How do you know when you have a “great practice”?
Sales & Marketing for Professional Services

How do you know when you have a "great practice"?

November 16, 2018

by Tony Vidler  CFP logo   CLU logo  ChFC logo

I was given this question in the headline recently and the quick answer is:

 

“When it is delivering the income and lifestyle that you imagined.”

 

However, that benchmark is perhaps misleading.  It is potentially an incomplete answer as simply obtaining the lifestyle and income that you want from your business today does not necessarily mean that it will be sustainable….and continuing to achieve the outcomes you want is perhaps even more important than simply achieving them this year.

 

To continue having a great practice 

(or rather, a practice that continues to deliver great results) you need 4 things in alignment:

  1. The customers perception of value exceeds what you charge them
  2. The culture within the business is consistent with your personal values
  3. The practice has a purpose beyond profitability
  4. Every Stakeholder feels they are valued

 

A great business is more than just a money-making-machine.  As well as making good money the business must be doing something you feel worthwhile which supports your own values and aspirations, as well as delivering something which customers feel to be great value, as well as having a culture internally that creates engagement, pride and a sense of purpose.

 

You can create a good business that makes money without one, or perhaps 2, of these elements.  But when all 4 come together, you create a great practice which is highly likely to continue delivering great results.

 

You might also be interested in this related article:
The Maximum Value Zone For Advisers
0
0
Get financial adviser coach blog updates via email.
Enter your email address to follow this blog and receive notifications of new posts by email.
Join 322 other followers

sidebar_tony
Facebook: 0, Twitter: 13954, LinkedIn: 689

Follow tonyvidler on

Comments (0)

Leave a Reply