise it all becomes too hard! A simple tip to keep this happening is to simply block out in your diary a half day per week for business development!

3. Relationship - Trust is built most quickly when you have something of value to give – a client or useful information is a great start. It also really helps when they “get you” – so give those whom you are developing business with, a taste of your service!

VUE: In both Planning and Business Development it helps to track results, yet many Professionals find this time consuming and don’t bother. Later, they lack any meaningful data to help make decisions. Any advice on how to better track data or record results?

PV: Make the collection of the data a part for the normal process! Practically track:

1. Activity - Track the number, type and results of business development appointments – discuss this weekly in your team meeting.

2. Results – Track the clients that referral sources refer to you, and you to them – meet monthly to discuss and improve

VUE: What’s your #1 business development tip for Professionals? Can you share a secret with us…

PV: Not sure that there is a secret! Life is 90% perspiration and 10% inspiration and the ability to continue doing the right thing when times are good or tough is the key!

VUE: Time for your “stadium pitch”. You are standing before 30,000 people and have 30 seconds to get them to come and have a coffee with you at Financial Focus Group. You step up and say…

PV: My passion is to be a part of building a great financial advice profession - Australia needs it! Because I own and run as well as coach financial advice businesses, my coaching is very practical and it works! I have worked with over 60 advice businesses and have coached improvement in improved financial results, client service and enjoyment for the owner / staff. I only work with about 10 advice businesses per year.

Thanks Philip! You can check out all the business planning, coaching and strategic advice available to clients of Financial Focus Group www.ffgconsulting.com.au or call Philip on 0418349257