During a recent strategy session with a client, I asked him to describe the one thing that he wanted to accomplish. Here’s what he said:
“I want more. I want to have more clients and make more money.”
While being ambitious is commendable, it’s important to note that “more” can be a negative experience if your practice can’t support the growth.
Before you make the decision to expand or bring on new clients, please consider the following:
Will you target clients who will grow with you?
Perhaps you are taking a targeted approach, and your ideal client falls within a specific industry. Or, you have identified your ideal client by specific attributes like income, pain points, etc. Regardless of your approach, have you taken the time to research if the chosen target audience has enough potential to support your intended growth?
Additionally, are you using a CRM to organize your data?
MSN.com compiled a list of the top 20 fastest-growing industries in the United States. Among those industries slated for growth include construction, accounting, advertising, research, and photography.
Do you have the resources necessary to meet new demands?
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- With the end goal of growth in mind, have you considered how you will support the sales cycle?
- Are you taking a team approach or flying solo?
- Do you have enough product knowledge to build a comprehensive solution for the client?
- Have you thought through the type of client experience you want to offer?
- Who will ensure those outside of your top 20 or farm team are still getting the attention they deserve?
- Have you developed a strong presence on LinkedIn to show credibility?
- Are you working with a marketing professional who has a proven track record in your industry?
Do you have a strong plan to support this intended growth?
Expanding your practice also means updating your plan. Most financial professionals overlook the importance of planning. It acts as the framework for which indicators to focus on and includes benchmarks to determine if goals are being met. Is each component of your plan tied to specific goals as well as the actions needed to be taken in order to achieve those goals? Are your goals measurable and associated with a clearly defined timeline?
Key areas of a strong plan include:
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- Sales
- Marketing
- Client Services
- Practice Management
- Team/Staff
- Financials
Do you have the right people on your team?
The days of working as an isolated advisor or broker are long gone. If you want to grow your practice, you will undoubtedly need people—the right people on your team. Some items to consider:
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- Do you have the right skills to lead a team?
- Are you clear on the necessary roles and responsibilities for each team member?
- Have you thought about assembling a team based upon natural abilities?
- Do you have the right people in place today that can assist in molding future team members?
Growing or expanding a practice can be an exciting time. Our hope is that you take the time to plan strategic next steps to set yourself and your team up for success. If you feel stuck or are struggling to develop your plan, contact us today.
About Strategic Advisor Network
Strategic Advisor Network is a boutique marketing, public relations, and practice development firm. Our team helps Financial Service companies increase their visibility, credibility, and revenue. We accomplish this by gaining a better understanding of our clients’ ideal outcomes and then making specific recommendations to help them achieve success. Our core services include Marketing, Public Relations, Marketing Coaching, Practice Development, and Recruiting.
