Running your own business, with all the attendant decisions that must be made, can be hell on the nerves.
But it’s important to act boldly and decisively, as allowing fear to take over can paralyze you and have a seriously negative impact on your business.
There’s no worse feeling than letting “what if” take over. Many advisors face this fear. “What if I change my fee structure and I lose clients? What if I…” Don’t let the “what ifs” take power over you. But how do you find the courage to fight off an attack of the “what ifs”? There are a number of factors that you can consider when you’re looking for the courage to make an important decision.
First, how badly do you want to make the change you’re considering. If you feel strongly about it and acknowledge the strength of your feelings, that should stiffen your spine.
Second, be honest in assessing the strength of your client relationships. Strong relationships are likely to withstand the changes you are considering.
Look at your pipeline; are you poised for growth?
How will the proposed changes impact you and how will they impact your clients? If your interests are not aligned, ask yourself why and weigh the impact on you versus the impact on your clients.
Look for support and surround yourself with the people and resources that will help effect the change.
Consider your own character; are you resilient? Will you adapt well to the change?
Finally, make sure you have a well-reasoned plan to implement the change and do your homework!
When you follow these steps, you’ll find that it’s not courage you lack, but perhaps confidence and faith in the strength of your client relationships, your pipeline, or the ability of your clients to adapt to the change.
For more information, please read:
Paralyzed by Fear | Wealth Management