The Biggest Risk in Successful Advisory Businesses

By Michael Kay via

As business owners, there are two types of risk we face.

The first is the risk that the business will fail. But let’s face it, if you’ve reached any level of success in this industry, this is highly unlikely. The second is the risk that the business won’t reach its potential, that you’ll leave something on the table.

Unfortunately, this risk is not only possible but entirely likely among successful advisors. And it not only affects the success of your business, but can negatively affect your own well-being and even your health.

Jim Collins hinted at this risk when, in his outstanding book Good to Great, he wrote that “good is the enemy of great.”

But I think the risk runs deeper and is more insidious. It’s true that, as human beings, we seem to stop pushing ourselves when things are good. Some would say that’s because running ‘from’ failure is a stronger motivator than running ‘toward’ bigger success. When we’re comfortable that we won’t fail, motivation dissipates.

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