What ten practices should you focus on in order to grow your business and stay relevant in the future?
2012 was a very successful year for females in our industry, with many women recognised for not only their skills as advisers but also as business owners. This was most evident through my experience as a finalist in the AFA Female in Advice Award for 2012 where I had the privilege of meeting many of these outstanding females.
While it is great to reflect on the year that was, it is now time to work hard and smart to pave the way for the year ahead. As a director and founder of a mature business, I know the key to having a great business and making it in the industry is exactly that … working hard and smart! So what are some of the key areas that we should all focus on at this time of year?
1. Firstly, in order to prepare and plan for the year we need to understand the existing and proposed regulatory framework that we will all operate within. Licensees will be in the process of fine-tuning their backroom and compliance support and we need to prepare our business for these changes too.
2. If you have a client value proposition, ask yourself is it still relevant moving forward? If you don’t have one, why not? The business next door may have one! It is a powerful business tool that paves the foundation of your business and clearly and concisely declares what you and your business are all about.
3. Service agreements should be reviewed to ensure they are appropriate in the new FOFA world, and part of this review should encompass whether or not there are services that you should remove or add to your offering. Are they easily manageable and reportable for opt-in?
4. With your client review process, are there areas or processes that could be refined and streamlined? Having a simple, solid and reliable review process will not only assist in creating a consistent client experience, but make it easier to track reviews and record the work you do for your clients as well as your annual fee disclosure statements that will be required.
5. When was the last time you reviewed your fees and fee structure? Do they remain appropriate, profitable and will your clients still see value moving forward? Transitioning existing clients to a new fee structure has its challenges, and takes time to plan and implement.
6. How engaged are your clients? When was the last time you surveyed them and asked their opinion of you, your business and your services? You might be surprised, and FoFA may expose your clients to move elsewhere if they aren’t satisfied.
7. Do you have the right team members for your practice to grow and for the changes ahead? Is the culture of the business where you want it to be? In my opinion, your biggest asset in your business is your team. They are the cogs and gears that work together to make the business work. Have you recently undertaken staff reviews? Is everyone happy, willing and motivated personally and business-wise? The momentum train starts within.
8. What marketing are you going to do? What has worked and what hasn’t in the past? What makes you different from other businesses? Take advantage of it!
9. When was the last time you reviewed your business plan? Do you have an operational plan? Documenting your plans, no matter on what level, makes it so much easier to measure the progress of your business, review your business and plan for the future.
10. If all of this sounds too hard or you are time-poor, have you considered a business coach or putting together an advisory board for your business? These can make a huge difference in developing and engineering your business for growth and change.
These are sound practices that all businesses should be doing now to stay relevant in the future.
The AFA is launching a new ‘Women in Business’ initiative this year which I have the pleasure and honor of heading this up and working with a group of professionals to develop a wonderful program that will support and assist women in our industry to grow their business, be relevant and become award winning and professional advice businesses.
