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.”
The devil really is in the details. Have you created a client experience that is not operating effectively? The problem is your operational experience. Before you go creating a new process or system for your clients, look under the surface of your business and build your operational experience. Here’s some tips on how.
Technology is a hot trend in the financial services space. But do you need to spend your business resources on the hottest new thing? Likely you don’t. It’s often better to look at your existing technology and integrate it before you invest in more. To help you clean up your tech, use these seven questions to determine what stays and what goes.
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.
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.
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.