This common problem comes from just trying to discover what you do best. Ego plays too big a role in this question. Of course, you “do” many things well. That’s why you were attracted to the business in the first place. Talent and versatility are key traits of good advisors. The trouble is that just because you can do a thing, does not mean you should.
The better focus question is “Which of the things I do very well do my clients appreciate the most?” Assess their overall appreciation by the number and severity of the complaints you get. No complaints mean you love to do something that loves you back Perfect. So, if you love what you do, do it well, get paid well to do it AND you don’t get any complaints about it, you’re on the right track. Not considering complaints in your talent analysis is like not talking about Loss when discussing Risk and Reward with an investment client. You need the complete story to make the right decision. Complaints show the right way.
Another good way to find your best focus is to do the “T.A.P. Analysis”. (It’s in my book “Expert Identity Marketing”) Here you subjectively score both your individual business services and various audiences for your Talent, its Appeal and the potential Profit you earn in each. Score each area out of 10 and then multiply the three scores together for a maximum score of 1,000. You will be amazed at how your top talent and your best audience pop to the top of the list.
If you are like most advisors who try the exercise, you will also be surprised at what you’ve been doing that is holding you back. Many of us do a lot of work with no return. Then, your “Million Point Business” is when you multiply a 1,000-point service with a 1,000-point audience. Keep in mind that where there are points, there are dollars also. I cannot overstate the importance of focus.
Finally, your story… A story is a narrative that tells a lesson. Imagine your own “financial parable”. In your Million Point Business, what are the five lessons you bring to your natural audience? When these lessons match your audience’s five major problems, your story will attract business and referrals. There is just no other way to prosper today than focus.