When expanding an advisory business, learning is often more valuable than short-term success.
Happy New Year! To help you start 2018 on the right foot, I thought I’d share some advice about getting advice — business advice, that is. Although I’ve written this before, it seems that it can’t be repeated often enough: There is no secret to building a successful independent advisory firm.
This doesn’t mean that you can’t build a successful business, it simply means that there isn’t one formula for doing it. Sure, there are some basic principles for growing businesses, but simply knowing the principles isn’t enough. You also must know when and how to apply them.
Part of this wisdom comes from experience. After you’ve observed enough businesses, you start to get an idea of what works under different circumstances. You also come to realize that you never really know something until you try it. In other words, the key to building a successful advisory business isn’t a formula; it’s a process — a learning process.