How to improve profit per partner by 130% in two days
Tomorrow and Friday we are hosting a two-day business planning workshop. It’s sold out which is not uncommon for a January workshop, it’s a good time of year to do it. While cleaning out my email this morning I stumbled upon some data that clearly indicates January is not the only good time to step back from your business and document a robust, usable plan that you can go forth and implement with enthusiasm.
Check out these numbers
Courtesy of Business Health’s Future Ready VI – An analysis of the Australian financial services marketplace. Published every other year download the full study here
The only thing that stumps me about these three data sets is:
- Only 9% of respondents have a documented business plan that they are effectively implementing
- Only 24% of respondents have formal client segmentation in place complete with differentiation of services, with ‘A’ class clients widely known
- But apparently 62% are getting formal external advice at least quarterly
So more firms are getting structured external advice (62%) than have a documented business plan (41%)… Surely based on the above evidence and many, many other studies, the adviser is saying ‘Where’s your business plan?’ ‘Let me assist you with your client segmentation?’
It takes two days to thoroughly document a proven business plan and half a day a week to effectively implement that plan (that half day may not be you, could be a business manager or other member of the team) for a 204% increase in profit… um, yes please.
If you would like to find out how we help firms achieve these things and get some dates set aside to get your plan done check out our next Breakaway Workshop here.
If you are in the 32% of firms that have a clearly documented business plan but its not being effectively implemented, get in touch and we can show you how we structure external advice (and support, content and accountability) as well as forecast your 12 month results.
I’m already looking forward to Future Ready VII coming out in January 2017. What you can’t measure, you can’t manage!