This week I take a look at the interesting area of pricing your services. Everyone has an opinion on this. Read on to find out mine. There’s so much talk about pricing and new ways to do it. While it’s beholden on everyone to periodically review their charging policy, it’s very easy to find yourself going around in circles. The detail-oriented people want to measure the time every job takes and create complicated spreadsheets to accurately price every single client. I’ve been told … [Read more...] about Is Pricing Your Services Tricky, Or Just Scary?
How many wrongs make a right? I was reflecting recently on all the things I’ve done wrong, and learned from, in my career. So this is the first of a 27-part series on those mistakes. Ok, I’m kidding about the 27-part series, but I reckon I could fill it if you wanted me to. Looking back I’ve come a long way from joining the Financial Services industry in January 1991 (during George Bush Snr’s first Gulf War), as a commission-only adviser with an Australian life insurance company. That job … [Read more...] about Painful Business Lessons: Making Tough Decisions
Information is power If you’ve been working on the first five areas to get you moving forward: culture and values, people, process, business management, and client profile, then there’s just one last area to focus on. Your financials. Most firms can produce loads of so called management information (MI), but in my experience what they actually produce is loads of sales numbers. It only becomes MI when it tells you something useful about your business, and helps you make better decisions for … [Read more...] about Moving Forward: Focus on Financials
Who’s the best client for you? The very first skill you have to get to grips with as a new advisory business is finding new clients. That helps you to survive for a while, but somewhere on your journey you need to be able to influence the type of clients that you attract and service. There are a couple of reasons for this: 1. Boost productivity - Improving client quality is the best way to improve your productivity; bigger clients generally pay bigger fees. And whilst the workload does … [Read more...] about Moving Forward: Client Profile
The frustrations of business management Business management; it’s frustrating and annoying. Why? Because no financial planner ever said, “I’m leaving this large organisation (whose values I don’t really share) so I can set up on my own and do a whole load of business management.” You didn’t sign up for this. You just wanted to help people by giving great financial advice. As many readers know, my wife Debbie is an actor, singer and musician. She’s been performing since she was 13 … [Read more...] about Moving Forward: Business Management