In today's episode of "The Confident Advisor Practice Podcast", a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau talk about working on the business and working in the business.
• 1.40: As per Chad, many advisors are struggling with the differences between working on your business and working in your business and what it does to your business.
• 3.23: Chad talks about the importance of bigger-picture thinking tools and how they play an important role in "working on the business."
• 3.37: Chad explains how "Working in your business" is more of a tactical piece of your business.
• 04.41: The two most important things as an Advisor are keeping the clients you have and finding the ones you don't have yet.
• 06.51: There are advantages, certain distinct advantages in working in your business. There is the fact that working in your business hopefully is building strong relationships with your current clients.
• 07.46: Being in the trenches and working with clients on a daily basis, you are able to stay informed and ensure that you are providing your clients with the best possible advice.
• 08.46: By focusing on the bigger picture and working on the business, advisors can identify and address inefficiencies that lead to more streamlined and profitable operations, which is always a good thing for the bottom line.
• 09.56: Bill shares how he has noticed at the beginning of the year that there have been a lot of educational opportunities around marketing which is working on the business and practice management and things of that nature.
Three Key Points
1. Bill and Chad discuss the meaning of working on the business and working in the business.
2. Chad explains why as an advisor you should be doing dollar activities as much as possible.
3. Chad explains how many advisors tend to kind of get caught up more on working in the business as opposed to really working on the business
• "Working on your business is you thinking of the ideas that you can help your revenue in a better way." - Chad
• "Working in the business, it's not typically something or an activity that is driving revenue or keeping revenue or growing the practice, it's more of the involuntary things you have to do like service request, distributions, trades." - Chad
• "Working on your business is kind of taking a step back, looking at the big picture of things." - Bill
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