Australian NEWSLETTER FEBRUARY 2019
It’s 2019 – Game on!
We trust you enjoyed a wonderful festive season and managed to find some ‘me time’ along the way to celebrate what you were able to achieve in 2018, re-charge those batteries and return to the ‘fray’ fully prepared to handle the undoubted challenges ahead.
Seeing the forest through the trees
Sometimes it’s hard to see the forest for the trees. As business owners/principals, we’re all busy ‘doing the do’ but do you ever step away and take a deep breath from time to time and ask yourself – is all my hard work and effort really worth it? Am I achieving a fair ‘return’ on my investment? And how would I ever really know?
Here are five important benchmarks we hope will give you both perspective and insight into where your practice stands today:
It seems that scale remains a dominant factor – with many businesses with an annual revenue of less than $1m (and almost all under $500K) struggling to pay their principals $150K as well as achieve an acceptable ROI. This begs the question for many principals – do you have a business or a job per se?
- Business Plan – signed off, documented and ready to be implemented.
- Client communication calendar – with regular, meaningful, personalised and proactive communication.
- Review meetings – locked in for all “A” clients.
- Profile & positioning – strategic plan including website and social media.
- IT – back-up testing, cyber security, insurances in place.
- Client survey – confidential, benchmarkable, anonymous.
- Staff feedback – during performance reviews or through an independent survey (both would be best).
- Practice benchmarked – objective, independent assessment against the marketplace.
- Support from key partners – review your centres of influence, licensee and service providers alike.
- Progress to business plan – regularly track, meetings scheduled.
- Professional development programs – in place.
- Life balance – ‘me time’ with family and friends planned and diarised.
Yes, it’s a long list to which, we’re sure, you’ll want to add more. Perhaps it’s time to enlist the services of an external business coach/adviser, mentor or advisory board to help you to remain focussed and on track for 2019? You can read a little more on our views on this subject in our latest blog <<Who’s advising the advisers?>>.
Some stats we’d like to see improved in 2019…
We’ll be releasing our latest analysis on the ‘health’ of Australian practices early in the year. And with it, we are hoping to see an improvement in these key drivers of profit:
Send us your insights and Ah-hah! moments (we love to hear about ideas that are working for you!). Prizes for those we have not heard before. Some quotes we’ve received recently:
- In a gold rush, you want to sell picks and shovels.
- Prepare is far better than repair.
- Culture is the worst behavior you will accept.
- Revenue is vanity. Profit is sanity.
What we do & why
Business Health, converting data into insights and proven solutions – so that you can know with certainty where your business stands today and what you can do to maintain, enhance and grow, in an increasingly disrupted world.
Recent blogs… more from us
Converting unique insight into practical, proven solutions
We offer a wide range of services, linked by a common goal – to improve the ongoing profitability of advisory firms. For further information about our services you can view our website or simply contact our office at firstname.lastname@example.org.