The New Year often allows business owners time to reflect on the successes and challenges from the previous year. Michael Kitces and I take a look back at the phenomenal growth that the XY Planning Network has experienced since launching in 2014 and analyze how delegating, time management, and hiring to our weaknesses has facilitated the rapid rate of growth. We have developed the skill set necessary to become successful business owners and share a few of the resources that have helped us navigate this exciting journey.
We closed 2016 out with 350 members; hitting our 20-year goal in just two years. Whoa! As accidental entrepreneurs who sought the freedom to build a lifestyle on their own terms, we discuss the pros and cons of pursuing an aggressive growth strategy in business.
Entrepreneurs looking to scale their businesses must overcome a common challenge - they must learn to delegate tasks. In this episode, we reflect on how we were able to meet this challenge and the tools that made delegating much simpler. Delegating tasks will free up the much needed time to focus on strategy and the overall vision for the business and is exactly what's needed to take your firm to the next level. Kitces and I talk about how we're able to best leverage our time, support staff, and helpful resources to effectively grow this business well beyond our initial projections.
Listen to the Full Interview:
What You'll Learn from This Episode:
- What listeners can expect to learn from Michael's new podcast - Financial Advisor Success.
- The transition that entrepreneurs can expect to go from practitioners to business owners.
- Simple tools that improved the process of delegating tasks and training employees.
- The problems with waiting too long to hire additional support staff.
- How building a time budget can help you determine how best to delegate tasks.
- How you can build a cohesive team that leverages a variety of strengths.
Featured on the Show:
- Register for #XYPN17
- XYPN Radio VIP Community
- Connect with Michael: Kitces.com | Twitter | LinkedIn
- Financial Advisor Success podcast
- Cashflow Podcasting
- Good to Great by Jim Collins
- Strengthsfinders Survey
- Scaling Up by Verne Harnish