Practices need to have a number of systems and processes in place in order to position themselves for high growth
Financial advice practices looking to plot a path of high growth need to have a number of important systems and processes in place. These systems and processes need to be able to work together in order to bring clients onboard in the most profitable way.
What does that mean in practice?
Firstly, you’ve got to have everything documented in a manual so anyone coming into the business is “singing from the same hymn sheet”. So for example, a new employee who’s just joined will know exactly what needs to be done from the moment a new client walks into the door.
Secondly, you also need to have a systemised process for handing out statements of advice (SOAs) as well as an effective system to monitor the profitability and the revenue that each individual client generates for you.
Thirdly, it’s also important that you understand how each individual employee within your business is performing, because there is often capacity within the business for individual employees to make on more work. However, practices often don’t know how much more capacity they can actually take on so they don’t perform to their optimal capacity as a result.
In this, you’re really seeking to understand an employee’s capacity to take on more work over a period of time – without taking of a “big brother” view on the individual employee. You want to work with them to ultimately bring on more clients and then use your other systems and processes to help them achieve the goal of growth. This is ultimately a goal that’s great for the business and great for employees if you reward them correctly.
If you’ve got these foundational systems and processes in place then they are a great springboard to helping you grow a business quite effectively.
