Tag Archives: practice

BALANCE AT WORK BLOG

Brainstorming for one

Brainstorming is probably my favourite way of getting out of a rut and generating new ideas. It’s a key tool for leadership development in any setting.

But what do you do if you’re stuck on something and calling a meeting is neither appropriate or convenient?

One answer is to write exhaustive lists using brainstorming rules – suspend judgement and focus on quantity. ‘Brainstorming for one’, I call it.

What follows is an example of how you could use this technique to crack a common problem.

When we need to hire, we often get stuck on defining what we want in a new hire. Often, we play safe by sticking to what we’ve done in the past even when the business has changed over time.

The new way

1. Start writing lists including –

        • Everything the person will have to do to do this job well now
        • Everything they need to know before they start
        • Everything you want them to be while they work for you
        • Everything you are going to measure to assess their performance
        • All the ways this job will appeal to the right person

2. Keep adding to the lists (without judging or editing) until you can’t think of anything more

3. Keep your lists going for at least 24 hours. Your subconscious mind will generate further ideas while you’re doing other things, even sleeping!

4. When the ideas stop flowing, it’s finally time to edit:

  • Get rid of anything that’s unrealistic, such as ‘will bring me coffee without being asked’
  • Look for patterns. Items that appear several times on your lists must be important to you

5. Combine your lists to define both the role you are filling (your job description) and the person you want to fill it – which in turn gives you your recruitment method, ad wording and selection process.

What do you think?  Could this work for you?

I’d love to hear your experiences of using ‘brainstorming for one’.

BALANCE AT WORK BLOG

5 reasons to reduce ‘clutter’ and grow your business

A recent visit to a local boutique was a stark reminder of the main drawback of trying to be all things to all people…

This shop is filled with many beautiful pieces of clothing, jewellery, accessories, giftware and even food. But there’s a problem:  too much to choose from! The ‘noise’ of all the possible options meant the choice I made was to leave the shop in search of somewhere less cluttered and less overwhelming.

OK – so I’ve never worked in retail but I have had decades of experience as a shopper! It surprises me how hard some retailers make if for us to actually purchase from them. Everything from overcrowded displays to lack of staff are barriers to actually handing over the cash.

What about your service business?

“You can’t please all of the people all of the time” was something my father used to say when I was disappointed about something. If he was still around when I started in business, he might have reminded me to be more selective about the services we offer our clients.

Over the years – and it’s an ongoing process – I’ve gradually applied greater discipline to what we will and will not do as well as who we will and will not do it with. I’m constantly reminding myself that just because we can do something doesn’t mean we should.

What’s the situation in your business? Is it easy for a prospect to know exactly what you can do for them?

In my work with professional service firms, I understand the anxiety they often experience when confronted with the prospect of being more finely focussed regarding who they serve and what they do. Once they push through that anxiety, I’ve seen a number of related benefits arise for business owners:

1. Freedom to have the business they want to have, instead of the business they think the should have.  (This is most important because it’s closely linked to the freedom to be themselves.)

2. Prospects make faster decisions about working (or not working) with them, shortening the buying cycle.

3. Staff have more clarity about what the business does and their role in it.

4. They have more confidence to say ‘no’ to the wrong clients and more enthusiasm when saying ‘yes’ to the right clients.

5. By becoming experts in their specialty, they grow in business knowledge, skills and reputation.

All these things have a positive impact on the business productivity and profitability.

What will you do to make choice easier in your business?

BALANCE AT WORK BLOG

How referable is your business? (continued)

Following on from our article last week – ‘How referable is your business?’ – see below for a further two tips on how you can build up your referral business.

Step 3 – Acknowledge your clients’ fear and make them look good

Your client may often wonder whether the referral process will take up too much of their time and whether their reputation will be hurt if you don’t follow up properly. Think about the client’s needs first, not yours. The referral process needs to reflect well on them and make them look good.

To overcome these fears, explain your referral process and the outcomes of any introductions. This could include following up referred clients promptly and letting the referee know how it progresses, building their confidence in the process. A successful outcome with a referred client strengthens the existing client relationship and should lead to more referrals.

Step 4 – Get the client to articulate your value

At the end of every client meeting ask the client to articulate the value they’ve received. If they say things like ‘I never thought of that before’ or ‘thanks, that’s a great idea’, this is a perfect trigger to have a conversation about who else may benefit from your expertise.

Importantly, your client needs to tell you about the value they’re receiving so they ‘sell’ themselves into the idea of referring you. You can’t badger them into agreeing with you about the value you think they’ve received!

The Bottom Line

There are multiple, ongoing opportunities to talk with your clients about referrals. Examples include when you solve or prevent a problem, when your client buys from you and when you follow up. The key is to look for ways to provide value to your clients and to have a systematic client contact and referral process that your business is comfortable with and that your clients trust.

If this is underpinned by an awareness of what your clients think about your service, then you will have ‘earned the right’ to have the referral conversation and you will be closing the gap between the number of clients who currently refer business to you, and the number that could be.

You may want to visit www.customerreturn.com.au to complete a 2 minute Referrability Self Evaluation. Nathan can be contacted on 0410 471 200 to provide a free 30 minute debrief valued at $150 of your results and suggestions for how to build a more referable business.

BALANCE AT WORK BLOG

How referable is your business?

Lead generation is now more important than ever and client referrals are the most profitable way to build your business. Do you have a systematic referral process that makes it easy for your clients to refer you to others?

Given the volatility in the market and the caution among clients, it is now more important than ever to strengthen your existing client relationships and make it easier for your clients to recognise your value and refer you to others.

80 percent of clients would be willing to refer their adviser.
Yet only 20 percent of clients are actively asked for referrals.

Our research indicates there is an enormous opportunity that advisers are missing out on. Clients are open to the idea of giving referrals – but advisers are not having enough of these ‘referral conversations’.

How much revenue are you missing out on by not getting a referral from 80 percent of your client base on an ongoing basis? It’s time to close the gap between your current ‘referral revenue’ and your goal ‘referral revenue’ – and here’s how to do it…

Step 1 – Don’t stick your head in the sand…find out what your clients really think

Some advisers are worried about asking for referrals because they don’t actually know what the client really thinks of their service – so the first thing to do is find out.

If you’re not regularly hearing either positive or negative feedback, then that’s a sure sign that your clients don’t care enough to tell you and aren’t fully engaged with your business. That’s exactly when you should worry.

While it may sound counter-intuitive, the first step in building a more referable business is to try and uncover client feedback and any complaints through an independent feedback process – most people will be too polite to tell you directly.

Handled proactively, addressing client feedback gives you an indication of who is most open to the referral discussion and is the perfect opportunity to make your business more referable. Our clients have increased their levels of repeat, retained and referral business through this step alone.

Step 2 – Stop hoping – plant ‘referability seeds’

It’s not a matter of asking the question directly and hoping for the best. You need to foreshadow a future conversation around referrals so that both you and your client will be comfortable with the conversation. Do your clients know that you welcome referrals and that’s the preferred method by which you grow your business?

Do you make it obvious through your website and marketing collateral that you welcome referrals? Or do your clients think that you’re too busy already? A conversation about referrals doesn’t make you look desperate. But if you don’t make it clear that you welcome referrals, don’t expect to get them.

See next week’s blog post for more tips. You may also want to visit www.customerreturn.com.au to complete a 2 minute Referrability Self Evaluation. Nathan can be contacted on 0410 471 200 to provide a free 30 minute debrief valued at $150 of your results and suggestions for how to build a more referable business.

BALANCE AT WORK BLOG

Can you deliver on your Client Value Proposition?

When you make a promise to a client, are you confident your staff can – and will – keep it?

Many businesses, especially in financial services, struggle to identify and define their client value proposition (CVP).  The AFA 2010 White Paper provides valuable insights from consumer research. 

One area covered in the research was ‘loyalty drivers’.   The responses to the question “Which of the following are important for choosing and staying with a financial adviser?” were:

  • Your adviser takes time to listen/explain things to you – 82.5%
  • Your adviser is available when you call and/or returns calls promptly – 75.7%
  • Your adviser resolves account issues/questions quickly – 66.9%
  • Your adviser proactively manages your account and/or suggests changes – 65.8%
  • Your adviser is affiliated with a reputable organisation – 43.7%
  • Your adviser is calls you on a regular/ongoing basis – 35.7%

(263 respondents, multiple answers allowed)

The first four are clearly the most important to the financial advice clients surveyed.  All four depend on you having the right people in the right roles.  These services are all time-consuming and unless you can rely on your staff, you are bound to under-deliver and disappoint.

Having staff who can deliver on your promises is a combination of your recruitment, selection, induction, training, performance management and coaching practices.  Any weak points in these practices will carry over into how you’re perceived by your prospects and clients.

Some questions for you:

  1. Are you confident you can deliver these loyalty drivers on a consistent and regular basis? 
  2. How much will you achieve if you don’t have skilled and productive staff to back you up? 
  3. How would you cope with client disappointment?

As you reflect on the answers and how they impact your CVP, we are here to help.  Extensive experience in people management, many year’s coaching financial advisers and cutting-edge tools mean we can identify issues quickly and set you on the path to your CVP goals.  Contact us here.

Postscript:  I recently left my financial planner because they provided only one of the above loyalty drivers.  Can you guess which one?  Hint:  Being affiliated with a reputable organisation is not enough on its own!

BALANCE AT WORK BLOG

Five reasons interviews often miss their mark

Research shows that if you use an interview as your main decider, you have only a 14% chance that the person you choose will perform well in the role!  Today’s article by Dr Dan Harrison explores why.  

Given that we continue to use interviews, it’s in our interests to make them as effective as possible.  Our webinar TOMORROW will show you how!  Book your place today: https://www1.gotomeeting.com/register/917745616  

Why are interviews so poor at predicting job success?   

In the past, interviews have been used as the primary means assess attitude, motivation, and job behaviour. However, even if interviewers are extremely intuitive, there are many reasons why accurately assessing job behaviour with a normal interview process is nearly impossible.

1. The interviewee aims to tell the interviewer what he/she thinks will be viewed as the best response. The interviewer aims to determine how much of what the person is saying reflects genuine attitudes and behaviour and how much is related to just trying to get the job. This in itself is extremely difficult to resolve in the short period of the interview.

2. Interviewers are biased. Research clearly shows that interviewers routinely give favorable responses to people who are similar to themselves, and less favorable responses to people who are different from themselves. In the end, the result is very likely to come down to how well the interviewer likes the candidate rather than how well the candidate fits the behavioural requirements of the job.

3. Some people are skillful at being interviewed. However, being skillful at an interview usually does not relate to job success and therefore it often confuses the interviewer into thinking that such skillfulness will relate to job success.

4. Interviewers do not have access to a real behavioural success formula. There are dozens of behavioural factors that either promote success or inhibit success for any one job. Interviewers rarely have access to a job formula that identifies the behavioural success factors, weights the success factors against each other. And formulates how different levels of these success factors impact job performance

5. Even if the interviewer has access to such a formula, the interviewer would need to accurately assess specific levels of each applicant’s behaviour for each of the job success factors.

Many interviewers claim insights into the personality of applicants and certainly some interviewers are quite perceptive. However, predicting job success is an entirely different matter. It is not sufficient to perceive a particular quality of a person. Rather, the interviewer must be able to accurately assess the magnitude of each of dozens of qualities in relationship to a complex formula of behavioural requirements for a particular job. This is nearly an impossible task without the aid of significant research and tools.

Assessment research shows that interviewing has a moderate ability to predict job success. However, this doesn’t mean that interviewers can predict job behaviour. The moderate ability to predict job success comes as a result of exploring the candidate’s resume, previous experience, education, and job knowledge rather than the interviewer’s ability to predict job behaviour.

BALANCE AT WORK BLOG

Wondering what your team’s thinking?

Those who attended our webinar ‘How to Make Your Good Team Great’ last week already know about our ‘Team Health Check’.  (And with our special offer to webinar participants, their requests are coming in fast!)   The Team Health Check has been designed to give you a snapshot of how things are in your team.   This is just the beginning of a process that will take your team to greater effectiveness.  You will get: 

  • An anonymous online survey for all your team (click here for a preview);
  • A written analysis of the survey results;
  • One hour debrief with me that will result in
  • An action plan for your team development.

 

 If your team could be more productive, this service is for you!   

Running a small business, communication within the team is just as important as it is within a business of hundreds of staff.  

Whilst we have many mechanisms for communicating on a regular basis, I felt it important to allow some anonymous feedback within the team, even for me. I asked Susan Rochester to co-ordinate the process to ensure that we had an impartial and confidential collation of the results.   

Susan responded quickly with a summary that allowed me to provide meaningful feedback to all of the team. Our Practice Manager was able to provide feedback for the whole team and also further understand the personalities within the team.

 This made the management process easier for myself and the whole team. Each member of the team gained insights into their own behaviours and effectiveness within the team.  The result has been a greater understanding of each other within the team.

I am looking forward to doing it again soon and expect to do so at least once per year. I recommend using Susan to assist you in your business in this way.    

Bernard FehonCFP™ | Principal Financial Planner | Tactical Solutions   

Please call Susan today to set up your survey.

BALANCE AT WORK BLOG

What I learnt about business in two days in Hong Kong

Last week I attended expert level training on Harrison Assessments, delivered by the founder, Dr Dan Harrison.  It was wonderful to have the opportunity to learn from Dan himself, as well as the many experienced users from around Asia.

It was also my first visit to Hong Kong and led me to reflect on what we could learn from the locals about doing business better.  Here’s my summary:

  1. Welcome clients like old friends, with respect and hospitality.
  2. Do your best to anticipate their needs so you make it as easy as possible for them to do business with you.
  3. Have a clear structure and processes so they know what will happen next and why – and who is responsible.

If you did just these three things, why would your clients ever want to go anywhere else?

BALANCE AT WORK BLOG

Overcoming ‘interview infatuation’

When I met Matthew Farrell, Principal of Five Pillars Financial Planning, he was in the process of selecting a new financial planner to support the growth of his business.

Matthew was impressed with a candidate but confided that one of the traps he’d fallen into in the past was loving someone at the interview, only to find they didn’t live up to expectations on the job.  This is a familiar scenario, especially when faced with a charming and enthusiastic interviewee.  

To ensure he didn’t make the same mistake this time, Matthew decided to use Harrison Assessments to determine the candidate’s suitability for the role.

1.  After the first meeting, we sent the candidate a ‘questionnaire invitation’ so that he could complete the online assessment overnight.
2.   We sent Matthew a draft job template for him to consider.
3.   Next morning, Matthew and I discussed the template and I made adjustments to the
template online.
4.   The candidate had completed the assessment so we were able to immediately run the
reports, comparing him to the customised template.
5.   Matthew and I discussed the reports and the candidate’s suitability straight away.

We asked Matthew to comment on his experience of using the Harrison Assessments:

“I was looking for an objective assessment tool that took away the temptation of me being swayed by the candidate’s pleasing personality and charm. I wanted to know if the candidate possessed the internal qualities required to perform in the position.

TIP:  Don’t let your heart rule your head!  Get some objective advice before you make decisions on the people in your business.


BALANCE AT WORK BLOG

BALANCE AT WORK BLOG

Overcoming ‘interview infatuation’

When I met Matthew Farrell, Principal of Five Pillars Financial Planning, he was in the process of selecting a new financial planner to support the growth of his business.

business man closeupMatthew was impressed with a candidate but confided that one of the traps he’d fallen into in the past was loving someone at the interview, only to find they didn’t live up to expectations on the job.  This is a familiar scenario, especially when faced with a charming and enthusiastic interviewee.

To ensure he didn’t make the same mistake this time, Matthew decided to use Harrison Assessments to determine the candidate’s suitability for the role.

Matthew was keen to:

1.   Have a quick answer and
2.   Ensure the candidate had traits that met the specific requirements of the business.

Within 24 hours of our first conversation, Matthew had the result he needed and within 48 hours, the candidate had been offered and had accepted the role.  This is how we did it:

1.   After the first meeting, we sent the candidate a ‘questionnaire invitation’ so that he could complete the online assessment overnight.
2.   We sent Matthew a draft job template for him to consider.
3.   Next morning, Matthew and I discussed the template and I made adjustments to the template online.
4.   The candidate had completed the assessment so we were able to immediately run the  reports, comparing him to the customised template.
5.   Matthew and I discussed the reports and the candidate’s suitability straight away.

We asked Matthew to comment on his experience of using the Harrison Assessments:
“I was looking for an objective assessment tool that took away the temptation of me being swayed by the candidate’s pleasing personality and charm. I wanted to know if the candidate possessed the internal qualities required to perform in the position.

We had always tested for aptitude or the ability to perform the technical aspects of the position but we lacked a process to tackle the question of whether the prospective candidate had the disposition or personal qualities necessary to thrive in their new role.”

TIP:  Don’t let your heart rule your head!  Get some objective advice before you make decisions about the people in your business.

BALANCE AT WORK BLOG

Using interviews to assess job behaviour

The following information is an excerpt from the whitepaper ‘Best Practices in Talent Assessment’ by Dan Harrison, PhD, of Harrison Assessments International ©2008 Harrison Assessments International.  For a copy of the full report, please email us.

handshakeIn the past, interviews have been used as the primary means assess attitude, motivation, and job behaviour. However, even if interviewers are extremely intuitive, there are many reasons why accurately assessing job behaviour with a normal interview process is nearly impossible.

1. Interviewers do not have access to a real behavioural success formula. There are dozens of behavioural factors that either promote success or inhibit success for any one job. Interviewers rarely have access to a job formula that identifies the behavioural success factors, weights the success factors against each other. And formulates how different levels of these success factors impact job performance

2. Even if the interviewer has access to such a formula, the interviewer would need to accurately assess specific levels of each applicant’s behaviour for each of the job success factors.

3. Some people are skillful at being interviewed. However, being skillful at an interview usually does not relate to job success and therefore it often confuses them into thinking that such skillfulness will relate to job success.

4. The interviewee aims to tell the interviewer what he/she thinks will be viewed as the best response. The interviewer aims to determine how much of what the person is saying reflects genuine attitudes and behaviour and how much is related to just trying to get the job. This in itself is extremely difficult to resolve in the short period of the interview.

5. Interviewers are biased. Research clearly shows that interviewers routinely give favorable responses to people who are similar to themselves, and less favorable responses to people who are different from themselves. In the end, the result is very likely to come down to how well the interviewer likes the candidate rather than how well the candidate fits the behavioural requirements of the job.

Many interviewers claim insights into the personality of applicants and certainly some interviewers are quite perceptive. However, predicting job success is an entirely different matter. It is not sufficient to perceive a particular quality of a person. Rather, the interviewer must be able to accurately assess the magnitude of each of dozens of qualities in relationship to a complex formula of behavioural requirements for a particular job. This is nearly an impossible task without the aid of significant research and tools.

Assessment research shows that interviewing has a moderate ability to predict job success. However, this doesn’t mean that interviewers can predict job behaviour. The moderate ability to predict job success comes as a result of exploring the candidate’s resume, previous experience, education, and job knowledge rather than the interviewer’s ability to predict job behaviour. If you doubt my assertion, I suggest you try the following experiment. Have your interviewers conduct the interview without ever seeing the resume and without discussing past experience, education or skills. Then have them write down their job success prediction. Later, you can compare this prediction to the actual job success. In fact, conducting interviews in this way would be so difficult that I doubt anyone would even attempt it.

Next in this series:  Job behaviour assessments compared to personality assessments