Things are looking up. Economic indicators—from the rising U.S. dollar to the stabilizing jobless rate—paint a picture of an economic recovery that may not be as fragile as some fear (I’m a glass-half-full type, so bear with me). Overall, you and your clients are probably feeling more confident than you have in the last 24 months or so. But as business coach Diane MacPhee, CFP®, writes in the July/August issue of Practice Management Solutions, the question now is: “At what price did persevering these tough times cost you?”
In her article “Your Practice Is Coming Back … What About You?” MacPhee offers six steps to avoid burnout and feel better, because a healthy adviser leads to a healthy business. Her steps include getting enough sleep (that means eight hours for most people), exercising (find something fun and stick with it), and hanging out with people who make you laugh (simply enjoy a good friend’s company). Sounds simple, but when the pressure is on to bring in more clients and make more money, sleep, exercise and fun may be the last things you think you have time for.
This isn’t rocket science or a news flash, but a friendly reminder that taking care of yourself can go a long way to a better you and a better business. As business coach Katherine Vessenes, CFP®, says in the recent online article, “Work Less, Be Healthy, Make More Money,” success in business and strong health go hand-in-hand, and believe it or not, working harder does not necessarily mean making more money.
According to Vessenes, a key to reducing stress, feeling better and making more money is to delegate.
“… this service-based industry does not necessarily reward to hardest working advisor as much as it does the most effective working advisor,” Vessenes writes. “Working effectively means being healthy, enjoying what you do and leveraging every bit of your practice—including yourself—to the best of each component’s ability. This means eliminating all of the tasks that should be delegated to focus in the one area where your business most needs you and you most need your business … bringing in clients.”
So log off your computer and go get some fresh air. Take a walk, drink plenty of water, get a good night’s sleep. Then call up an old friend and spend some quality time just having fun. Take care of you and the rest will follow.
Practice Management Solutions magazine
Financial Planning Association