Eight steps to a more satisfying, less stressful and more profitable 2026
At the risk of seeming cliché, I can say with confidence that while 2026 may seem a long way off, it isn’t! And while 2026 may offer a year full of opportunities, upside, success and satisfaction, I can almost guarantee that without one simple tool, it will not be the year you’re looking or hoping for.
And the one simple tool to give yourself the best shot at success is the humble Business Plan.
I can almost hear the groans… I’ve heard it all before, I don’t have time for a talkfest, it’s in my head (and that’s good enough)… and so it goes. These are the reasons why just one in four Australian practices worked with a plan for 2025.
For the minority of advice businesses that did have a business plan, (which means they decided where they wanted their business to be in 3-5 years and determined objectives, strategies and actions to get them there, and then committed and implemented), they earned a significantly higher level of profitability (+172%)* compared to their peers who couldn’t put the time or effort into developing a plan for themselves! (*Future Ready IV, consolidated analysis derived from Business Health’s data warehouse.)
Irony drum roll… doesn’t the role of Financial Adviser involve developing a (financial) plan for the client, implementing said plan, then managing it ongoing? So why not do this for themselves and their own business? Maybe it’s a case of “do what I say, not what I do”?
“If you don’t know where you are going, every road will get you nowhere.” – Henry Kissinger.
What road will you be taking in 2026?
Here are a few proven steps to kickstart your journey:
- Pre-trip checklist
Before you set off on your 2026 journey, consider the outcome you want. Determining a broad strategy and some of the larger ‘things that need to be done’ can be helpful at this point. Consider getting some staff feedback – allowing your staff the opportunity to contribute can have some very positive outcomes.
- Prepare first
To paraphrase Benjamin Franklin – by failing to prepare you are preparing to fail. If you haven’t yet locked in a date for a 2026 planning session, do it now, invite key people to an ‘all in’ discussion about your business; how’s it going, really?, how’s it currently placed for 2026+?, where do you, as the owner(s) want to take it?
- Avoid virtual attendance and hold the planning session in-person, offsite and allow a full day.
- Don’t be afraid to invite external service providers, B/PDMs, business coaches etc., even if only for a part of the discussion – if you want to go far, go together!
- Give reasonable notice to all attendees.
- Make attendance/participation mandatory for key staff.
- Don’t go it alone; others can see things you won’t
Consider utilising an external facilitator to run the day and overall planning process. This person’s role is to facilitate open and objective commentary, while keeping discussions on track. An added bonus will be if they can provide independent insight of the market as well as your business.
- Convert your data to knowledge and share it
Start pulling together the basic information you and your team will need to gauge your status quo; how your business is performing, its wins and losses in 2025, opportunities and threats. Your plans for 2026 must be built upon a realistic objective assessment of the business as it currently stands.
Look to incorporate lead as well as lag indicators such as recent client and staff satisfaction results, key performance metrics, industry benchmarks and trends as well as key financials. Some basic information like revenue, revenue per client, number of clients, staff numbers per client, client numbers per adviser. This may take some time to pull together – hence the generous lead time. Send this information pack to all attendees well in advance of the planning day.
- Consider your key goals for the next 3-5 years
From a business as well as personal perspective, these are the goals which will frame your planning discussions.
- They should be articulated/reaffirmed on the day, allowing everyone the opportunity to buy in or to get off your bus.
- How will you objectively measure your progress to goals?
- For many owners, the ‘elephant in the room’ question needs to be answered – during the next 3-5 years, are you personally staying or going? The answer to this will inform your business planning for 2026+.
- Do your business goals align with your personal, family and community goals?
- The planning day – where the magic happens
The most important day of the business year:
- Ground rules: stay open, honest and objective
- Kick off with an overview of your market and your business (maybe this is something for your facilitator?)
- Focus on the things you can control and influence, not the uncontrollable.
- Articulate your vision/end game, your 3/5 year objectives: if successful in 2030, what will you have done?
- Address where you are today, warts and all.
- Establish specific 2025, 2026 actions that will contribute to your goals.
- Ensure all key decisions and actions are captured, as well as those areas where more time is needed (they still need to be addressed).
- One last opportunity
And to be sure you’re all on the same page: Reconvene the group to finalise and sign off, ensuring the end document (the plan) has clearly documented goals and objectives, which are underpinned by strategies, actions, accountabilities and timeframes. Your plan will be deficient if it doesn’t address client satisfaction, staff performance and compensation, cyber, compliance – all fundamental to success in today’s financial advice world.
- Implementation
- Owners/leaders (those who contributed to the plan in the first place) need to review progress regularly (we like ‘progress to plan’ reviews, held quarterly for established businesses, monthly for newer ones).
- For the whole team we suggest six-monthly/annual ‘state of the nation’ updates.
- Your plan should not be static, don’t hesitate to review and change as circumstances warrant.
- Celebrate your milestones and wins along the way.
Remember, if it’s in the plan it gets done and if it isn’t, it doesn’t; take five before deferring something that is in your plan, for something that isn’t.
Yours in best practice,
Terry Bell, Business Health Pty Ltd.