Advisors have a lot in common with athletes and can learn from their training, successes, and mistakes.

In his recent piece for Advisor Perspectives, Bob Hanson shared practical lessons advisors can take from Tiger Woods.

Woods became one of the greatest golfers in history in the 2000s after his coach, Hank Haney, helped him identify and overcome what Haney calls the “big miss.” Haney even wrote a book, The Big Miss, about it. What is it?

Identifying and correcting your biggest weakness.

For financial advisors, a common “big miss” is a lack of or poorly executed plan for their practice.

A plan is more than a schedule for a particular day, week or month. 

A plan is aimed for the big picture and should include strategies for growth.

Hanson provides a list of questions designed to help advisors take a hard look at their current plan. Answering the questions can help advisors hone their plan while identifying areas lacking or needing improvement.

He recommends advisors don’t just ignore their “big miss” and sweep it under the rug – identify what it is and work to correct it or compensate for it.

Looking for more ideas to improve your business? You might find this, Winning at Business – Tips for Success from Mark Cuban, to be of interest.