Knowing “why you exist” in business is a critical element in assisting you to expand your own commercial interests as a financial planner. Typically, this involves focusing on the passions which drew you to planning in the first instance – and the ideas and goals which ignited your passion for business. This “passion” is your “why”, and it drives your business services and customer engagement.
Having a clear understanding of why your operation exists can have huge benefits, regardless of whether it’s a start-up, has clocked up a few years in business or is a blue-chip company. Knowing why you exist as a business keeps you focused and can help staff, customers and suppliers come on board too. This often takes the form of a “vision, mission and values” document, which guides the business and influences decision-making.
Engaging your staff on why you’re in business
Ensuring your staff have a strong sense of why you’re in business is a critical success element. If your employees don’t get it, you can forget achieving valuable customer engagement. Take IBM’s former hardware business Lenovo, which recently changed its approach to staff engagement. Lenovo’s old tagline, “For those who do”, was catchy, but it didn’t reveal much about why the technology firm was in business.
Then the company’s chief executive officer, Yang Yuanqing, tweeted how it is a company that “never stands still”. This phrase became an internal rallying cry with staff, as it represented Lenovo’s passion for disruption and as a consequence the firm started kicking some sales goals.
This clearly illustrates that “the why” is the core reason why your business exists and can help drive marketing and communications initiatives. Knowing your “why” can help you easily communicate what you do and how you can make a difference to your clients’ bottom-line. For example, as a financial adviser, your “why” might sound something like: “We exist to see our clients’ wealth grow”. It’s simple and easy to understand.
Most importantly: the ‘why’ matters to your clients
Clients don’t buy what you do; they buy why you do it. Your clients have multiple options when it comes to financial advice and no obligation to choose your business. That said, if a client buys into the “why” of your business, there’s a greater likelihood they’ll stick with you, even when lower-cost competitors launch, or the market takes a turn for the worse.
Working out the “why”
The advice we give our clients is to start with a simple exercise by business author Simon Sinek. His Golden Circle methodology is one the most watched TED talks of all time, and gives you the foundation to start building a picture of your own “why”. Sinek’s advice might seem a little wishy-washy, but it’s a process that can unlock the key messages about your business and give clarity to your marketing and sales efforts.
