Gen Xers, in particular, will remember a popular Dunkin Donuts promotional campaign from their youth.
In a sleep-deprived stupor, Fred the Baker keeps repeating, “time to make the donuts,” the point being that at Dunkin Donuts, it’s always time to make the donuts—all day, every day.
An advisory practice isn’t much different. There’s always work to be done, yet instead of baking sweet, fluffy goodness, the work is responding to emails and calls, processing paperwork, and hundreds of other tasks.
We replace “time to make the donuts” with “time to serve our clients.”
Here’s the problem. Advisors, including myself, too often try to be Fred; we’re involved in certain aspects of our business where we shouldn’t, and bad things happen.
Fred, to his credit, would ban me from his kitchen. Why? I’m not a baker. Yet in my practice, I spend far too many hours in places (and on projects) where I don’t belong, simply because it’s not my job.
So, who I am and what is my job? Since it’s my practice, I’m the owner.
Advisors are rainmakers, and for most, it is their highest and best use. They determine messaging and communicate the value proposition to clients. Most activities that generate revenue or determine growth opportunities are therefore their responsibility.
We intuitively know this yet struggle with committing as much time to our highest and best use.
The solution? Stop being Fred, which is easier said than done.
“Ross was here” is a common refrain in my own office, which means if something is somehow wrong, I had a hand, mainly because I had no businesses touching it in the first place. But I’m getting better.
Avoiding the proverbial kitchen has two major benefits.
First, it allows the donut makers to do what they do best. Second, and just as important, it keeps us focused on our role. We’re advisors (and possibly CEOs). We need to understand our role(s) and commit to it.
Trust Fred to make the donuts, and he’ll trust you to attract new customers. Everyone does what they do best, and everyone will be much happier.