Want to Win? Practice Your Free Throws


Want to Win? Practice Your Free Throws

Just when you thought I couldn’t write anymore basketball-related financial planning tips … I’m releasing my third book, “Free Throws for Financial Professionals.” Kidding aside, this book really gets to the heart of everything I believe in. It centers around 10 principles I learned as a student manager at Indiana University under legendary Coach Bob Knight – principles I still apply to my work and life today.

 

While Coach Knight is considered a controversial public figure, I always thought of him as my best professor at IU. (That’s saying a lot as the Kelley School of Business was constantly ranked in the top 10 of undergraduate business schools.)

 

Free throws are in the title because they’re a vital part of a basketball game. Championships are won and lost at the free throw line. At the end of the game, when every second and every point matters, you have to be able to execute. It requires repetition, attention to detail and technique.

 

I like free throws because you don’t have to be athletic to be a good free throw shooter. It helps, but it’s not a requirement. Instead, hard work, concentration and calmness will help you sink the shot.

 

Practice and Preparation

One of the greatest strengths Coach Knight possessed was his ability to plan for an opponent. I’ve always said that Coach wasn’t as much of a basketball genius as he was just extremely prepared for games. He knew his team better than anyone else – their strengths and weaknesses. He also understood how to use those strengths against the other team.

 

You should do the exact same thing. Now, don’t misunderstand me – your clients are not your opponents. You should always be working on the same side of the table. However, you need to plan for every meeting. Every interaction. You have to know the game inside and out.

 

In order to succeed, you need to know the numbers that drive your success – so you can adjust and make changes along the way. You have to understand the activities that drive your sales. Here are some things every financial professional should know:

 

  • What are the key performance indicators for you and your staff – sales and administrative?
  • How can you duplicate those activities more often next year?
  • Which activities need to be delegated to another person so you can focus on the key performance indicators for your business?
  • Can you become more effective at your key activities?

 

Winning Strategy

Practice and plan for success. Read my new book, “Free Throws for Financial Professionals,” to learn how I measured success and set activity goals that nearly assured my sales. You can order or download a copy of the book at www.freethrowsforpros.com.

 

Winning Strategies

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About the Author

Mike McGlothlin is a team leader, retirement industry activist and disciple of Indiana Hoosier basketball. In addition to being EVP of retirement at Ash Brokerage, he is a sought-after writer and speaker. His web series, “Winning Strategies,” provides insight and motivation for financial advisors in many forms – blogs, books, videos, podcasts and more. His latest book, “Free Throw for Financial Professionals,” is available now at www.freethrowsforpros.com.