Got the sparkly dress and funny hat ready for New Year’s Eve? Whether your answer is yes or no (and I’m afraid mine is a “no”!), heading into a new year is always a great time to think about your business.

New Year’s resolutions don’t have to kick in on January 1, but it helps, especially if your fiscal year runs the same as the calendar year as is the case with so many advisors.

Think about where you would like to be a year from now – and how you’ll get there.

Here are a few ideas to get your plans flowing …

• Take a few minutes to consider what worked for you in 2023. Was it referrals from existing clients? Social media, your newsletter or website, or consumer shows? Set a plan to focus future efforts on whatever worked best.
• Revisit your fee structure. I can’t stress this enough! Up the price of your services and don’t be shy about doing so (consult with like-minded colleagues). More often than not, a good client knows your value and will not resist. If they do, are they even a good client? Remember what you’re providing is why they’re coming to you – you are worth it.
• Review your client list. Got anyone who is wasting your time (i.e. your money)? Anyone you should fire? Conversely, what can you do to nurture your top 25 clients? Send them a Happy New Year card (handwritten notes are beloved!) and maybe even a gift as a token of appreciation. Thank them for a great 2023, tell them that you’re looking forward to working with them in 2024 and remind them that their referrals are like gold.
• Forge new/better relationships with suppliers that work with and support you. Don’t work with everyone. Your host agency has put a lot of effort into curating a preferred list of partners that will support you. Work within that list to build credibility, improve your contacts, increase your revenue, and be more time efficient.
• Make a deal with yourself to up your game. Our business is always changing, and it’s so important to keep your product and industry knowledge up to date so that you become even more invaluable to your clients.

And in the interim, please accept my best wishes to you and yours for a happy, healthy, and prosperous 2024!