Ask Us A Question Schedule a Call
Letting Go of the Vine – Why & How?
In my next few blog posts, I will explore the why and how of “letting go of the vine” or learning how to delegate and elevate yourself to a true leadership position. Why is this important? Most of you know why but I’ll list a few reasons here.
If you have ambitions to grow your firm in the number of clients and revenue, you cannot continue to hold on to everything in your firm. It’s just not possible. You will hit a ceiling very quickly and most likely, become very frustrated with your firm, your role and your life in general. After all, you didn’t become an entrepreneur to get caught in the grind of everyday work. You most likely became an entrepreneur to create a distinct quality of life for you and your family and letting go of the vine is a big jump in getting to that quality of life.
Additionally, when you delegate to your staff, you give them opportunity to take the ball and run with it, to grow, to feel as though what they do makes a difference in the firm. So just how do you start on this path?
First of all, take stock of what you do on a daily basis. I would suggest tracking your time for some period to get a good idea of where your time goes. You will most likely be surprised by what you see. I use Toggl (www.toggl.com) on a daily basis and find it helps me tremendously to focus more on the activities I should be.
Secondly, take a look at those items you do regularly and classify them into some categories.
Anything that falls into #4 should be delegated immediately even if they are “people related”. If you don’t enjoy the HR related activities, don’t do them. You may not be cut out to do it and should hire someone who is. Then, take a look at the items in #3. These items should all be outsourced eventually because even if you’re good at it, doing things that you don’t like to do saps your energy which should be focused on items in #1 & #2.
One final hurdle – you have to rid yourself of thoughts like “no one can do it as well as me” or “it’s faster if I do it myself”. Even though training can be time consuming, it’s short term pain for some great long term gain.
We work with advisors every day on these issues. Give us a call or send us an email to see if we can assist you as well.
Ginny Hudgens, President and Owner of The Strategic Implementer, started out in the financial services industry in 1992 as a Vice President in the Investment Banking Group of J.C. Bradford & Co., a regional brokerage firm purchased by PaineWebber (now UBS) in 2000.
In August of 2000, she accepted a position with a financial advisor, his only employee at the time, as the "jack of all trades". At the time of her employment, the firm had approximately $7 million in assets under management. Later, as the COO of the firm, she and the advisor built the firm to over $115 million in assets under management. Ginny was responsible for managing all aspects of the firm, leading team strategy sessions and implementing the initiatives that drove the firm growth.
In March of 2006, she started The Strategic Implementer to share her skills with other advisors who are READY to take their business to the next level. Her background has put her in the unique position of knowing exactly what it takes to build a successful advisory firm.
Ginny has written for and been written about in such publications as The Journal of Financial Planning, Investment News and Bob Veres’ Inside Information. She is frequently asked to speak and has spoken to groups including several FPA chapters, Geneos Wealth Advisors in Denver and the 2013 FPA Business Solutions Conference.
Ginny is a 1988 graduate of the University of Louisville with a B.S. in Business Administration (concentration in Finance). She is married and her husband has two grown sons, one who served his country in Iraq for 15 months and his younger brother, who is now her associate in The Strategic Implementer. Ginny serves on the Board of Directors for the Louisiana State University CFP Program.