COACH'S CORNER
5 ways to manage fractured focus in your business
By Cameo Roberson
There comes a moment in every firm’s evolution when client needs, the demands of the practice, and what other firms are doing shift your focus—and not necessarily for the right reasons. You try to do too many things at once, so your attention becomes divided across multiple areas. I call this “a trip down Fractured Focus Road.” It’s a problem because it will distract you from what’s most important.
At a high level, this fractured focus happens when the priorities of your client-facing work compete with everything else you need to run your business. Every decision you need to make appears to be a good one, but which one do you prioritize? Fractured focus can also happen when you see what other firms are doing, and you tell yourself that you’ve got to do that, too. Why? Because it looks good. Fractured focus involves shards of ideas, thoughts, and solutions that don’t allow you to focus on the matter at hand. Everything sounds and appears good.
If you’re experiencing fractured focus, here are five ways to get back on track.
1. Evaluate ideas in relation to your business vision
Ask yourself if actions you’re considering fit with your business vision. If they don’t, your focus is fractured.
For example, if you’re considering offering a new service, does it fit with your niche? Take the case of the advisor who observed a colleague who started offering a subscription model service for student loan planning. The advisor saw this as a great way to bring in recurring revenue, so they immediately started figuring out how to add this offering to their service model. However, then they asked themselves how this service fit with their niche of individuals experiencing a traumatic life transition such as the death of a spouse or divorce. There was no obvious connection.
2. Revisit your business plan
The advisor considering student loan planning then looked at their business plan to see how it aligned with their long-term goals. Yes, adding student loan planning may increase short-term revenue, but would that be strategic growth? The advisor considered whether their current clients were concerned with student loan planning. They realized that clients’ immediate concerns centered around being able to live on their own as a newly single individual, cutting expenses, re-entering the workforce, or relocating.
The issue wasn’t that student loan planning wasn’t important, just that it wasn’t important for the advisor’s clients. Still, that advisor might have thought, “Some of my clients are concerned about student loan planning, as they have high school-age children. So why shouldn’t I add this?” In that situation, I’d suggest polling clients to see what percentage of them have this need before adding a service that doesn’t appeal to many clients. Get the data before you drive any further on a road.
3. Do strategic planning throughout the year
Strategic planning isn’t exciting, but it can provide the framework needed to deal with fractured focus. In my experience, fractured focus is caused by both external and internal factors. We cannot control what happens on the outside, so the greatest impact you can have on managing this is looking internally. The advisor should refer to their strategic plan regularly throughout the year. Make sure it’s being followed, and adjust the plan as needed.
Strategic planning can help focus us to make decisions that support short-term needs (e.g., offering the right services) and long-term vision (e.g., growing a niche firm that serves individuals in transition). I’ve now adopted 12-week strategic planning sprints that have significantly helped me focus on the right things. When I’m tempted to start working on projects that appear attractive, I revisit my strategic planning document for a dose of reality!
4. Focus on your goals
Being present in the moment is becoming more and more difficult. Think about how many distractions you experience in a day—or even in an hour. The pandemic years have stretched and stressed us in ways we could never imagine. In difficult times, your natural reaction may be to shift to something easier, but focusing on your goals can help center your decisions. Does it make sense to move in a different direction? Can I still accomplish my goals if I make this decision? We must be willing to ask ourselves these hard questions.
5. Execute your strategy, evaluate your outcomes
In The 12 Week Year: Get More Done In 12 Weeks Than Others Do In 12 Months, authors Brian P. Moran and Michael Lennington say:
Execution is the single greatest market differentiator. Great companies and successful individuals execute better than their competition. The barrier standing between you and the life you are capable of living is a lack of consistent execution. Effective execution will set you free. It is the path to accomplishing the things you desire.
I took a master class from Moran earlier this year, and he discussed the harm caused by fractured focus. Our thinking influences actions, and actions influence our results. If you marry execution with an intentional strategy and clear focus, there’s no stopping you!
Cameo Roberson manages Atlas Park Consulting helping financial advisory businesses clarify business vision, move ideas from concept to profit, organize business operations, drive revenue, escape burnout, and save time. Reach her at cameo.roberson@atlasparkco.com.
image credit: istock.com/filo