I had the pleasure of spending some time recently with one of our Practice Principals who wanted to share with me his client survey results.
Our Advantage Program business coach had arranged this for him as it had been some years since he had completed a similar exercise (which was conducted internally). This would be the first time the survey had been outsourced to a group with over 20 years of experience in this field. I should say that I was intrigued to see these results. I knew this was a very good business, good financial results, professional in every way, good staff and loyal clients.
For those who have not attempted such a comprehensive client survey, there are nine categories covered. Ranging from professionalism of Business Practice, implementation of solutions, range of services & communication and standard of support staff amongst others. The Consultant’s report stated this was an Excellent Report!
- Response rate 44% (ahead of the national average by several % points)
- Overall results well ahead of National averages
- Top quartile ratings in 6 of 9 Key Performance Indicators & second quartile in the remainder
- Over 70 comments made by clients in response to questions – most were very favourable
- Referrals – 88% of respondents indicated they were prepared to refer
Opportunities for Improvement
The financial planner and his staff have workshopped the survey responses and come up with an action plan to make improvements.
It was very interesting to see 88% of clients were willing to refer, however no where near that number had referred in the last 2 years! What an opportunity for the practice. Our Business Coach & financial planner have worked through this opportunity and developed the following actions.
- Refine the financial planner’s referral process with clients
- Set objectives around referral conversations at review
- Be more specific about the type of referral they are looking for
- Develop referral profiles that may be shared with clients
What a great outcome
A client survey has enabled the financial planner to focus on and improve process which will revitalise future business growth!
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.