Posts Tagged ‘Resource Management’
Tuesday, July 3rd, 2012
It seems to be an affliction many entrepreneursshare — they think that by putting in long work weeks and thinking about nothing but their burgeoning businesses, they will be able to make it grow more quickly and achieve their professional goals. That reasoning is skewed, however.Consider your own work patterns. Even if you put in days that are 10 hours or longer, work on the weekends and spend the rest of your free time thinking about the company, how much of that time are you actually being effective? Do you find yourself in the office, staring at a pile of work, and wasting minutes or hours trying to make sense of what’s in front of you?
Through The Covenant Group, I’ve met a lot of financial advisors who are too busy working in their businesses to work on them. Wrapped up in the minute details, they cannot determine where their companies are going or ever decide where they WANT them to go. Stepping away from the daily grind, giving yourself permission to take a breath and think, is far more important than making sure you respond to five more emails before going home for the day.
I think a recent Harvard Business Review blog post written by Robert C. Pozen casts more light on this perception that work quantity supersedes quality, as well as the workoholic culture that has risen around it. As he points out, we log our productivity in terms of hours, instead of results and the value that professionals such as analysts, consultants and lawyers “create through their knowledge.”
From a resource management perspective, this attitude can cut down on your own and your employees’ productivity, because they are thinking too much about how long they are at the office instead of “answering the most critical question: ‘Am I currently using my time in the best possible way?’” Pozen points out.
Many of the advisors I I’ve coached have said that they are already maxed out on how much time they can put into their business and feel stuck at a certain income level or number of clients. They feel that it would be impossible to grow their businesses any further, since there are only so many hours in the day. The solution is not to dedicate additional time to the company, but to give a greater effort when you are there. Delegate some of the more time-consuming, less-valuable tasks that consume your time to an employee. Think about whether your daily tasks are truly advancing the firm, or whether they just constitute busy work. Being honest about your own productivity is the first step to cutting down hours and improving results.
As founder, president and CEO of The Covenant Group, Norm Trainor is often seen as the face of the company and its’ leading financial advisor training programs. He has penned several best-selling books, articles and other works with entrepreneurs and financial advisors to show them how they can become more valuable to their clients, boost productivity and, ultimately, achieve the success they desire.
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Tags: Affliction, Attitude, Covenant Group, Critical Question, Emails, Entrepreneurs Share, Financial Advisors, Free Time, Going Home, Harvard Business Review, Lawyers, Management Perspective, Minute Details, Perception, Productivity, Professional Goals, Resource Management, Robert C Pozen, Work Patterns
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Wednesday, May 30th, 2012
by Matthew Asser, The Covenant Group
Previously, I discussed how preparing and researching for the interview process can result in more fruitful discussions with applicants. In this sixth part of the ongoing series on resource management and hiring, I want to discuss some of the considerations in choosing a hire from your list of applicants.
While it can be fairly simple to gauge whether an applicant has the necessary experience, personality types can add another variable to your decision. Identifying what your culture and core company values are is just as important as having a list of the job requirements. Do the candidates that you are considering have morals and attitudes that align with that mission?
One management tip I came across in the Harvard Business Review urged employers to look at a potential hire’s motivation as well. What do they stand to gain from a position at your firm? How do they plan to advance professionally? What are their one-, five– and 10-year plans?
As Norm Trainor explains in The Entrepreneurial Journey, you should identify the skills necessary for the job. Earlier, you determined the employee’s areas of accountability and what kind of professional values are needed to perform the role well — now ask whether the candidate has all of those features. Remember to avoid the trap of seeking out employees who are like you, as the entire point of delegating to other people is to build a team of employees with a diverse set of skills, strengths and personality traits.
You are building an organization, and its success is dependent on each person fitting into and excelling at his or her predetermined roles. Keeping company culture in mind is also vital. For instance, delivering consistently high-quality customer service is essential to the success of a financial advisory firm, and that attitude must be shared by everyone in the organization.
Don’t forget to send out a thank-you note to other applicants who did not pass the selection process. The fact that an applicant was not the best option for this position does not mean he or she will not be better suited for a role in your business in the future. Maintain contact with potential hires and recruits — not only is it a common courtesy, it will keep your hiring pipeline primed for the next time you choose to expand your team.
Matthew Asser has spent the last few decades gaining expertise in how financial services firms can optimize their operations, marketing, new products, business development and client relationship management practices. He’s well-versed in the challenges that an entrepreneur may struggle with, and as a Senior Coach and Facilitator, helps clients achieve business change through The Covenant Group’s extensive financial advisor training programs.
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Tags: Asser, Company Culture, Company Values, Core Company, Covenant Group, Culture In Mind, Entrepreneurial Journey, Financial Advisory Firm, Fruitful Discussions, Harvard Business Review, Management Tip, Morals, Nbsp, Necessary Experience, Norm Trainor, Personality Traits, Personality Types, Professional Values, Quality Customer Service, Resource Management
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