Researching business lessons learned from March Madness? Learn more from Summit Brokerage
For some people, March Madness can bring worry regarding performance and productivity. In fact, some research firms estimate almost $134 million in lost wages because of employees watching games rather than working. But for others, March Madness is a time for companies to connect with their employees, boost morale and have a great deal of fun. Independent employees can also even take advantage of some of the nuggets of wisdom learned during this month. By looking at this occasion in a positive light, there are actually many business lessons learned from March Madness. Let’s take a closer look at the top four here:
1. Teams Win
In both sports and business, it takes teamwork to succeed. Employees must work together for a greater goal – the success of the team or company – and play their role to the best of their abilities. When debating, blame, and undermining each other’s work come into play, there is no way for a team or business to succeed. Those types of behaviors always lead to disaster. Cultivating a team spirit attitude helps everyone strive to put their best foot forward and do their best work. Whether you are on a large team, or it consists of just you and your client, working together can bring the greatest success in your endeavors.
2. Research Your Competition
Let’s say you are having an initial meeting with a client and are offering some essential financial tips. While you may feel great about the meeting afterwards, the client might speak to another financial advisor for comparison before committing. This is why it is always a great reason to consistently scout out your competition. Perhaps you both offer the same types of financial services, and have a similar pricing structure, but you can make an effort to win the client over because of your attention to detail, willingness to go the extra mile, or friendliness and passion for your work.
Whatever area you are trying to succeed in, whether in a game of sports or in your career, know your competition well. Then focus on what sets you apart and outshine the rest in that area.
3. Consider a Half-Time Adjustment
You may play out a scenario with a client in your head and things may go drastically different once you are in the thick of it. Knowing things in life can change, and fast, it is wise to be open to adjustments. For example, if your client acquisition strategies aren’t working, change some of them around. Still not seeing progress? Review and redefine your strategies once more. Many financial advisors can get stuck in old patterns and strategies that aren’t working, and this can cause frustration and burnout. Don’t discount making an adjustment when something is no longer fruitful!
4. Have Some Fun
When it comes to companies and March Madness, getting involved in the game with employees is actually encouraged by many corporate psychologists and researchers. Having fun builds good will and strengthens bonds. The same can be said about a financial advisor and his or her clients. Figure out a way to have fun when meeting and working with clients. Taking a break from serious business mode can strengthen and add another dimension to the relationship.
These are just a few of the business lessons to be learned from March Madness. In closing, winning in your career takes a team effort, seizing opportunities, making adjustments and adding some fun into the mix.
To learn more strategies and financial tips for advisors, visit SummitBrokerage.com for information. Summit Brokerage Services has been voted the #1 boutique independent broker dealer in the country. Let us show you why! To experience the Summit difference, learn more about our network of independent financial advisors, and begin creating your financial planning documents, visit https://www.summitbrokerage.com or call us at (800) 354-5528.
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About Summit Brokerage Services, Inc.
Summit Brokerage Services is part of Cetera Financial Group. Summit Brokerage provides a broad range of securities brokerage and investment services to primarily individual investors. Summit Brokerage also sells insurance products, predominantly fixed and variable annuities and life insurance through its subsidiary, SBS Insurance Agency of Florida. Summit Brokerage also provides asset management services through its investment advisor, Summit Financial Group, Inc.
About Cetera Financial Group
Cetera Financial Group® (“Cetera”) is a leading network of independent retail broker-dealers empowering the delivery of objective financial planning advice to individuals, families and company retirement plans across the country through trusted financial advisors and financial institutions. Cetera is the second-largest independent financial advisor network in the nation by number of advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions.
Through its multiple distinct firms, Cetera offers independent and institutions-based advisors the benefits of a large, established broker-dealer and registered investment adviser, while serving advisors and institutions in a way that is customized to their needs and aspirations. Independent financial advisor support resources offered through Cetera include award-winning wealth management and financial planning and advisory platforms, comprehensive broker-dealer and registered investment adviser services, practice management support and innovative technology. For more information, visit www.ceterafinancialgroup.com.
*”Cetera Financial Group” refers to the network of retail independent broker-dealers encompassing, among others, Cetera Advisors, Cetera Advisor Networks, Cetera Financial Institutions, Cetera Financial Specialists, First Allied Securities, Girard Securities, The Legend Group and Summit Brokerage Services.