When I was a kid, I transformed my basement into a haunted house and charged the neighborhood kids a 50-cent entrance fee. The goal? To earn enough to buy a new street hockey stick. It was fantastic—complete with scary costumes and decorations and “Monster Mash” playing in the background. But it wasn’t profitable. I earned a measly $1.50. Where did I go wrong? I poured most of my resources into the aesthetics without giving much thought to critical factors like my time and effort and finding customers.
Like my younger self, you may be missing opportunities to boost the profitability of your retirement plan business. Here’s how to identify some of the barriers to your success—and how to overcome them.