Most agents and financial advisors usually spend their day putting out fires instead of running and growing their businesses. So at the end of the day, they haven't made any progress toward achieving their goals.
This happens because...
They're Working IN Their Business Instead Of ON It!
Sadly, the majority of agents reach only a fraction of their income potential because they spend most of their day doing low pay-off activities!
When I asked some agents what their highest-payoff activities are, many of them replied, "Seeing prospects and clients."
(Note: When I mention "agent," I'm also referring to brokers, producers, financial planners, and financial advisors.)
In fact, some of them told me they could make up to $1,000 an hour (or more) when they're in front of prospects and clients. But when I inquired, "How many hours do you spend seeing prospects and clients in your average work day?" most of them said, "Less than two hours."
They explained the reason they could spend only about two hours a day seeing prospects and clients is they have to use most of their day trying to get appointments (mainly by cold calling), doing administrative duties and paperwork, putting out fires, and taking care of other low-payoff activities.
Are you in the same dilemma?
Do you also squander most of your day doing the activities that contribute little or nothing to the achievement of your goals? In other words, are you spending your time on 80% of the activities that generate only 20% of your income, instead of doing 20% of the activities that produce 80% of your income?
If so, this is the reason you have to work so long and hard to earn your present income.
To turn this situation around, you'll need to set up your agency or practice in such a way that it will allow you to do your highest-payoff activities during most of your day, such as seeing prospects and clients and figuring out ways to grow your business. And then delegate the rest of your low-payoff functions to your staff.
If you don't do this right away, you'll have to keep on working long hours to make only an average income.
A paradigm shift you need to make in order to produce better results while working fewer hours is:
You Must Start Thinking Of Yourself As A Business Manager
And Builder, Rather Than As An Agency Owner,
A Producer, A Broker, Or A Captive Agent!
As a business manager and builder, the asset you manage and build is your agency, practice, career, or job.
The first step to becoming an effective business manager and builder is to find out how much money you're currently making per hour from the various activities you do daily. After that, you then figure out ways to perform more of the highest-payoff activities and delegate as much of the low-payoff ones to your staff as possible.
By getting staff to handle your low-payoff activities, you could triple and even quadruple your income without having to work a single minute harder. The more low-payoff activities you can delegate to your staff, the more successful you'll become.
Whatever your hourly average income is, you shouldn't be doing any activity that produces less than this amount. Find out how many activities generate less than this amount and stop doing some of them, and then focus your time and effort on the functions that can produce better results.
Even if you're a one-person operation and think you can't afford to hire an employee to do most or all of the low-payoff tasks for you, you must hire that person.
Since you're spending most of your time doing the low-payoff activities right now, this means, like most agents, you're working IN your business.
Until you've learned how to work ON your business, instead of IN it, you'll never be able to make the kind of income you want.
In the beginning, as you train your staff to handle your low-payoff tasks, you may be able to delegate only 10 or 15% of these activities to that person.
This is fine. Each week, as you delegate more and more of your low-payoff activities to your staff, you'll have more and more time to work on your high-payoff activities, increasing your income steadily. And doing so without having to work any harder.
Here's an interesting fact: My research has shown that even the agents who have qualified for the Million Dollar Round Table's Top of the Table (TOT) membership (making at least $404,400 in first year commissions) only spend about 45 to 50% of their time in face-to-face selling.
If your most profitable activity is seeing prospects and clients, can you imagine how much more money you would make when you can spend most of your time in front of your prospects and clients?
You'll skyrocket your income to a level greater than your wildest expectations!
Ken Varga was in the insurance business for 33 years and created an agency that had 459,182 policyholders. He sold his business in 2001 for more than $100 million. He's written a book called, "How To Make A Fortune In The Insurance Profession," which shows insurance agents and financial advisors how to build their million-dollar agency or practice in record time. Best of all, you can get it absolutely free.
Check out what some agents and advisors have said about his strategies and systems...
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