|July 29, 2016
Recently, my son and I watched the Australian men’s basketball team, the Boomers, play a practice match in Melbourne before they departed for the Rio Olympic Games. The team consists of six NBA players, and as an avid basketball fan, I researched and calculated the salaries of these six players at $31 million annually.
Top athletes achieve peak performance by practicing and executing basic fundamentals. The Boomers NBA stars were no exception: during the game the six NBA stars focused on dribbling, shooting, layups, passing and defending—nothing really fancy. These are the same basic skills that I’ve been teaching my son’s basketball team for the last seven years.
Top-performing firms and producers also achieve superior results, outperforming their peers year in and year out, by executing just five basic fundamentals extremely well:
These fundamentals are mastered through coaching, practice and everyday focus.
If you are a leader of a mid- to large-sized firm, a good place to start is by providing your producers with the tools they need to enable them to do their job effectively. Build a culture of accountability by holding everyone accountable for their personal results and the results of their firm. Provide ongoing coaching and mentoring to help sharpen skills.
If you operate a small firm or you are an independent producer, review your work processes and work flow, examining ways things could be done better, faster and more efficiently. Utilize automation in your business to help you get things done faster. Hire and train good staff, ensuring you have the right people doing the right jobs. Consider outsourcing; there are many admin and back-office functions that can be done by someone else cheaper on a contract basis. This will free you up to focus on selling activities.
Regardless of the size of your firm, practicing the five fundamentals of new business acquisition, client retention, maximizing value, expanding your value proposition and managing key relationships will ensure that you’re able to produce consistent, superior results regardless of the market and economy.
Clients will be rewarded with better service, and your firm with additional growth. Ultimately, this will drive the long-term value of your business.