Doug Andrew | Crain's Utah

In this ongoing series, we ask executives, entrepreneurs and business leaders about mistakes that have shaped their business philosophy.

Doug Andrew

Background:  

Live Abundant seeks to “empower [clients] to live a more abundant life by replacing your old, outdated retirement philosophy with [a] predictable and abundant retirement lifestyle.” The firm has offices in Salt Lake City; Costa Mesa, Calif.; and San Diego, Calif., and says it serves clients in “47 of the 50 states.”

The Mistake:

I didn’t know how to focus on my unique ability and delegate other tasks.

For about 25 years, I was sort of a one-man band, doing extremely well. I helped clients optimize their financial assets, but I wasn’t reaching as many people as I wanted to reach.

Dr. Edwards Deming taught that 85 percent of any successful result is determined in the first 15 percent of the process. I focused my unique ability on just helping people get it, rather than marketing specific investment vehicles. When I did that, sure enough, 85 percent of the result was determined. Audiences would come and in four hours or eight hours, they wanted something from the presentation and they got it.

Now, we have helped tens of thousands of people go through this true wealth transformation process.

I focus on the three things I’m superior at and delegate all the rest.

The Lesson:

Not only has the impact of how many people we reach grown tenfold every three to five years, but our revenue increased ten times in 36 months. Once I got focused on selling my recipe, not only did we impact ten times more people, but my revenue went from $500,000 to $5 million.

I surrounded myself with a “unique ability team.” I focus on the three things I’m superior at and delegate all the rest. I learned to focus on my unique ability and hired people that were in the right seat on the bus, where people rose to the occasion.

I’m now trusting my unique ability team to be able to shine. I make up the idea, and have project managers that make them real, and process managers that make them recur.

Follow Doug Andrew on Twitter at @dougandrewnow.

Pictured is Doug Andrew. | Photo courtesy of Live Abundant

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