Summer Goals: Incremental Improvement One Step at a Time

Authored by: Jeff Nash
Full article available on AdvisorHub here.

“What Did You Do Over the Summer?”

Sharing your response with classmates was a time-honored tradition for many of us upon our return to school after summer break. While we’ve left those days behind us, that same question can serve as an impetus for independent financial advisors to take advantage of the summer lull to strengthen their businesses. Summer, with its slower pace and lighter meeting schedule, is the perfect time to proactively take on a challenge that will ultimately strengthen your business. Importantly, it doesn’t have to be a heavy lift to have an impact.

The summer months are traditionally slow in the advice industry, with clients, peers and staff embarking on family vacations or long weekends away. Many advisors see this as a time to rest and recharge themselves – and that’s not just a great idea, it is extremely important to their long-term mental and physical health. But a slower business flow is also an opportunity to research or implement ideas or plans you’ve simply not had the bandwidth to tackle during busier periods.

The benefits of this approach include:

• The pressure is off: You are not struggling with too few hours in a day.
• With fewer distractions, you can truly focus on your next steps.
• You decide the scope – even one small change can have a cascading effect.

While you know your business, and yourself, best, here are some ideas from the Bridgemark Strategies team to get you started:

• Create or dust off a succession plan – remember, this is a living document and not a “one and done” item.
• Do you have a business continuity or disaster recovery plan in place for your business? If you do, review them to ensure they are current. If you don’t, putting these items at the top of your “to do” list is a wise move.
• Get a business valuation. Don’t wait until you are thinking about exiting the business. Not happy with the figure? You have time to do something about it.
• Audit your tech stack to discover any gaps and create a plan to bridge them.
• Review your business’ hardware to determine if any upgrades are needed.
• Meet with your BD or RIA’s Business Development team to ensure you are familiar with, and maximizing, all of the resources available to you and your team.
• Segment your client base and/or implement a tiered service offering.
• Revisit your org chart or your staff responsibilities. Are there tasks you can delegate?
• Create a calendar of client events to drive inter-generational engagement: topical seminars, luncheon presentations, holiday parties. Participate in local activities where your presence can build your brand (e.g., sponsor a children’s sports team or a charity event).
• Reconnect with a Center of Influence (COI) you’ve been out of touch with.
• Investigate learning/educational opportunities for yourself and/or your team.
• Create an internship program for local college students to elevate community engagement and build a next-gen pipeline of professionals.
• Build a formal referral rewards program to leverage the strong relationships you have built with current clients.
• Establish relationships with local media (newspaper, radio, television, podcasts) to position yourself as a thought leader in your areas of expertise.
• Refresh your office décor to ensure it is a welcoming space for clients.
• Establish a network of area professionals and plan to meet monthly to discuss the local business environment and create referral opportunities.

Moving the growth needle for your business can be as simple as getting one idea or project off the ground. Many who read this list may identify several items they could do. While this list can be a longer term To Do list, pick just one item for this summer and execute it. Starting slowly and building upon earlier efforts creates a domino effect that drives growth, creates opportunities and helps you elevate your overall business.