Practice Management Archives

The Difference That Clear Strategy Makes To A Practice

by Tony Vidler Having a clear strategy is probably the most under-estimated element in professional services. The business often has a Vision; a clear picture of what it wants to look like, and what success means to the owners. The business often is excellent at Operational Planning. Perhaps because we are trained as planners […]

5 Tips for selling, or buying, a practice.

by Tony Vidler There are a number of traps that professionals consistently fall into when selling (or buying) a book of business. The mistakes are so consistent and prevalent that there is are some golden rules evolving on how to make sure any sale is successful. The Top 5 are: 1. Get professional help […]

Practice Growth Requires Leadership More Than Management

by Tony Vidler The most frequent thing I see that prevents great practice growth and holds advisers back from developing their dream business is a lack of vision. I don’t mean “vision” in the namby-pamby buzz-word sense of having a beautiful set of words on a plaque on a wall that nobody really cares about. […]

Effective or Efficient? Which do Advisers need to be?

by Tony Vidler Which is more important when running an advice business: being effective or efficient? You chose Effective? Wrong. You chose Efficient? Wrong. The correct answer is that you have to balance both. In days gone by plenty of people in financial services could build a business just be being effective, regardless of how […]

5 Things You Need To Do Before Buying A Practice

by Tony Vidler For many advisers buying another practice or book of clients will be a serious growth strategy to be considered. It is a primary strategy for attaining scale and a viable (and relatively predictable) revenue stream quickly. However buying another advisers practice is usually a much more complex matter today than it was […]

Are you sure your clients know what else you COULD do for them?

by Tony Vidler All too often advisers are disappointed to find that a client has done business elsewhere…that their “main” adviser could have done for them! The reason is usually a very simple one: the clients do not know everything we could do for them. Or perhaps they did know, but forgot. Or worse, […]

Sales Activity Can Be Gamified

by Tony Vidler Some things are timeless simply because they have stood the test of time, and focusing upon sales activity is one of them. “Sales activity” as a concept is probably abhorrent to many professionals today, but it is simply about managing the inputs which provide the outputs that your business wants. It […]

How To Balance Satisfied Clients With Profitability

by Tony Vidler What impact on practice profitability does this have: “Despite ongoing efforts to improve service, positive customer experience levels decreased significantly across the world” This was from a report released a little while ago on the performance of the insurance sector globally, and it highlights a real dilemma for practitioners. Can we […]

The 9 Business Building Blocks Which Will Stand the Test Of Time

by Tony Vidler To create a firm which will last you need the right business building blocks, or the foundations if you like. When it comes to building something to last the ancient civilisations can teach us a thing or two about the building blocks of a business. Anybody who has had the privilege […]

R.I.P. To Some Accepted Wisdom For Growing A Practice

by Tony Vidler In good times growing a practice is difficult enough and one of the methods has become conventional wisdom – but that doesn’t mean it is right in these days of fundamental and structural change for the industry. The concept of a professional firm requiring 3 distinctly different roles of a Finder, […]

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