Delegate for Development: The Secret to Boosting Team Performance!

I thought you would get value from the below article I just read and am now sharing with you by Deb Calvert.

 

By necessity, most supervisors delegate work to others. By doing so, they free up more of their own time to focus on higher-level work.

 

Highly effective supervisors go a step further. They delegate for development. In assigning work, they weigh the needs of the team and consider both the current capabilities and the untapped potential of each individual.

 

The word “delegating” is defined as “the transfer of authority or responsibility by one person to another.” When you delegate, you give an assignment (and the autonomy to complete it) to someone else. When supervising, you assign tasks. When delegating, you assign outcomes.

 

That’s why delegating requires trust. It’s also why so many opportunities to delegate for development are overlooked.

 

While it is relatively easy to assign tasks, especially when others have demonstrated an ability to complete them, delegating for development is less straightforward. There is a learning curve involved and an inherent risk of a slowdown during the adjustment period.

 

So why delegate for development?

When you become a people builder, team members will be more fulfilled and more productive. The challenges you offer will convey trust, support and your commitment to dignifying others. You will be continually growing the capacity of your team and increasing the team’s contribution. Challenged, trusted, fulfilled employees are motivated and dedicated.

 

Secondarily, you benefit, too. By building new skills in others, you enable yourself to become more productive. You will have more time to invest in higher-level work, on additional people development (including your own!), and on cross-functional learning and growth.

Overall, your team will become more efficient and more effective when you delegate effectively.

 

Yes, but how can I be sure this will work?

Delegating must be done well in order to be effective in developing others and to ensure work gets done right. Failed delegation lacks one or more of these critical steps:

  • Selecting an able delegate for an assignment
  • Granting sufficient authority to delegate
  • Setting clear and specific goals, protocols
  • Enabling the delegate to achieve the goals
  • Being a resource to support the delegate
  • Assessing the delegate’s performance
  • Giving recognition for contributions made
  • Maintaining responsibility for outcomes

 

Employees who fail at a delegated task typically report being micromanaged or abandoned. Their managers did not see delegating as a gradual hand-off process. Instead, they went to the extremes of being over- or under-involved in the work.Using this step-by-step approach and maintaining the role of enabler, available as needed, will improve your delegating outcomes.Yeah, but…    This is exactly the paradigm shift to make. It’s not about who has time to do it or who can already do it. Instead, you’ll know who to delegate to if you routinely ask these five questions:

 

Which tasks should I delegate and to whom?

Delegating for development requires you to set aside your justifications for not delegating. The higher purpose of people building (which includes self-development) trumps every one of those excuses you may be making.

What is the cost of doing this work yourself? In other words, what are you giving up to do this task? And what are you depriving others of by hoarding this work for yourself?

Whatever it is that keeps you from delegating – that your team is too busy already, that it takes more time to teach and coach than it does to do it yourself, that it’s too important to entrust to anyone else, that you enjoy the work, that being the only one who can do it gives you job security, that you don’t know how to delegate – whatever it is, you need to ask yourself these questions:

Otherwise exceptional managers sometimes fail because they fail to delegate.

 

  • Who needs to learn how to do this?
  • Who will benefit from practicing this?
  • Who can offer new ideas about this?
  • Who will do this when I’m not here?
  • Who is interested in doing this?

 

Don’t wait for new work to come your way before asking these questions. This is the perfect place to practice. Jot down a list of 25-50 work tasks you do in a typical month. Then ask yourself these questions about each task on your list and identify tasks you can delegate right away.

 

 

Is this the right time to delegate?

Timing is everything when it comes to delegating for development. You’ll want to be sure the person you are delegating to is ready, willing and able to meet the challenge. You’ll also want to minimize the risk of delegating.

 

Here’s a simple box model to help you evaluate the timing of your delegation and decide how involved you will need to be in any given scenario.

 

What’s represented are just two variables:

  1. Is the delegate ready? Delegate Ready (DR) or Delegate Not Ready (DNR) will have some bearing on your level of involvement.
  2. What’s at stake? The stakes are high (HS) or the stakes are low (LS) will also help you determine how essential your involvement is.

 

When you combine these two variables, there are only four possible scenarios.

 

When the stakes are low and the delegate is ready, there’s no reason to be involved. Delegate without reservations or hesitations.

 

When the stakes are low and the delegate is not ready, you have the perfect opportunity to delegate for development.

 

With high stakes and a delegate who is not ready, you also have an easy choice. Delegating is likely not appropriate in this situation. Development, however, could involve taking the lead and teaching.

 

Finally, with high stakes and a delegate who is ready, you will also want to consider delegating without reservation. This is where you demonstrate trust and empower your employee.

 

The more delegating for development you do, the easier it will be for you and for your delegates. As their capacity grows, yours will, too.

 

 

You can learn more about Deb and PFPS at www.peoplefirstps.com.

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Master Client Acquisition in the World of the DOL Rule to Get BIGGER, BETTER, and FASTER Results Web Class

Three businesspeople having a meeting.During this how-to web class, you’ll learn how to use the new disrupted world of the DOL Rule and Digital Advisors to your advantage and clearly differentiate yourself from other advisors, so you can get hired more quickly by great clients, and grow your business more than ever.

 

What you’ll learn by attending this web class with Bill Bachrach:

  1. How to quickly build trust with prospective Ideal Clients and increase the trust you’ve earned with existing clients, enabling you to generate more revenue per client while decreasing your marketing expenses and efforts.
  2. How to master client acquisition by learning how to discover and engage prospective high-net worth clients. Become skillful at recognizing and answering the pivotal questions during the first conversation and how to create a meaningful connection with each person from the first moment of contact. Remember, each person you meet could be your next client.
  3. How to master the initial client meeting by making a deep emotional connection, helping clients and prospects define their goals, and benchmark their current financial reality.
  4. How to master articulating your client value promise so you get hired in the first meeting, inspire your clients to do all of their business with you, and generate more referrals.

 

After attending and implementing what you learned, you will

  • enjoy adding great clients that generate more revenue and do all of their business with you,
  • build a huge pool of prospective high net-worth clients that you’ll be able to conduct best-in-class initial client meetings with, and
  • get hired immediately and receive even more referrals.

 

What could this mean for you?

  • An improved quality of life,
  • working less hours,
  • serving the right type of clients, and
  • making more money!

 

As George Leonard says…“Mastery isn’t reserved for the super talented or even for those who are fortunate enough to have gotten an early start. It’s available to anyone who is willing to get on the path and stay on it.”

 

Watch the web class replay by going to: http://www.billbachrach.com/master-client-acquisition/?utm_source=email&utm_medium=email&utm_campaign=WebinarReplayIWX&utm_term=WebinarReplayIWX&utm_content=WebinarReplayIWX-DA

 

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Work Habits of the Most Successful Advisors Web Class

To watch the full training session of the Work Habits of the Most Successful Advisors, go to: http://www.youradvisorroadmap.com/workhabitsreplay?inf_contact_key=ab4dae43cfca54b2174f71e33a7c24117fe15c4633297e448c54002bb6d6bb15

 

In this high-content, what-to-do and how-to-do-it web class, Bill Bachrach will dive deep into the specifics of the activities that drive success and those that create predictable failure.

 

It’s not personality or luck or genetic predispositions that determine your success or failure as a Financial Advisor. It’s consistently doing certain things in a certain way that produces certain results.

 

This web class will cover 4 key elements: 

– Client Service work habits 

– Client Acquisition work habits 

– Leadership work habits 

– Time Management work habits

 

You will walk away from this training with total clarity about what to do to be highly successful and what NOT to do that, if you continue doing it, will trap you in the quagmire of mediocrity where most non-failures in this business spend their entire careers. (Sad, but true, that most advisors who don’t fail are not really succeeding either. Not failing is not the same as succeeding. Don’t settle for being average!) 

 

Enjoy the training and implement what you learned for even greater success. 

 

Check out this web class at:

http://www.youradvisorroadmap.com/workhabitsreplay?inf_contact_key=ab4dae43cfca54b2174f71e33a7c24117fe15c4633297e448c54002bb6d6bb15

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Work Habits of the Most Successful and Trusted Financial Advisors Web Class

You’ve heard the saying that successful advisors do what unsuccessful advisors are unwilling to do. What exactly are those things that the successful advisors do? And what exactly are those things that unsuccessful advisors do?

 

In this high-content, what-to-do and how-to-do-it web class, Bill Bachrach will dive deep into the specifics of the activities that drive success and those that create predictable failure.

 

It’s not personality or luck or genetic predispositions that determine your success or failure as a Financial Advisor. It’s consistently doing certain things in a certain way that produces certain results.

 

This web class will cover 4 key elements:

– Client Service work habits

– Client Acquisition work habits

– Leadership work habits

– Time Management work habits

 

You will walk away from this webinar with total clarity about what to do to be highly successful and what NOT to do that, if you continue doing it, will trap you in the quagmire of mediocrity where most non-failures in this business spend their entire careers. (Sad, but true, that most advisors who don’t fail are not really succeeding either. Not failing is not the same as succeeding. Don’t settle for being average!)

 

Register today by going to: http://insurancewebx.com/the-work-habits-of-the-most-successful-and-trusted-financial-advisors/

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Discover The 7 Critical Conversations for Quickly Building a 7-Figure Financial Advice Business

Logo-AdvisorRoadmapVT-DiagramYou can’t stop the DOL Fiduciary Standard but you can discover and easily implement The AdvisorRoadmap™ Virtual Training proven processes to help you be DOL applicable by April 10.

 

AdvisorRoadmap™ Virtual Training for Financial Advisors is a web-based, virtual training platform unlike anything in the industry. This state-of-the-art platform will help you maximize

– your client value proposition,

– exponentially grow your business,

– master client acquisition, and

– be DOL compliant.

 

“I built my $1.5M fee-based business by implementing this powerful repeatable process. I wish I had this process from my first day in the business!”

– Sybil P.

 

The training utilizes Adult Learning Theory which helps to accelerate learning, retention, and results. This unique training platform takes most of what Bill Bachrach has been teaching Advisors for the past 25+ years and condenses it down so you receive proven processes and skills (via interactive training courses, videos, scripts, interviews, demonstrations, and live webinars with Bill, and more) in 4 main areas:

  1. Client Acquisition
  2. Client Service
  3. Leadership
  4. Time / Priority Management

 

Take advantage of this great opportunity to create your competitive business advantage and exponentially grow your business by applying The AdvisorRoadmap™ virtual training proven processes so you can easily surf any and all of the big DOL waves that might come your way. April 10 DOL Applicability isn’t that far away…Get started today by going to http://www.billbachrach.com/advisor-roadmap/

 

Call 619-255-4888 or email BillBachrach@billbachrach.com today!!

 

“The scripts are brilliant. So many times you’re talking to somebody or put in a situation where you’re just winging it. That’s not ideal for them and it’s not ideal for you.” –Todd B.

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Master Client Acquisition in the New World of the DOL Rule and Digital Advisors to Get BIGGER, BETTER, and FASTER Results

Financial plan for retirementDuring this how-to web class, you’ll learn how to use the new disrupted world of the DOL Rule and Digital Advisors to your advantage and clearly differentiate yourself from other advisors, so you can get hired more quickly by great clients, and grow your business more than ever.

 

What you’ll learn by attending this web class with Bill Bachrach:

  1. How to quickly build trust with prospective Ideal Clients and increase the trust you’ve earned with existing clients, enabling you to generate more revenue per client while decreasing your marketing expenses and efforts.
  2. How to master client acquisition by learning how to discover and engage prospective high-net worth clients. Become skillful at recognizing and answering the pivotal questions during the first conversation and how to create a meaningful connection with each person from the first moment of contact. Remember, each person you meet could be your next client.
  3. How to master the initial client meeting by making a deep emotional connection, helping clients and prospects define their goals, and benchmark their current financial reality.
  4. How to master articulating your client value promise so you get hired in the first meeting, inspire your clients to do all of their business with you, and generate more referrals.

 

After attending and implementing what you learned, you will

  • enjoy adding great clients that generate more revenue and do all of their business with you,
  • build a huge pool of prospective high net-worth clients that you’ll be able to conduct best-in-class initial client meetings with, and
  • get hired immediately and receive even more referrals.

 

What could this mean for you?

  • An improved quality of life,
  • working less hours,
  • serving the right type of clients, and
  • making more money!

 

As George Leonard says…“Mastery isn’t reserved for the super talented or even for those who are fortunate enough to have gotten an early start. It’s available to anyone who is willing to get on the path and stay on it.”

 

Register today by going to:  http://insurancewebx.com/ways-to-master-client-acquisition-in-the-new-dol-rule-world/

 

When: Dec. 8 at 12:00pm ET

 

Can’t attend… Register and receive a link to watch the replay.

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Create Your Competitive Business Advantage and Exponentially Grow Your Business – Last Day to Enroll and Save Big!

 logo-advisorroadmap-virtualtraining-coloredtagline2

“I used this process to acquire every single one of my clients: 185 clients, $225M of AUM, almost $2M of business revenue, and a 7-figure personal income.”  

– Don V.

 

TIME IS RUNNING OUT! The Super Early Bird Pricing for the next AdvisorRoadmap™ 3-Day Client Acquisition Mastery Workshop expires on November 15th. You can register today for ONLY 997!  REGISTER NOW (https://peopleskillsnetwork.com/).

 

“I built my $1.5M fee-based business by implementing this powerful repeatable process. I wish I had this process from my first day in the business!”

– Sybil P.

 

Join us in August for the ultimate gathering of AdvisorRoadmap™ members in what we like to call our ‘Dojo’. The ‘Dojo’ is three days of guided practice so you master your skills at high pay-off client acquisition activities and the initial client interview so you get HIRED more often by the right type of clients.

 

When You Return Home You Don’t Have Pages Of Notes…You Have A Higher Level Of Skill And Confidence To Go Get Great Clients.

So why attend?

 

Simple…you’ll discover how to

Attract And Get Hired By Better Clients,

– Implement Goals-Based Financial Planning,

Generate Higher Planning Fees (Up-Front & Ongoing),

– Gather More Assets And

Get More Referrals.

 

Discover how to build a Seven-Figure Business and have a great work/life balance while being 100% DOL Compliant.

 

Register (https://peopleskillsnetwork.com/) for the 2017 Client Acquisition Mastery Workshop and receive our SUPER early-bird pricing of ONLY 997Super early-bird pricing ends November 15th.

 

CLICK HERE TO REGISTER NOW

(https://peopleskillsnetwork.com/)

 

In addition to rewarding the early-movers with the super early-bird pricing, the first 15 registrants (Only 1 VIP slot remaining) will also receive VIP Workshop Benefits (Value = $1,860), which includes:

 

  •  1:1 Coaching Session with Bill Bachrach (Value = $1,000)
  •  1:1 Coaching Session with Anne Bachrach (Value = $600)
  •  VIP Welcome Reception (Value = $200)
  •  Package of Financial Road Maps (Value = $30)
  •  Values-Based Financial Planning book (Value = $30)

“Before I started working with Bachrach & Associates, Inc. I was charging $3k per client, now I am charging $45k per client. My current total revenue is $1,250,000 per year. What enabled me to do this was the skills and confidence that I gained. Not only has my business improved but also my personal life and health. I can now truly focus on the things that are most important to me.”  –Todd B.

 

Dates: August 16th – 18th, 2017  Location: San Diego, CA

 

CLICK HERE TO REGISTER NOW (https://peopleskillsnetwork.com/)

“Since working with Bachrach & Associates I’ve acquired 7 Ideal Clients who pay my minimum predictable annual fee of $24,000 and generated an additional $152,000 in recurring revenue from AUM.” — Debbie P.

 

Questions about the Workshop? Contact Michael Opielowski at Michael(at)billbachrach.com or call (619)255-4888.

 

We look forward to working with you within the AdvisorRoadmap virtual training platform and seeing you at the August 3-day Workshop to help you continue building your Ideal Business so you can enjoy your Ideal Life.

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Advisor Roadmap Virtual Training Platform – Check it out!!!

Logo-AdvisorRoadmapVT-DiagramMy husband, Bill Bachrach, just went LIVE with his powerful Advisor Roadmap Virtual Training Platform. You can join the Advisor Roadmap community, for only 100/month and you get access to videos, audios, scripts, high value-market relevant articles, webinars with Bill, and so much more that will help you get more great clients. Check it out! This is an amazing training platform you have to see.  https://lnkd.in/efPfzc3
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Are you an Effective Leader?

We can do it wordUnderstandably, most businesses are focused on nurturing the relationships with their clients, but running a successful business is also dependent on effective management and leadership skills. If your employees aren’t functioning to the best of their abilities, your business won’t be either. So, ask yourself, are you an effective team leader?

 

Do you lead by example?

One of the best ways to fully understand how to become an effective leader is leading by example. You’re not entitled to talk the talk if you can’t walk the walk. If you expect your team to work diligently to meet a goal, you must do so yourself. If you expect your team to dress in certain attire each day, you must do so yourself. And, if you expect your team to constantly improve their productivity, share your secrets for continuous personal and professional improvement.

 

If you’re not sure how to do these things yourself, don’t expect your team to fully grasp the importance of productivity. An admirable trait of effective team leaders is that they’re constantly improving themselves so they can pass their newfound knowledge onto their team. You are an effective leader if you can identify this trait in your own business practice.

 

Action Step: If you are not leading by example, then change your actions immediately. How can you expect your team to follow your golden rules if you do not follow them yourself? Think about that.

 

Are you compassionate and patient, yet firm?

In order to understand how to be an effective leader, you must be compassionate to the human condition. Effective leaders are understanding and patient; yet do not allow themselves or their team to compromise on the very things that make a business successful. As a leader, you are never above your team. Instead, you are beside them, willing to dig in the trenches alongside them. At the same time, they clearly look to you as a team leader. You help them to focus on their own growth, because that benefits the success of your business.

 

Action Step: Reaffirm you are a team – and operate as a team. At the next team meeting, ask for their feedback. What’s working? What’s not working? Listen first, offer solutions second. Involve them in the solution process by asking for possible solutions to problems. If you ask for their opinion, you must be dedicated to helping resolve issues.

 

Are you an approachable leader?

One of the most valuable traits of an effective team leader is that they’re willing to teach. Some team leaders will scold employees and expect them to learn new concepts at the blink of an eye – and this is a perfect example of the actions of an ineffective team leader. An effective leader understands that each person has a different style and pace of learning. While one team member may be able to catch on instantly, another may require more guidance. Effective leaders never criticize learning styles or pace – they adjust their teaching style to accommodate the team member’s learning ability.

 

Can your team approach you with a question and receive a clear, neutral answer? Effective leaders will always be accessible to their team, especially in time of need. If your team is terrified to approach you for help, they will not be performing to their fullest potential.

 

Action Step: Practice being approachable. At times, team members will come to you for help when it is convenient for them, but not so convenient for you. Often times, you will need to shift gears quickly, but without appearing irritated or frustrated. Always try to improve your approach with team members, showing calmness, professionalism and immediate solutions.

 

Do your actions build team loyalty?

An effective leader doesn’t earn loyalty by instilling fear. An effective leader knows how to positively gain trust, loyalty and dedication of the entire team. Your team will only back you up when you back them up. This is where it has to be given, without expectation, before it will be returned. Just as you will remember when your team went to bat for you, they will remember when you did the same for them. Every time you stand behind them, this builds loyalty and a valuable team mentality.

 

Be sure to choose quality team members who show a solid history of reliability, consistent performance, and stability when building your team. Hire a teenager with a reputation for not showing up to his previous place of employment, and you can be assured you will see the same. Be particular about potential team members and do thorough research and reference checks before bringing them on board.

 

Other Tips to Build Team Loyalty…

  • Pay above minimum wage
  • Be flexible when there’s a disaster or emergency
  • Give holiday bonuses or small gifts
  • Hold team building events (e.g. sports, meals, or an afternoon trip to the coffeehouse)
  • Remember birthdays and employment anniversaries

 

Action Step: Evaluate your team members. Are they the right team? Do they deliver what the business needs to grow? Are you providing incentive and support for the team’s effective performance? Identify changes or adjustments needed to make the business more effective and efficient: possibly adjust tasks per member, re-delegate to a different team member, release or add team members, adjust systems and processes, or create improved incentives that inspire your team.So how did you score? Being an effective leader takes time and lots of personal development. Honestly, some people will never be effective leaders because it doesn’t suit their personality. However, as an entrepreneur and business owner, it is vital that you become the best leader you can be so your business, and your team, can grow personally and professionally. Ultimately, how far you want to take your success depends on you. When you commit to evolving into the best person you can be, your success follows suit – and so does your team.

 


Feel free to offer any comments here or on LinkedIn at https://www.linkedin.com/pulse/article/you-effective-leader-anne-bachrach/edit.   

 

© Anne M. Bachrach. All rights reserved.

 

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Use the 80/20 Rule to Grow your Business

Apply the 80/20 Rule in Your Business for Increased Success

Apply the 80/20 Rule in Your Business for Increased Success

If your business is not growing, you need to get a handle on the way you’re running it.  Many business owners tend to spend a great amount of time performing unnecessary tasks that contribute little to the growth of your business.  The 80/20 rule, otherwise known as the Pareto Principle, teaches that only 20% of your actions should lead to 80% of your results.  Get a handle on your business by putting the 80/20 rule into effect and identifying high payoff tasks.

 

The 80/20 rule isn’t just another ordinary time/business management method; when used effectively, it holds the power to drastically increase your income and free up valuable time, allowing your business to grow.

 

If your business is struggling, you can use the 80/20 rule to identify high payoff tasks.  If you are currently working ten hours or more each day, put the 80/20 rule into action to finally take back control of your life.  By doing so, you’ll be able to move past the fruitless tasks that make up 80% of your business and take up most of your time.

 

To review the entire article, go to https://www.linkedin.com/pulse/use-8020-rule-grow-your-business-anne-bachrach?published=t.

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