This is a story of the value in having a licensee who supports business owners in times when the going gets tough.
Our business coach had a meeting with the owner of one of our financial planning firms who asked for some help. He was feeling quite flat about how his business had been performing over recent months. He felt that he had drifted off the growth track he had been on.
There were a number of issues that have contributed to the current situation.
- Covid restrictions
- Back office processes stretched
- Client Service Officer at maximum capacity
- Financial planner – too much time spent on low value tasks
- Lack of time spent with key referrers
At a personal level he was struggling with his own time management.
All of these issues can be addressed. The point is to stop, engage with someone to work through everything and commit to a plan of attack.
Action Taken
COVID restrictions have largely been lifted in the State for this financial planner. The steps agreed for implementation were:
- Hire a virtual client service officer – the decision had to be made to increase support
- Continue to automate processes within Xplan
- Complete analysis of the client base – a decision will have to be made regarding lower level clients
- Financial planner – map out the ideal week with high value tasks
- Improve connection with referrers with regular catch ups
- Client value proposition – to be repositioned
The owner now has a plan for the next quarter. It is clear that to keep this plan on track regular follow up meetings will be scheduled with our business coach.
At Futuro have a track record of helping business owners improve their business lives through our Advantage Program.
Advantage is an in-house program delivered by a team of experienced experts and business consultants. They get to know you and your business and show you the most effective ways to increase your profitability. From technology to admin systems, strategy to marketing, they will show you how to create a significantly more efficient business.