How confidence can drive success in your business

Smart practice

Tuesday 01 April 2014

Five steps to start building success

While it's interesting to analyse the actions of businesses who are getting it right, emulating those actions can seem overwhelming.

The less confident we feel, the less we feel able to take the steps necessary to build our confidence. 

Fortunately you can start small.

By analysing the results of the 2014 Financial Planning Benchmarking Report, we have identified a number of actions that are statistically more likely to get you on the right track. 

1. Set goals 

The knowledge that your success has been brought about by your hard work and skill – rather than luck or chance – is a great motivator and an important source of confidence.

Break your goals into smaller milestones. Look at your goals over different time periods by asking yourself: what do I need to do next week, next month and next year to achieve my longer-term goals? This will give you a roadmap to help achieve your goals and the confidence to tackle them. 

2. Focus on what you're good at 

Advisers who have a focused area of expertise – as opposed to providing a range of services – are more likely to have higher profits and more likely to expect future growth.

Find what you're good at, do it well and partner with others to provide the services that aren't your area of strength. 

3. Get the basics right first 

You need to get the basics right – such as looking after your clients – before you start searching for more business or start thinking about buying another one.

Expanding a business on shaky foundations will only lead to further issues and distract you from the day-to-day management of your existing business. 

4. Live vicariously

Studying the success of others can enhance your belief in yourself and help you to understand what's working for others.

Talk to your peers, your colleagues and even your clients about their personal experiences. Take the time to understand how others have built their confidence and be empowered by their success. 

5. Take care of yourself

To a great extent, you are your business. You need to be in good shape to drive your business forward. Focus on managing your time and your stress levels. Be confident in your own ability. Your business will feed from and reflect your personal attributes. 

 

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