The Unexpected Way Advisors Can Boost Profits


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Carl Heyerdahl on Unsplash

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Sometimes I am a one-man band. I run a busy coaching practice. I travel all over the world giving talks based on the research set forth in The Smartest Sales Book You’ll Ever Read. I write weekly for The Huffington Post and Advisor Perspectives.

Yet, I have plenty of time in my schedule, which permits me to take on new business, expand my writing and engage in other work-related activities.

I can also achieve a reasonable work/life balance. My wife and I travel extensively and have ample opportunity for leisure activities.

Outsourcing

Here’s my secret, which I’m happy to share.

I learned how to outsource.

In my younger days, when we had two small children, I remember someone telling me. “It’s just not true that only Mommy can make a peanut butter sandwich.” Those words have stuck with me.

About a year ago, when my practice was expanding, I was overwhelmed. I was doing everything myself, including invoicing and making travel plans. These tasks can easily be done online. But, in the aggregate, they were a time drain. Before I realized it, I was spending a couple of hours a day on administrative work.

Then I had an epiphany. I wondered what would happen if I delegated everything that could be done by others? I didn’t make a judgment call about whether it was cost-effective to do so. Either it fit into this category or it didn’t.