Sometimes old clients call to thank me for the success of their advisory business. I often point out that I didn’t make the choices that led to their success — they did. I just helped them to make better ones.
In my experience, some firm owners “build” their businesses similar to the way many people furnish a new house. That is, by purely random selection.
“Oh, that’s a nice couch, let’s buy it.” “And I like that dining room set, it reminds me of my mother’s.” “And look at that rug, it’s it beautiful!” “What about those paintings; I’m sure could find places for them.”
Ask yourself if you really want to grow your business. The rate at which you change equals the rate at which you grow. If you are not evolving and changing each day, growing your advisory firm becomes harder than it needs to be. Embrace the change within your firm and reinvent yourself every chance you get. Here’s how.
Forget what you hear about fancy systems that claim to gain you more time. The best time you can spend is committing to your decisions, communicating better with others and surrounding yourself with people who can help you. There is no need to build your business alone.
To many advisory firm owners spend to much time managing people, focus on leading instead. Here are the differences.
In the advisory business, conflicts can arise from financial institutions getting into consulting. It’s worth asking questions about these relationships and how these consultants are compensated.
By taking a critical look at your expenses, you'll see the real value of boosting productivity and how to raise your gross profit margin.
There are more ways to create value in your businesses than attracting more assets and increasing revenues, as Facet Wealth's success shows.
It's crucial to shift your focus from taking money home to (instead) increasing the value of the business. Here are two ways to do that.