There is no magic bullet for creating a practice that generates $1 million in revenue. But there are proven methods for building a top-producing practice.
A successful practice starts with a strong foundation, says Kim Poulin, a coach with the Personal Coach in Montreal.
Poulin likens building a business to building a house. A house must have a strong foundation before the structure can be added. The same applies to your business.
The follow tips can help you create a strong foundation on which you can build your practice:
> Evaluate your business
Start by assessing your current business situation.
“When people want to do anything,” says Poulin, “they need to assess where they are now.”
Take a look at every aspect of your business, including: financials; marketing and branding; your value proposition; your business plan; your skills as an advisor and as a leader; your succession plan; your team; and your contact management system.
> Set goals and share them
Think about where you want your business to go, Poulin says, by setting goals.
There is no ideal number of goals to have, Poulin says. But it is a good idea to have a goal for each area of your business you need to evaluate.
Be sure to write down the goals and share them with your team.
> It takes a team
If you want to hit the million-dollar mark in revenue, Poulin says, you need a team. Work with your team on business planning right from the beginning. Make sure team members understand and support your vision for the business.
How many team members you employ will depend on your business model, Poulin says. Two to five people, including the advisor, is the norm.
> Create a process
Build a strong foundation for your business with a client-development process.
The financial advisory business is a very intangible one, Poulin says. So, it can be difficult for a client to understand how you will be working with them.
Make your business more tangible for prospects and centres of influence, she says, by defining clearly your process — from the moment you meet a prospect to signing him or her up as a client.
> Stick to your strengths
To become a high-producing advisor with a strong business, you need to be consistent in your prospecting methods.
The best way to grow your business is through referrals, Poulin says. But if you have had success using other methods, focus on them. For example, if you often find new clients at seminars, host events regularly.