Tools & services for advice firms
Since our establishment in 2000 we have not wavered in our goal to provide practical, proven support to the owners / principals / management of advice firms. We assist business owners to assess the “health” of their practice, compare it to the broader marketplace and peers, and uncover opportunities to lift profitability and reach business goals.
All of our tools and services are designed to improve the profitability and ongoing viability of advice firms.
It’s difficult for most owners to know what is termed (for want of a better description) ‘best practice’. For example, do you know what is the standard ratio of support staff to clients, in similar businesses to yours? Or, the average level of profitability for an advice firm in Australia? How is your business placed in the marketplace? The HealthCheck can greatly assist with business planning by establishing the ‘health’ of your business today and where it could be tomorrow.
In every market we work, we are regularly reminded that the majority of practices have no formal process for asking their clients what they think of their adviser and the services they are receiving. While it’s impossible to refute the wisdom of seeking client feedback, most principals are unfortunately too busy managing the daily ‘stuff’ to devote time and effort to this area.
Aside from it’s clients, the most valuable asset of any practice is its people. They represent the front line of the business, its face and image. And very often, considerable time, effort and money has been invested into their training and overall development. It makes sense to tap into their thoughts and feelings about your practice and get ahead of potential issues before they arise.
The Estate Planner is an innovative diagnostic designed to help clients and prospects better understand their estate planning situation. The Estate Planner delivers a comprehensive, personalised and professional report to clients. The report provides, in easy to understand terms, their level of preparedness, estate planning needs and includes suggestions and possible implications of their situation. It is designed to provide information and drive the client to seek advice from their adviser.
Through this diagnostic you will have access our market dataset to compare your business against key financial metrics and ratios. Access online at any time, can be used for scenario testing, business planning and benchmarking your practice.
One of Business Health’s most popular services is our on-site business consult sessions, through which a BH principal undertakes an in-depth review and analysis of the advice practice with the owner(s). It’s effectively a 3-4 hour deep dive into the challenges owners are facing. The agenda and discussion topics rest entirely with the owner(s) and we drill down into any issue they would like to explore. In short, we provide an objective, independent assessment of the current status of the business and offer practical guidance towards the firm’s future goals and achievements.
Succession and practice transition remain top of mind for most in today’s marketplace. And it is imperative that principals, whether considering buying or selling, truly understand the value of their business.
It’s a well accepted business principle that ‘the money is made in the planning’. Yet our research indicates that almost 50% of practices don’t develop any plans for their business. How will they successfully address the major marketplace challenges of today without a carefully thought out and implemented plan?
Most successful people, irrespective of their area of expertise, will invariably look to external input and advice, to help them further develop.
Tools, guides & templates
Over the years we have developed an extensive range of material to address specific areas of practice management.
Board of Advice
As the business cycle evolves, there usually comes a time when the owner of the practice seeks further input and advice to complement the support they’re receiving from their business coach. Are you at this stage now to consider implementing your own board of advice?
Where to next
If you wish to purchase any of our tools and services, or discuss your business requirements with a Business Health professional, contact us on 02 9518 6966 or firstname.lastname@example.org or BH Contact Form.