Photo by:
Chase Elliott Clark
licensed under
Creative Commons Attribution 2.0 Generic
Before you can make the leap to migrate your financial planning firm
from a commission based practice model to a fee based practice model, you must
consider these five items.
- Vision
- Values
- Methods
- Obstacles
- Measurement
This list is what is widely becoming known as a V2MOM (pronounced VeeTooMom).
Now, I wish I could take credit for coming up with this. But, I can’t. However,
when I created my own V2MOM. I was blown away.
You may know Marc Benioff as the founder of Salesforce.com. (The most powerful
Customer Relationship Managment program I have ever used… and I have used them
all). He directed the massive growth of Salesforce.com by creating – what he
has now coined as – a V2MOM. Marc Benioff was listed as one of The Forbes 400
Richest Americans as a result of the creation of Salesforce.com. In my opinion,
this tool is the only tool that allows you to clearly layout your entire
vision. And by using the V2MOM in your practice, you will be able to clearly
articulate to your team everything they need to know about what is in your head
so that they can really get behind your vision. All too often, we as
entrepreneurs, have such a clear idea but have no way of communicating that idea
to our team. Leaving us frustrated and rudderless with our growth. Here is the
process for creating your own V2MOM:
VISION: Define what you want to do.
I have found it helpful to address the following items:
- Your top line revenue goal.
- How you want to be viewed in the industry
VALUES: What’s important about the vision – to you.
Prioritize and list what is important to you about the vision. It ‘s your
vision. But, what is important about the vision to you? Take 5 minutes. Set a
timer. Do a brain dump and write down in any format you can all the things that
are important to you about your vision. Write and write and write. Then, once
the 5 minutes is up, circle the top 5 things you wrote down. Prioritize them 1
– 5. These are now the values that are driving your vision. Remember, be
selfish here. It’s all about you, you and you at this point.
METHODS: How are you going to get it done?
What do you need to do to deliver on the vision? List the top 3-5 things that
you need to be doing to accomplish the vision. Do another brain dump if you
have to. These are all of the things that you will need to do (new
capabilities, delegations, etc…) in order to get’r’done.
OBSTACLES: Challenges, problems and issues to overcome.
What is standing in your way of accomplishing your vision. This one should be
easy and should take you no time. Do a brain dump and highlight everything that
is standing in your way of getting to where you want to be. The great thing
about this list is that once you solve each problem in the list, you have no
more obstacles.
MEASUREMENT: How will you know when you’ve met your goals?
By clearly stating the metrics you are going to use to monitor your progress
toward your goals, you will have a very clear understanding of what’s working
and what’s not and be able to make adjustments throughout the year. Unless you
outline what it is that is important for you to measure, you won’t know how to
tell when you have arrived. If you would like further information relating to
properly setting up your own V2MOM, please let me know. This one document
changed my business life. It gave me on one sheet of paper everything I needed
to know and everything that I needed to share with my staff about how we were
going to make this year the best ever. I am considering putting together a very
detailed program which will show you exactly how I run my practice, all driven
from the V2MOM. I’m considering “opening my kimono” and letting you take a look
at all of my processes, scripts, how to staff training videos, etc…
Everything you have ever wanted to know about how I run a very successful fee
based financial planning practice – and take over 200 days off while doing so
(like I did in 2009). If you are interested in finding out more, simply join the
mailing list on the website and this will put you on an advanced notification
list should I decide to put this program together. But first, let me know
you’re interested by commenting below. Best, Scott
Photo by:
Chase Elliott Clark
licensed under
Creative Commons Attribution 2.0 Generic
You may know Marc Benioff as the founder of Salesforce.com. (The most powerful
Customer Relationship Managment program I have ever used… and I have used them
all). He directed the massive growth of Salesforce.com by creating – what he
has now coined as – a V2MOM. Marc Benioff was listed as one of The Forbes 400
Richest Americans as a result of the creation of Salesforce.com. In my opinion,
this tool is the only tool that allows you to clearly layout your entire
vision. And by using the V2MOM in your practice, you will be able to clearly
articulate to your team everything they need to know about what is in your head
so that they can really get behind your vision. All too often, we as
entrepreneurs, have such a clear idea but have no way of communicating that idea
to our team. Leaving us frustrated and rudderless with our growth. Here is the
process for creating your own V2MOM:
VISION: Define what you want to do.
I have found it helpful to address the following items: