Businesses need revolutionary change at the cellular level, no matter their size.
For all businesses it is time to look at the world differently.
All people-based businesses need to recognise the shift that is taking place today around interactions between client and advice, product or service provider.
The big end of town, particularly financial services, has to recognise why attempts to “cross-sell or upsell” within their product or service range hasn’t worked for the business, the employees, or the customers.
Why it hasn’t worked is fairly simple – who is it all about?
The customer?
The employee achieving a KPI?
The institution increasing earnings?
If achieving KPIs is based on successfully cross-selling, upselling, or referring to another part of the business, then the focus is not on the client, no matter how much anyone tries to suggest otherwise.
The “revolution” mentioned in the heading is to stop paying lip service to it “all being about the customer” and actually make it all about the customer. For small businesses this is already the case, for without that focus they don’t survive. A good example is Bruno, he takes my order at his coffee shop, and every time, he says “and flat white for you today Sir?” He doesn’t know my name, yet he knows how I take my coffee. So what is so unusual about this? I am not a regular, I only go to his coffee shop on average once a week.
Traditional KPIs, like revenue growth are an outcome, a scorecard, a destination. They are not, and never have been the journey. Whilst they may motivate, they never inspire. Every business needs inspired people, and aspirational components to KPIs grounded in A Simple Truth is the first step.
Step one – deconstruct KPIs and reconstruct them from the client’s perspective. Build into training programs A Simple Truth or similar foundations.
“Strive not to be a success, but to be of value” – Albert Einstein
Allowing young and old, experienced and inexperienced to explore their intentions beyond the commercial intentions/imperatives is the first step in understanding what “being of value” really means.
What are our intentions beyond the commercial aspects?
These are our personal intentions – why we do what we do. The joy it brings us, the sense of contribution – what we have to give to others.
Step two – construct an aspirational KPI such as a “Balance of Intentions” which is our preferred balance between our commercial intent and our personal intent.
For people-based businesses senior management ask yourself the question: when one of our people is trying to get the customer to buy something else, why are they doing that? What are they thinking about? If the real truth is KPIs or because that’s a requirement of the job, it’s not all about the customer, it’s just lip service.
Noel Corley is the founder of The Knack Consultancy which helps people businesses engage with clients, potential clients, and each other in a relaxed, natural, personally fulfilling, and commercially successful way.
The opinions expressed in this content are those of the author shown, and do not necessarily represent those of No More Practice or its related entities. All content is intended for a professional financial adviser audience only and does not constitute financial advice. To view our full terms and conditions, click here.
