GAMA International Journal Jul-Aug 2013 - 22

C

Create a narrative that increases public
awareness and marketing opportunities.
The overwhelming majoriTy of field leaders
naturally want to grow their businesses, but most never
take the time to consider whether their firm truly has
the capability to do more, much less actually take the
next step toward growth. Few firms, or individual
practitioners, for that matter, engage in detailed,
focused development based on well-thought-out
year-end projections. most just do cursory planning, as
in, “i did X amount of business in this area last year,
and i want to do X amount of business in the same area
this year.”
But this approach skips the most important step in
building a growth plan: ensuring that your firm is
equipped to achieve growth through having the right
processes, people, and technology in place to reap the
desired production, revenue, and profit. instead, start
with a review of what systems and processes already
exist in your firm, which ones work and which should
be tweaked, and what new ones should be implemented.
also, you should always be evaluating your people,
their strengths, their weaknesses, and where they fit in
your plan and how they are, or are not, congruous with
your systems and processes. remember, human capital
is your most important commodity.
The new plan must then be regularly scrutinized
through weekly or monthly meetings to review progress
and make tactical changes where necessary. you should
soon see a dramatic improvement in work flow, internal
communications, client-care systems, and marketing
— and ultimately in productivity and profitability.

Key Strategies
»decide. Make aadecision as to
whether you want moderately

successful practice or a topperforming practice.
go deeper. Instead of doing a
cursory level of business planning, take
the time to do a full review of your
firm‘s systems and people — before
you project the next year’s numbers.

»

22

g a m a i n t e r n at i o n a l j o u r n a l

calling on the Big Eight
Following are eight core efficiencies that you should
build into your planning to help improve your
business and bottom line. The degree to which you
address each one fully and regularly will determine
your firm’s ultimate level of success.
S ta ff a n d A s s o ci at e s

when we come into a new business, we ask a lot of
questions. it is important for you to ask yourself a
lot of questions as well. Start with, “what do i
already have in place, and what do i need in place to
achieve my next level of success? and who do i have
in place, and who do i need in place?”
many firms we work with have a hodgepodge of
people in support positions — some full-time, some
part-time, some licensed, some not. we help them
understand the value of having the right people,
with the right attitudes and skills, in the right
positions. To accomplish this, we have firms create
detailed job titles and descriptions for every person
(you may be surprised by how many don’t already
have these in place). This helps firm owners and
managers understand how all the different roles fit
together (or not) and see the power of redistributing
responsibilities and authority to maximize
efficiency.
as a result of having clearly defined roles in
place, firm culture, as well as the team’s overall
productivity, tends to improve dramatically.

Core Practice Efficiencies for Financial Services Success
of adhering
»listen better. Instead “rules of
to “industry standards” or
thumb” to determine how you serve
your clients, try asking them what
they’d like and how often they’d like it.
Then listen.
Focus. Create recurring revenue
and increasing profit. Who are your
best clients and are you devising

»

a strategy to maximize the revenue
they generate for your firm? Then
focus on how to create more profit.
Know thyself. Marketing,
branding, and differentiation are the
name of the game in this competitive
market. Find out who you are, how you
are different, and what your message
is. Once you know, tell the world!

»
GAMA International Journal Jul-Aug 2013

Table of Contents for the Digital Edition of GAMA International Journal Jul-Aug 2013
