A sound strategic plan is essential for growing an advisory business.
Nearly all firm owners I speak with say their main focus is on growing the business. For many, hitting that $1 billion mark in client assets is the goal.
It also seems that to get to this goal, most firm owners are convinced (either by the trade press or business consultants) that they need a “strategy” or a “strategic plan.” And they do.
The problem is that advisor owners often don’t have any idea what a strategic plan is or what one entails. As result, they can do more harm than good to their businesses.
Many firm owners seem to believe that “implementation” of their strategic plan is the key to success, and it is. However, you can have the best strategic plan in the industry, but if you don’t turn it into reality, it’s not going to help your business grow.