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Is Your Advisory Using These Important Best Practice Systems?

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Is Your Advisory Using These Important Best Practice Systems?

S.Y.S.T.E.M.S. identify the bottlenecks in your workflow. Creating systems involves examining a process step by step so that you find hiccups and other problems. The process of defining and refining your workflow with systems makes your business run smoothly.

Use the list below to check which Basic Business Systems you already have. To grow your business, add the systems you don’t have in the next 12-months.

Business Naming – A process of listing attributes of or descriptive words for a business, product, or service to brainstorm a two- or three-word name by which to identify it and/or market it memorably.

SWOT Assessment – Identify your firm’s strengths, weaknesses, opportunities to grow, and threats to your business growth.

Niche Clarity – The one general category of people, passions, and products/ services you work with best.

Ideal Client Profile – The specific attributes of your niche based on demographics, psychographics, technographics, and geographics.

Client Segmentation – Most financial professionals overlook simple, yet crucial distinctions that make marketing to their niche produce better results. Qualify and quantify client “touches” with Client Segmentation Matrix.

Go/No Go – A “Client Probability Checklist”. This is a list of questions, with a rating system, that help you determine if the prospect you’re talking to is your ideal client.

Value Proposition – A promise of the values your firm will deliver to itself, staff, and clients.

Bios – A series of questions and a template can be created to write a bio for each member of your team and subsequent new hires.

Purpose Statement – A purpose statement captures why the organization exists and what it does. It should be memorable. It can be a tag line but doesn’t need to be.

Culture Statement – The working style, beliefs, habits, ethics, behaviors, and vision for the growth of your firm and its people, which will not change.

Business Snapshot – You develop words to answer the question “So what do you do?” in a non-sleazy way. It also allows strangers to pre-qualify themselves as prospects. (Some people call this an Elevator Pitch, but I think Business Snapshot describes it better.)

Business Checkup – Assess where you are now and determine which areas of your business need your attention and which are running A-OK.

5-Part Business & Marketing Plan – We use a single-page, 5-part business roadmap that guides your firm’s growth and sets you in action. The 5 parts are: Vision (personal and business), Mission, Goals, Strategies, and Action Plan.

Marketing Calendar – A way to market consistently based on what’s in your business and marketing plan. Here are a few sample templates.

Fiscal Management – Another way to say this is profit management. Should be done at least weekly (if not daily), monthly, quarterly, semi-annually, and yearly. Here’s a good primer.

Daily To-Do List – On the top of your list are five priorities for the day. On the bottom is a form that contains the things you do every day, such as write four thank you notes, call three clients, call two prospects, connect with two LinkedIn members in your area, etc.

Pricing Sheet – A list describing how you’re pricing your services or products that is used internally but may be given to clients.

Emergency PreparationHere’s a good place to start.

Succession Strategy – A detailed document containing how you’d purposefully exit your firm as well as what would happen (especially to your clients) if you died tomorrow.

ACT Now Step

Focus on creating one missing system at a time. Enjoy the results that having systems produces (think: focus and quicker results), as well as the learning opportunities they offer your team as you cross-train them.

Related: Advisors: Launch Yourself Into the Next Decade With a Strategic Plan

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