I went on No More Practice in the hope of growing my financial planning and SMSF business. While I had been given many offers to sell out, my aim was to continue to provide excellent service and advice to my customers – in a bid to see them achieve their financial goals and lifestyle dreams.
Going into No More Practice, Henderson Maxwell had 15 staff focusing on SMSF and funds management. My dream was to substantially grow the business. But over the course of the series I soon learnt what was best for me, and consequently for my business.
Here are the top five things I learnt from my experience and my fantastic mentor Barry Lambert.
1. What do I really want from my business
When I started my No More Practice journey we were in the process of consolidating the business. We’d just sold our Melbourne office to help reduce debt and because it was becoming increasingly taxing on myself and my family to travel interstate constantly. The No More Practice experience has shown me that by creating a better business that runs smoothly and efficiently means that I can get the lifestyle I want. This includes working at home two days a week and being able to take holidays away with my family. I now understand that you need to have a sound view and direction of what you wish to achieve in and out of your business.
2. Who do I need around me
Having people on my staff who have the same philosophy and goals within the business has been an essential turning point in the business. I try to keep morale among the Henderson Maxwell team high by talking to them – it’s simple as that.
I also really encourage autonomy – if I’ve hired someone they’ll be intelligent and committed to their business, and consequently my business. I need people around me that are going to help me and support our business journey.
3. People
Put simply the mentors and coaches I met on No More Practice were amazing. The value of peer to peer collaboration should never be overlooked. In fact, the value of building a great network of professionals to help develop and grow your business is priceless.
What I really wanted from for my mentor, Barry Lambert (founder of Count Financial), was how to add value to my business plan or potentially even help me see new directions I could possibly venture down. What I got was so much more – his insights and knowledge absolutely blew me away. Not to mention the coaches who sat down with me and made me think critically about where I wanted to be. Our business strategy wouldn’t be the same without their input.
4. What makes us different?
There are a lot of financial service firms and advisers out there – all saying they’re different and unique, just as I was. Barry made me think about what actually made me different, and that was media. Having written books, appearing as a financial expert on the Ten Network and hosting Your Money Your Call Retirement on Sky News Business I was already entering peoples lounge rooms and becoming a trusted, recognisable face for financial advice and SMSFs. By increasing my media profile and capturing those appearances my clients can see my commitment to independent, trusted financial advice and SMSF management. Identifying a point of differentiation from the marketplace will pay dividends for your business.
5. So where do I want to go?
At the beginning of the No More Practice experience we had reduced debt through consolidation and the sale of the Melbourne business. Now I’ve got bigger and better plans for Henderson Maxwell, looking into potential opportunities in Brisbane and Melbourne. My plans for the company may be ambitious – but with the help of my mentors and coaches I am better equipped to achieve them. It is important that all business owners take the time to step outside the ‘now’ and identify where they see their business heading in the future. This will help you map your journey and allow you to better achieve your business goals and objectives.
Sam Henderson was a star on No More Practice series 4. He also is the Founder & CEO of Henderson Maxwell, multi-award winning, privately owned, fee for service financial planning firm.
