For many business owners, uncertainty, coupled with a straightforward lack of time to focus on the big picture (and we all know what that’s like!) can delay and even derail the best laid action plan. Often this means, to paraphrase the words of famed AFL player, coach and all-round inspiring Australian of the Year 2025, Neale Daniher, “when all is said and done, more is said than done”.

In any week’s press or industry conference, it’s fair to assume that there will be commentary, insights and debate about the big picture issues impacting our industry. Think technology, mergers and acquisitions, greying clients and advisers, inter-generational wealth transfer, the continuing march to scale (seemingly at any cost), new and different product offerings, a volatile investment market and so on. You know this better than us!

This is not to dispute the messages – they are invariably valid, demanding serious consideration, thought and response.

So, if you’re the owner of an advice firm what should you be doing? How do you future-proof your business and what actions should you be taking now? These are big, maybe unsettling questions, but the consequences of turning a blind eye will inevitably be far worse (boiling frog metaphor anyone?).

Practice owners:

  • Have you had the time to invest in the direction of your business? Do you know where you want it to be in 3-5 years’ time and what stapes you need to take to get there? (Related article – https://www.businesshealth.com.au/the-victory-of-the-urgent)
  • Have you got the tools, data and support infrastructure necessary to help you navigate along the way?
  • Are you receiving practical, tangible support from your licensee, other service providers and/or your professional associations? Do practical ‘how to’ sessions feature on their agenda?
  • And if you hold your own AFSL, do you belong to a group of likeminded business owners and peers, who proactively share, discuss and support?

The bottom line – trends and shifts are all underway, they’re interesting to read about and will undoubtedly provoke discussion, debate and maybe a few headaches, but without appropriate response there’s the risk that they will simply fall into the ‘more is said than done’ category.

And the most effective way to ensure a considered response is developed and adopted? Your business plan – clearly articulated (documented), with realistic, attainable and specifically measurable goals. Your roadmap to navigate this ‘stuff’, ideally entrusted to an external party to critique, challenge and monitor implementation.

In very much the same way as financial advisers work with their clients.  A sensible and obvious strategy for sure, which we know will provide a significant lift to overall practice ‘health’ and profitability. And yet, from our work over 25 years with advice practices in Australia and internationally, while the theory is sound, implementing into practice continues to fall short for most businesses – from our latest analysis*, less than one in four advice practices are currently operating with an up-to-date business plan in place.

For your consideration.

* Since 2002, Business Health has released a series of white papers providing a comprehensive insight into the ‘health’ of the Australian advisory industry and its preparedness for the future. These papers have become known as the Future Ready analysis. The ninth in this series, Future Ready IX was released in 2022 and is based on the consolidated analysis from Business Health’s HealthCheck data warehouse. The tenth issue is scheduled for later this year.