July 2018 Newsletter
Help Your Business Meet It’s Goals
Robust business planning not only helps you define and understand your goals, it helps guide execution of strategies that are aligned with those goals, in order to achieve the best possible results. Regardless of your role, taking deliberate steps to get your business on the right path will pay dividends.
Two foundational steps to get started with are: Assess Readiness and Align Goals
Assessing Readiness examines the business to understand what goals are meaningful and appropriate and what goals and objectives the team is motivated to achieve. The better you are at allocating resources in the right places, the greater the probability of achieving positive results.
Three key forces at work here are; Will, Skill, and Time. Will is the individual contributor’s intrinsic motivation to implement a specific set of strategies to achieve a goal. Skill refers to the contributor’s ability and experience in executing a set of activities or strategies. Time asks whether there is time or capacity to execute activities crucial to achieving the goals.
Aligning Goals means evaluating the Will, Skill and Time of the members of your team and thoughtfully matching them with the goals you have set for the business. Forward-thinking leaders who align the right people with the right business initiatives can significantly accelerate their success.
Follow-through is critical to the success of your business plan. Taking the time to understand the strengths of your team makes it easier to focus people on initiatives they are best suited to achieve.
When you combine these two steps it is possible to effectively identify and support high-readiness contributors who are willing to put forth the effort required to invest in the success of the business and consistently achieve the highest ROI.
In the News…
Three Time Management Mistakes to Avoid
In an article for Forbes, Michael Smerklo reflects on 3 Mistakes Made Learning to Manage Time. A quick read with great insights from a successful entrepreneur.
Building the Bionic Advisor of the Future
Don’t miss this Financial Planning article on adapting to the technology that is changing the future of investment management and financial planning. Read it now.
AI and Small Business
Artificial Intelligence is making its way into businesses of all types and sizes. Find out what this means to small businesses in Adam Uzialko’s article; Is AI Adoption by Small Businesses Inevitable?
Accessing More Clients with Fee-for-Service Models
The number of advisors charging fixed-fees for planning services is growing and the trend is expected to continue. Read Alan Moore’s article on the benefits of making this move and detailed guidance on setting up the right model for your practice.