Should you wear many hats?

As brokers you will often find yourself in situations where you can’t provide an appropriate or on-going service to your clients. This might be because you’re a stockbroker who doesn’t deal with other needs like mortgages or cars, and so on. 

And frequently, there’s a desire to offer all those things to your clients. After all, who put all their eggs in one basket right? Does it really work in this case though? Think of what happens when you go to a GP. Do they treat you if you have cancer? Nope... they refer you to a specialist 

The power law

In the book Zero to One by Peter Thiel, he talks about the importance of the power law when it comes to your career and personal life. It describes a common phenomenon in which small changes will lead to disproportionate results. 

Instead of having your fingers on lots of pies or similar to having a multiple page resume with tons of extra curricular activities, we should instead hone in one area in order to take advantage of the power law. It means focusing intensely on something you’re good at rather than focusing on diversification. 

The more time you spent improving your craft the higher your chances of having breakthroughs. Spending time to get better each day at your craft requires a level of commitment most of us haven’t made or aren’t willing to make. By doing the work over and over and over, making little invisible results each day, one day your skills will experience a steep rise. We’re talking about explosive growth. 

Be easy to notice

Think about it, it’s really difficult to market a product or service when your target customer is literally everyone. While you can feel like hoarding many skills, saying yes to things just because there is a need and you were there to fill it. However it’s not a sustainable approach. 

Customers want specific things. For example, getting a property loan is a big thing and they are most likely to opt for a broker who is excellent at the one thing they need, because they really want it to be the best deal. Believe it or not, there are lots and lots of customers needing one specific kind of loan. And there isn’t one who needs multiple loans at once. 

Maximise your earning potential 

By mastering your craft everyday, you are positioning yourself at the top of your field. In the long-term, you can then charge more with your lucrative niche and have the confidence that you deliver the best possible service for your clients. You’re as good at it as you can. You just need to give the job the care and attention it needs to grow. 

You can’t do it all

It’s important to realise that acknowledging you haven’t the necessary skills isn’t a sign of failure but rather a professional assessment of your strengths and weaknesses. By referring a client on to another professional who can help them with their particular issue you are effectively meeting your client’s needs and thus helping them move a step closer to th