2025: Efficiency is doing things right; effectiveness is doing the right things.

The headline above is a famous quote by Peter Drucker, the famous Austrian, American management consultant, educator, and author.? If you think about it, this really makes sense. Essentially it's saying there’s a difference between doing things right and doing the right things. Or to put it another way:?doing things right is about following rules, policies, procedures, and norms (perfectionism?).?Whereas doing the right things is about aligning with your key objectives, values and moral compass to achieve an end result (effectiveness). An example would be: You are a highly efficient worker who spends all day completing every task as quickly as possible. However, if those tasks don't align with your goals or your prospect’s goals, or the goals of your company, then all that efficiency is for nothing.? Remember: You get paid, in the main, for achieving results.

As 2024 draws to a close, we are all presented with a unique opportunity to take stock and set the stage for success in 2025. Christmas time and the end of the year is not just a time for holiday celebrations; it is a critical period that can be used for reflection, assessment, and strategic planning. In this article, I will present, what I believe is, the importance of year-end evaluations, a few key planning areas to focus on, and actionable steps to ensure a prosperous 2025. If you are a QFA, the end of the year serves as a natural checkpoint for you and your clients. It is a time to review change, the past year’s business / financial performance, assess the effectiveness of current strategies, and identify areas for improvement.

Planning for 2025 makes sense for several reasons: Goal Setting:

The approaching new year gives you a chance to reflect upon what worked and did not work in 2024.?What sales and marketing lessons were learnt and what elements of this year’s plan should be included and perhaps advanced or adjusted for 2025? By reflecting on this year’s performance you will be able to identify strengths, weaknesses, opportunities, and threats (SWOT analysis). This insight is crucial for making informed decisions moving forward.? How did you social media or digital communication processes work?? Content is a key driver on social media.? How good was yours?? Did you track your performance here?

Personal and staff skills development:?

I suggest you engage your employees in your planning process as it can also foster a sense of ownership and commitment. If you design the ?plan for them…its your plan.? If they help you design it, its their plan (= ownership). As a trainer, you’d expect me to say this, but plan to improve both your own and your team’s skills development. Confidence in one’s skills can boost a team’s motivation, energy and morale.? In my experience staff do not get any regular feedback on their skills.? This does not make sense. Imagine a football team that does not get feedback on their performance. It wouldn’t happen. Ask yourself and the team how they would answer typical push-backs they receive all the time, like, “why should I buy from you?, ??I can get it for less elsewhere or the Bank can do that for me”.? I confront people with these types of questions and I’m appalled at some of the poor answers I hear in response. Telephone skills courses have changed dramatically in the past 6 years, mainly because of the threat of artificial intelligence (AI to you and me!).? Review what people are saying at the opening and closing of calls.? Its these critical parts of client interactions that create trust, confidence and motivation…and a willingness to want to do business with you.? Fail to do it and you will deal with a prospect who only wants a “price comparison”.

When did you last attend a course on the latest communication processes (digital versus human?). Artificial intelligence is moving the base for all in the “services world”? because most people out there have access to direct information and can do it themselves…or so they believe! How do you and your staff cope with this?? Do they know how to use emotional intelligence to deal with this new knowledgeable prospect or client? One of your biggest outlays will be salaries and how you and your team perform on the phone, online and face to face will effect sales and business in general. As I always say, if you think training is expensive, try not training!

Customer experience is now one of the biggest business courses in the world today i.e. reviewing every step of a customer’s journey from the first interaction, or email or phone call to the final signing of the paperwork.? I believe all staff should attend such a course at least once per year.? Everyone is either selling or un-selling.? If I do a good job, I sell the offer.? If someone behind me does not deliver the same standard, they unsell all the good I provided. They need to know how their performance is currently effecting other’s in the team. Does your team’s performance here match with the best?? It should.

Your target market:

What market are you in?? What market do you want to be in?? Are you a specialist or a general practitioner? What is best practice to further develop your business?? Find out and sign it into your 2025 plan.? If you are in the pensions business you need to consider and address the Government’s Auto-enrolment Retirement Savings Scheme due to commence in September 2025.? How will you introduce this to your clients?? They will need to be educated and helped with its implementation.? What will that mean for you and your team and your marketing of same?? Planning will encourage you to think creatively about new products, services, or processes, fostering innovation that can lead to growth and increased market share.

Client Appraisals:?

How many clients did you sit with this year and conduct a thorough review of their portfolios?? How many did you miss?? Make these a target group to focus on in 2025.? There are 248 working days in 2025, taking out holidays, bank holidays and weekends. Divide this number into your income target for 2025 and you’ll see what you need to ideally earn per day to achieve target.? Its simplistic but focuses the mind. If you have 2000 clients and work a 50 week year, that means you need to contact 40 per week to contact them all once in 2025.? 40 per week divided by 5 working days? = 8 per day, 4 in the AM and 4 in the pm.? Who will make the 4 calls tomorrow morning?? It’s a simple and detailed as that.

Performance Measurement:

Establishing benchmarks and key performance indicators (KPIs) during the planning phase will allow you to track progress throughout the year and make necessary adjustments.

These are just a few pointers for creating a great plan for 2025. The year-end is a pivotal time for financial advisors and their clients to reflect on the past and plan for the future. By conducting thorough evaluations, focusing on key areas of financial health, and implementing actionable steps, advisors can help their clients set the stage for a successful 2025. As we move into the new year, let us embrace the opportunity to enhance financial well-being and achieve lasting success. With careful planning and strategic foresight, the future can be bright for both advisors and their clients. In summary, planning for a new year's business is essential for setting a clear direction, optimising resources, and positioning your organisation for success in a dynamic market environment

Dermot McConkey Development & Training provides consultation in two vital areas of business, from strategy and digital communication development, to training, sales and motivation. We provide expert, world class programmes customised to match your needs and wants. Our customised courses adopt a “learning-by-doing” approach, actively engaging attendees in case study analysis, problem solving, brainstorming, and individual and team exercises. Our Proven sales training modules cover every aspect of professional selling from prospecting and approaching, to presenting solutions, dealing with concerns, completing the sale as well as and how to obtain referred leads.

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