How to Escape the Feast or Famine Cycle
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“My number-one challenge is I don’t have enough time to prospect.” That’s what advisors tell me when I ask them what their biggest challenge is.
”I barely have enough time to service my current book of clients, let alone prospect for new ones,” they say.
This is a classic either/or problem: working in your business versus working on your business. It is very common among advisors.
As an independent advisor trying to make a living from what’s called the “expert consultant sales model,” you can very quickly get trapped between two insurmountable obstacles.
Getting a new client is psychologically rewarding at first.
But as you become involved in delivering for that client, there is less time available for you to do your usual marketing activities.
Yet, by the time you find time to service your current clients, you may not have any new ones ready and waiting in your pipeline.
New-client outreach becomes a race, a struggle for survival, which can lower your defenses, making you susceptible to dysfunctional sales practices.