How many business plans do you have on the shelf? And how many strategy ideas not implemented? Sound familiar?

I met a financial planner recently who had some magnificent strategic plans dating back over 10 years. Over this period he had invested in support to develop these plans, however admitted that after “the planning day” he struggled with setting time aside to making these new objectives happen. The reality of working in the business day to day – managing client reviews, attending to client needs was where he had always focused and was most comfortable.

The result is over time the business becomes like the motor vehicle that misses scheduled servicing until one day the warning lights flash. How do we get back on track?

Implementation and Accountability

A plan of implementation, or operational plan is the key to moving from strategy to actually improving the business. The ability of breaking down strategies into the tasks necessary to be completed is the piece missing. Allocating tasks with someone accountable for completing it within a defined time frame is the key. There must be accountability for each component and regular check ins to progress.

Back to my financial planner conversation

… with further discussion there seemed to be some cracks appearing. He did admit that there were a couple of business issues that were concerning him.

The first one was his senior client service officer resigned after 8 years service. This person knew everything about the business and was the anchor for the back office. Unfortunately they never did get around to completing the operations manual project that had been noted in consecutive business plans.

The second big issue was that referrals to the business had been gradually reducing and in fact over the past year only one new client was brought on board. Alarm bells are now ringing!

What are some of the key warning signs for Financial Planning Principals?

  • Lack of new clients
  • Profitability falling and now poor or non existent
  • Poor compliance audit result
  • Increasing staff turnover

If this story resonates with you why not give us a call? I believe in the benefits of strategic planning with operational plans in place. We facilitate our business coach to work with you and hold you accountable to those plans.

At Futuro we understand the challenges involved in running a successful Financial Planning Practice and are making it happen!

To have a conversation about the value of a business coach for your business with Licensee support, please call us on 07 3018 0400 or email