There is a force so destructive it has the potential to take out any?advice firm in business today. It doesn’t care who you are and how successful you are, if given half a chance it will take your thriving business and turn it into a pile of ruins.
Well, that sounds a bit dramatic I hear you say. But I’ve seen it happen more often than I really care to talk about. It almost got me.
What is this practice killer?
I call it ‘The Drift’. It’s that point where your practice ceases to move forward with any real intent. You might still be trying things, but nothing seems to really get much traction. Over time it gets?harder and harder to find the energy and motivation to innovate and stay at the forefront of the industry. Before long you simply resign yourself, consciously or not, to doing things you’ve always done. You simply drift.
The problem is that once you realise it you’ve already been in decline for some time, and without a complete change in approach that decline will only accelerate. The end is no income, no asset to sell, no independence.
It’s a grim picture I paint, but the business world is full of stories of those who went out of business because they?failed to innovate and change their approach to market.
What Can You Do To Protect Your Firm?
To ensure your firm doesn’t fall prey to ‘The Drift’ there are at least four things you should actively cultivate within your firm. And they all begin with ‘A’;
I’m not traditionally a mindset kind of guy, but I am a convert and am now firmly of the view your mindset is a game changer. To prove it Just look at some of the leaders in your industry. Their not smarter than you. They’re probably not getting better results for their clients than you get for your clients, but they are more successful. Their firm has a vibe that yours doesn’t. They have an approach to their work that’s missing for you. They’re there to win.
It’s the same for you and your team and the best thing is you get to choose?how you show up to the office.
We live in a rapidly changing world. What worked yesterday doesn’t work today. What got you here won’t get you there. So you need to constantly acquire new skills, new methods and?new approaches to markets.
Sometimes you need to look beyond your industry to acquire new skills, then adapt them to your business.
Look to the evolving needs of your clients, and the business models you use to service them and identify the gaps. Then acquire the skills you need to fill those gaps. Be proactive.
Results never precede action. Results are only ever realised after the action is taken.
One of the key things you can do to defeat practice drift?is to maximise traction by?consistently taking targeted actions towards predetermined goals.
Of recent years my clients have gained most traction by working only in 90days sprints. So we vision out 3 years, set goals every 12 months and develop targeted and specific plans every 90 days, then sprint. Four sprints per year.
By doing this you remain intensely focused and agile enough to make corrections in your trajectory throughout the year to ensure you still hit your goals. It also means your practice is drift free.
You might think that accountability is an overdone concept, but the simple truth is it works. There is something very powerful about reporting to and being accountable by?an objective third party who’s only goal is to ensure your success. Someone who won’t accept your weak excuses for why something didn’t happen,?someone who’ll refocus you on what to do next when you feel overwhelmed or confused about what to do next.
In my practice accountability maintains my focus. It’s my secret weapon. Knowing I have to report my activity, or in moments of weakness lack thereof, to someone else is a powerful motivator to getting things done.
Who are you accountable to? Seriously!
If you see elements of your practice starting to drift you now have a framework to start to turn things around. Sometimes though you need something more than resolve.
If you want to make the changes, but aren’t sure where to start or what to do next then let’s have 15 minutes on the phone together to assess where you’re at, where you’re headed, what your next step should be and how I can help you get there. Click Here to book a time in my calendar.