By Kip Gregory

Do you think it is challenging to work with technology? If you are, you’re not alone. A recent survey of advisors ranked “keeping up with technology” among the three most significant challenges they face.

(“Time management” and “capacity to serve clients” were the others.)

With thousands of software programs and billions of Web pages to navigate, it’s easy to feel overwhelmed and confused. Add lack of time, not knowing where to start or who to turn to for help, and you are at a serious disadvantage. Fortunately, you can change that situation by taking the right steps.

Draw a blueprint
If you want to use technology more effectively, you need a blue. The following exercise will help you draw one. It will take between two hours and two days, depending on how much of your business you want to analyze. The result will be a clearer sense of what you do, how you do it and where technology might help you do it even better.

The exercise involves three steps: generating ideas, categorizing those ideas and creating process maps.

Get some pads of sticky notes, markers, easel paper and masking tape. Tape some blank easel paper pages on the wall of your office or conference room and you’re ready.

Spend 30 minutes brainstorming answers to the question, “What challenges do I face in building my business?” Write down your responses on the sticky notes, one idea per note.

When you’re done, post the notes on the easel paper. Then categorize your ideas, grouping related ones together. Label each group with whatever heading works: prospecting, client management, new business processing, etc. Make sure everyone agrees with the terms used.

Now, select one challenge you’ve identified and map out a step-by-step process that describes the tasks related to overcoming that challenge. Sequence the steps chronologically.

Consider using “mind-mapping” software to expedite your work. Inspiration is one such tool that allows you to capture, display, organize, rearrange and ideas—generated alone or by a group—directly on a computer. It’s easy to use and eliminates having to transcribe handwritten notes. Download a 30-day free trial version of the program from www.inspiration.com. The full version costs $70.

Get help
Once you’ve mapped a process, write down how you’re currently using technology to complete each step.

For example, you may have looked at client communication. If you send clients birthday cards, are birth dates entered in a database that can report any dates in a chosen month—or do you keep a written calendar? If you publish an email newsletter, do you use a template that allows you to customize message content with information unique to each reader—or does everyone get the same impersonal one?

For tasks you don’t currently automate, use your circle of contacts to find out what solutions others use that might solve your problems. Approach fellow advisors, product wholesalers and vendors you buy from.

Describe your process and ask what hardware, software and websites they use, or know of, that would help you accomplish a given task. Don’t overlook clients—especially the tech-savvy ones. They may have some useful suggestions, and what is more important, can tell you if or how much of what you’re asking about really matters to them.

If you belong to a study or networking group, put discussion of your process on the meeting agenda. Chances are others would benefit from a roundtable discussion of what you’re doing. Or, if you belong to a professional or trade group, leverage their member-services personnel and any website discussion areas, such as those on www.naifa.org, to post questions and solicit ideas.

Be realistic
If you follow the process outlined, you’ll uncover lots of good ideas. In fact, you’ll likely be faced with too many choices. So break the process into phases, prioritizing the things that will have the greatest impact and are the easiest, fastest and cheapest to implement. Do them first.

Consider enlisting the help of a business coach or technology consultant to achieve your goals. The right outside resources can save you significant time, money and frustration. Just make sure you select people who understand your business, can clearly describe what you’ll accomplish working together and can offer specific ways to measure the results of your investment.

Successfully implementing technology is a continuous effort, not a series of one-time product installations.

You’re never really “done” with it, but that’s the nature of any dynamic element of your business. Progress will be frustratingly slow at times and lightning fast on other occasions, especially once your new processes are fully in place. But if you stick with it, the rewards can be huge: greater control, more time to focus on clients and sales and increased value. Isn’t that what you want?

Kip Gregory, principal of The Gregory Group, is a consultant, trainer and speaker on marketing, sales and technology issues for the financial services industry. He can be contacted at 202-364-6913 or by email at kip@gregory-group.com.

Kip Gregory’s series: Technology for Your Business

Curing Technophobia (January 2002)

Buying Power (February 2002)

Software Essentials (March 2002)

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