Financial Planning firms that understand their numbers outperform those that don’t. Why? Because they can pinpoint where the issues are and fix them. They spend their time working on the right issues. Let’s Consider Profitability Are you making as much as you could or should? It’s a question every business owner asks themselves periodically. To answer that question you need to know that there are two profitability numbers to focus on; Gross Profit and … [Read more...] about Financial Planning by numbers
Planning for Success
Uber, the American multinational ride-sharing company, grew from 400 team members to 14,000, in only 7 years. Just before he was fired by the Uber board, Travis Kalanick was facing major personal issues: “His mother had died in a boating accident that also left his father seriously injured.”1 He also faced a well-documented list of issues within Uber that were under serious public scrutiny. Apparently, while at his Dad’s hospital bedside, he penned a letter to Uber … [Read more...] about Lessons from a fallen CEO
A recent 2018 adviser survey by Schwab in the US noted that the top 20% of firms were growing at almost 15% pa (ok, it was 14.3% pa), and the remaining 80% were averaging 3.7% pa.1 If you grow at 15% pa you double the size of your business every 5 years. If you grow at 3.7% pa it takes nearly 20 years to double in size. It’s a dramatic statistic. Think of your current level of annual revenue and double it. That’s what you could be doing in 5 years. Double it again, and that’s … [Read more...] about What’s Different About The Best Firms?
If you’re looking for the next game-changing innovation for your business, I’ve got something even better. Read on to find out the real secret to success for you and your business. Size isn’t everything Everyone is looking for the big, game-changing idea. Sure, every so often, once in a generation, there’s something that changes the rules of the game. However, that’s not usually how people or businesses succeed. Mostly they get there in small, incremental steps; walking … [Read more...] about The real secret to success is smaller than you think…
Sustaining great service Most advisers are super responsive to their clients. However, as your business grows and you are serving more clients, it becomes harder and harder to maintain that service level. This is an important issue. For most advisers, the personal customer service component is a major competitive advantage. Compare your service to the generic service levels you receive from your bank, your pay tv provider, or your local council. Compared to that we look … [Read more...] about Are your customers being served right?