Eliminate Toxic People from Your Life

In my desire to have more serenity in my life I am writing about toxic people who bring us down.  You know the ones – they zap our energy, demand too much, are easily offended, and bother the heck out of us. Sometimes we have no choice about having them in our lives because they may be family members. But if they are clients, acquaintances, or friends, we can decide not to tolerate their bad attitudes and eliminate them from our lives if we want to.

In the alternative we can communicate with toxic people and let them know our boundaries in a non-threatening way.  When we do this we are standing up for ourselves and placing value on our serenity and happiness.

So let me ask you: Who do you have in your life that is a toxic person? Can you communicate your boundaries or decide to eliminate their presence in order to have more peace and serenity in your life?

Part of a successful entrepreneur's education is learning how to maintain a positive attitude in the face of poor economic news, a slowdown in revenue, and a culture of negativity.  But an often overlooked aspect of business success is learning to eliminate toxic people from your life.

As part of my role at Toastmasters, I often mentor new members to help them assimilate into the group and learn beneficial tips about how to speak in public with confidence – I have performed this role with great success in the past.  A new member was assigned to me last year whom I recognized as a toxic person. As such, I was still unprepared for the negative attitude in her vocabulary, emails, and voicemails.

I offered to meet this new member for coffee – please understand - I have the kind of business where I work with clients via phone, in most cases. I rarely have to leave my office. So when I offered to meet at a location halfway between my office and her home I expected her to jump on the offer. However, that wasn't good enough. She wanted me to meet her at a time that was convenient for her at a location that was close to her home. None of this was convenient to me so the meeting was postponed.

When I noticed that she was giving her first speech (icebreaker) I emailed her:

Hi - ,

Looks like you are giving your icebreaker on Thursday.

Please let me know if you’d like to talk by phone!

Warmly, Suzanne

She asked if I could meet her before the meeting on the day that she was giving her speech. Since I had a client meeting scheduled I emailed her that I could not swing it.

Here's her response:

OK, so as a mentor, what could you help me with on the phone in the next day or so? Perhaps I was too quick to ask you to be one for me, since you truly do seem to be too busy. I went to a very grueling seminar this past weekend and realized that my # 1 reason for being there was to overcome the strange awareness that for most practical aspects of external life I am quite invisible. Being overlooked for doing my speech on the day originally scheduled didn't help alter that awareness. And, although you said you thought my speech was good, I really have no idea how to make it better, esp. since actually LOOKING at people when I give it will be an overwhelming challenge. Perhaps you could offer some just general suggestions.

(Notice the victim attitude and blame mentality).

My response:

I don’t think your response is appropriate and I decline to be your mentor.

Suzanne

None of us needs to be associated with pessimistic, demanding people who feel they are victimized and voice their negativity at any given opportunity. If you have family members or clients who are negative you must learn to create boundaries that protect you from their toxicity. 

Don't put up with toxic people!

Suzanne Muusers

Business Coach to Positive, Motivated Entrepreneurs

Did That Hit a Nerve?

Eleanor Roosevelt said "Do one thing every day that scares you."

Taking risks is scary because risk is all about doing what's uncomfortable. I believe that when we play it too safe we are not living up to our potential.  When we are safe we are comfortable. When we are comfortable we are not growing.

Fear has a way of keeping us up at night, turning our palms sweaty, and making our heart beat stronger. But it’s the risks in life that can lead to bigger rewards.  When you don’t frequently take risks, it's pretty uncomfortable to begin taking them. Like the person who doesn’t speak much in public and is terrified to be in front of a room. Or the person who is accustomed to the same routine day in and day out and is just fine with it thank you very much.

 

Think about the last time you took a risk…

• Talking to a stranger in the grocery store checkout line
• Speaking up in a crowded room at a seminar or conference
• Asking a client for a referral
• Asking a client for additional investible assets
• Calling a prospect who hasn't returned your 3^rd phone call
• Deciding to attend your first Toastmasters meeting
• Deciding to use public speaking as a marketing tactic
• Getting off your duff and cold calling to get new clients

Yes, when you take a risk there is the possibility that it won't work out. The client may say no. The prospect may answer the phone and ask you not to call back. But more often than not there will be a reward and a feeling of accomplishment.

The wonderful bonus when taking risks is that you can better handle uncertainty. You build up a thick skin and a motivation to succeed. Taking bigger risks in the stock market can lead to bigger gains; taking risks in your relationship with clients will produce bigger gains as well.

When was the last time you took a risk? If you're too comfortable it could be time for change…

Suzanne Muusers

Motivator and Risk Taker

Target a Niche and Create Information Products to Serve the Masses

How would you like to have your cake and eat it too? That's what targeting a niche for your practice and creating information products for the masses can do for your business.

Advisors are resistant to targeting a niche because they fear turning away clients. Yet taking on too many clients with too many diverse needs and concerns can cause a fractured focus, too many work hours, and personal dissatisfaction.  

Announcing that you specialize in a specific demographic, profession, business industry, or gender doesn't mean that you don’t take as clients Mr. and Mrs. Smith who are none of the above.  It just means that you specialize in this niche and know how to service their unique problems.

Imagine for a moment that you have created information products that you sell on the internet to prospects who don't meet your minimums

Rather than turning away the $4000 Roth IRA rollovers or the less than attractive investible assets showing up on your front door, create a product that could help these folks and sell it on your website.  This strategy can eventually evolve into a wonderful passive revenue stream.

Despite coaching only Financial Planners, I have created, trademarked and now sell many products on the internet. When I created my first information product, a Business Plan for entrepreneurs and independent professionals, it was a standalone e-book. I charged only $24.50 for the 20 page e-book and a word template for the finished business plan. Over time I added many sample business plans for various industries and professions, multiple marketing tools, and an e-course to help purchasers fully develop their custom plan.  I now sell the business plan at a higher price, have multiple additional standalone products, and I sell my products all over the WORLD! That's the power of the internet.

The moral of the story: think about information products you can create that could solve problems for clients who may never work with you. Passive revenue is AWESOME!

Suzanne Muusers

Business Coach and Strategist to Motivated Advisors

Marketing Consistency Wins Every Time

Happy June! We are halfway through the year. At the beginning of the year, did you write your Business Plan? If you're like most people you diligently created your plan for the year. But what did you do after that? Great planning only works if you are consistent in the way you carry out your plan.  Great planning means you decided your target market, your marketing tactics, and you wrote out a marketing calendar with dates and actions.

What holds us back from doing what we need to do?

Many times it is lack of consistency.  We'll try something once. When it doesn’t produce results immediately we don't do it again. As long as you have a solid plan, you should see results six to twelve months later.  It's tough to get started and keep it up. It's almost like your exercise routine at the beginning of the year.  You decided to join your local gym. You went three times a week at first. Then you made up excuses about why it would be OK to skip one day due to work deadlines. Pretty soon it was OK to skip the entire week. Then you may have said "That's it. I'm done" and you stopped going entirely.

How can we stay on track?

Just like the gym example, staying consistent with your marketing requires real commitment.  Picture yourself when you've lost the weight and you've toned up. How will you look in that new shirt and pants? How will this change your view of life? How will you feel?  Will increased energy help you get through the day more easily? Will lowered blood pressure and cholesterol contribute to a better quality of life?

Picture your business when you have attracted the clients you desire.

More revenue means less stress and more time off.  More Ideal Clients means getting rid of clients who make too many demands on your time, clients who complain, or clients who are mean spirited. More revenue means the resources to increase productivity with new technology or additional office assistance. More revenue means traveling to luxurious vacation locations with your family and friends and the ability to dine at fine restaurants, enjoy spa amenities, and do it all without struggling!  

Marketing consistency wins every time. Create a marketing calendar (or purchase my Business Plan program which includes a color coded calendar) and detail your actions on a monthly basis. Then commit to action. Create a monthly appointment on your calendar to do the actions needed to get where you want to go.

If you would like to discuss how business coaching could benefit you, please complete the Complimentary Consultation Form on my website.

Suzanne Muusers

Business Coach to Motivated Advisors

3 Advisor Websites That Work

Planning a client attraction website is no small matter. Effort and expertise goes into the process not to mention a significant time investment. Unfortunately too many advisors stick to the same old website templates that all look the same and provide absolutely no enticing visuals, no search engine optimization, and too much ongoing financial investment. This post is about websites that work and what makes them work.

Markey Wealth Management

http://markeywealthmanagement.com/ 

Beautiful images with appropriate marketing messages make this site a visual pleasure. Each image is linked to a site specific website page that further expands on the topic. The website area "above the fold," the most important visual aspect of the site, is used appropriately for the main menu, and social media such as Twitter, Facebook, and LinkedIn. There's a sign up box for the newsletter on the home page along with links to many useful resources.

Gurley Long Term Care Insurance

http://www.gurleyltci.com/ 

Again, this site features wonderful images depicting target clients doing what they do when their retirement is secure. The area "above the fold" is well utilized with social media buttons and images. The left area contains VISUAL boxes featuring distinct target markets such as consumers, financial advisors, and the gay and lesbian community.  Each of these boxes links to a page with information specifically for the target market. There is a visual link coaxing visitors to download the free report (which is excellent by the way – 6 Facts and Must Knows Before You Buy Long Term Care Insurance - you should take a look – the report highlights key facts in yellow). Last but not least, there's a visual box encouraging sign up for the monthly newsletter.

Reed Financial

http://www.reedfinancial.com.au/ 

This site is a visual smorgasbord of the BENEFITS of hiring a financial advisor. Pass your pointer over the words below the images on the site and a new image appears with key words featuring benefits of financial advice. The "What's News" box features links to recent blog posts of interest to the target market.  The "About Us" page features a wealth of information about the firm's process, fees, principals, and even features a section about qualities of the ideal client.  There's a box lower left that shows the firm's portfolio benchmarks – a great differentiator!

Take away:

If you don't have some or all of these features on your website it may be time for an update or a completely new site. Put some thought into your target client, what the benefits are of working with your firm, and the visual brand you would like to portray. Find a design and development firm who can take charge of this project, preferably one that charges via the project, not via an ongoing fee.

Update:
My recommendation for website developers: Art Guy Creative
The Art Guy knows SEO and branding. 
Review his great Website Development Checklist

Suzanne Muusers

Prosperous Advisor™ Coaching Program

How to Segment Your Book – Know Who Your Best Clients Are and Service Them Well

Quick, how many "A" clients do you have? What about "D" clients? Do you have many of those? There is real value in knowing how many clients you have and then categorizing them based on where they fall in terms of investable assets. Other useful metrics are future probability of additional assets, referrals, and just plain how pleasant they are to deal.

I'm fairly certain that most financial advisors know how many total clients they have and perhaps how many A clients, but very few know specifically where each of their clients fall on the scale of desirability.  This is a valuable exercise that will help you determine how to best service your clients based on the 80/20 rule. If you don't already know, the 80/20 rule states that 80% of results will come from 20% of inputs. Translation: 80% of your revenue will come from 20% of your clients.

How does this benefit you?

Your "A" clients deserve most of your attention. After segmenting your book, you should create a Client Service Matrix to plan how you will service each level of client in your book. This will help you identify what you need to do and when you need to do it.

Here's how to segment your book:

• Use an excel spreadsheet.
• Label the first sheet as a Summary Page to list your totals
• Label one sheet each for A through D clients (or however you'd like to name your segments – you could do Platinum, Gold, Silver, and Bronze or some other measure).
• Determine the dollar amount for each level of client
• Here's an example:
• A clients - $1,000,001 and over
• B clients - $501,000 - $1,000,000
• C clients - $251,000 - $500,000
• D clients - $100,000 - $250,000
• In the first column of each page, label "Quantity" and enter the number "1" for each client
• Second column, label "name" and enter the name of each client
• Third column, "assets"  and the total assets of each client/household.
• Perform an "autosum" for each column for number of clients and total assets
• On the Summary Page, tally up total number of clients and total assets by using "Data, Consolidate" for each page of data.

Need help organizing your practice?

I have all my own custom exercises that will help you create financial success in your practice including an Excel Spreadsheet Template to help you Segment Your Book.

Schedule a Sample Coaching Session Today!

Suzanne Muusers

Business Coach for Successful Financial Advisors