So, what’s the forecast for your practice in 2022? Financial advice practices will predictably be operating with numerous ‘uncontrollables’…
I’m sure you’ve done it too… you’re about to go for a daily walk and even though the forecast is for rain and the skies are grey, you decide not to take an umbrella. After all, you’ll only be outside for a short time, and you don’t want the ‘nuisance’ of carrying an umbrella. Consequently, and in accordance with the ‘probable almost certain future’, at some point the heavens open up and you get drenched. Suddenly your day becomes a little less pleasant. Certainly not the best decision you have ever made!
So, as you’re about to venture into another year of business, have you checked the latest ‘weather’ forecast and decided if an umbrella will be needed before setting out? Financial advice practices will predictably be operating with numerous ‘uncontrollables’ – those factors and trends which will influence your business and which are unstoppable and inevitable; regulatory changes (and compliance thereto), rising costs to operate, demographic shifts within the client base and technological advances, to name just a few. Covid too.
So, what’s the forecast for your practice in 2022?
If you don’t know, or you simply haven’t yet had time to consider the views of the experts, you could very well find yourself without the proverbial umbrella and at risk of getting drenched. Not having a well-thought-out approach, which has been clearly documented in a plan for your business, leaves you at risk and vulnerable to the ‘uncontrollables’. Just like the weather, industry forecasts have a margin of error – things could be better, worse or totally different, but this isn’t a valid reason to not be prepared. Changes are inevitable, our level of preparedness for change is what we can control.
There is work to be done for many as, with less than one in four Australian advisory practices having a current business plan quite a few owners are at risk of getting seriously wet.* Unfortunately, our latest analysis paints an even gloomier picture for effective succession planning and risk management all round.
If this isn’t a position you’re comfortable with, why not set aside some time over the next few weeks to consider your 2022 planning and what will make this year a successful one for you? It certainly isn’t too late and, as our profit drivers reinforce, your efforts will be well and truly rewarded.*
For your consideration.
*Business Health’s soon to be released ‘Future Ready IX’ whitepaper.