“Should we open an additional space, or should we hold off for now and see if our projections flow as planned?” This is the conversation I had with my sister, who’s also my business partner. Getting a qualified space, furniture, branding, etc. takes a lot of work. Sometimes our discussions require another voice that isn’t a part of our team. We need an outsider to share their expertise, analysis and thoughts. Someone who can review strengths and any potential risks where we might require some support.

As a financial advisor, your role is to advise your clients…but who advises you? In my previous business, I co-led a financial advisory firm, and while it was great to have a partner to lean on, it was critical for me to have guidance from an outside party. This person provided us with different perspectives and came to the table with other experiences, talents and ideas. This was the catalyst that led me to start Em-Powered Network, to give that support to women leaders that need an outsider’s vantage point.

So, how do you find this advisor? Look for a consultant with lots of experience and a great track record. Someone who is patient, optimistic and growth-oriented: these are qualities we typically admire and gravitate towards. This person can help you take your business to the next level. But that’s not all—I am going to push you to dig a little deeper and look for someone who thinks differently than you do!

If you want someone to give their opinion on what they see happening in your business, you have to be open to constructive feedback. We all know what that means: being open to making changes to allow growth to happen. After various consulting engagements, I found three areas that require attention and all of them made me come to the same conclusion: advisors need to have an advisor! Ask yourself the following three questions and then start the search for your own advisor.

1. Do you delegate to grow? (Even when you know you can do it faster)
We have all received that request from a client that is so simple—download a statement, review online account access, etc. How many of you feel a little bad about passing easy work off to someone else? Or do you believe that you can get it done faster than it takes to send the email, so it just makes more sense to be efficient and do it yourself? Yes, of course, you can handle these requests, but if you have built a team (or you’re interested in building one), it’s important to learn to delegate. Statistics show that 53% of business owners know they can grow their business by 20% is they can delegate 10% of their work. Following the best approach for your specific business can allow you to accomplish these goals. Now that you are ready to start building out a plan for delegation, remind yourself why you started this business.

2. Do you remember your purpose? (ROI will follow)
When we start a project, we always have a "why."  That why is what will drive our passion to continue, even when things get tough. We all have our moments of forgetting our why, or maybe thinking we can just change the why. But that might mean we may need to dig deeper into our true why. We all want a higher return on our investments but when we only focus on the returns, we may lose our path. Entrepreneur Bianca Miller-Cole compiled a list of 17 questions to ask yourself before starting a business. The first question is, why do you want to start the business? Reflect and focus on your original purpose, and the returns will follow.  

3. Does the culture in your firm reflect your values? (Keep learning and improving)
Firm culture is easy to talk about but enforcing the actions that deliver this culture is difficult. And leading by example is not enough anymore. As a leader, it’s your responsibility to guide the team. For example, if you promote career development paths in your practice but can’t show a roadmap to reach each milestone, it makes it hard to believe it’s true. We also have to know that each person we hire brings a piece of a new culture with them, which enables us to stay true to the core of the culture we have created but make space and adapt when great ideas are shared.

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