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As you look at how you’re operating your business, look for opportunities to save time and money. Often, we are too close to the processes we follow, but by writing them down, we can see the places where we’re lacking in time or money.

Writing procedures helps firms to be more efficient and profitable. Systems make the flow of a task easier and more effective. Very often, as I help clients write a procedure, I start to see a better way to do what they’re doing. But we don’t make any changes until the process is written.

When we write procedures we often learn first-hand how efficient or inefficient they are. And while it’s possible you don’t see how to make the process better, it’s possible someone else can.

The millions of dollars I helped the firms I worked for save, all came from following a process from its inception to its ending. I look for ways — big and small — that can cut down the time it takes to do something.

Refining your workflow systems can make things work smoother in your business. One example is employee training. Sure, all employees need some training, but what if in addition to the training they “knew” how your firm operated because it was all in writing? Think about the time you’d save.

And I find that when procedures are in writing, employees may come up with even better ways to do something.

Written procedures allow advisors to handle more clients, process more business, improve client relations and correspondence, as well as increase employee satisfaction and retention.

Systems come in different shapes and sizes. They can be:
• written instructions
• videotapeds
• checklists
• assessments
• rituals
• formulas
• list of questions
• templates (online, MS Word, MS Excell)
• manuals
• mind maps
• workflows

The processes outlined below are good basic systems for a financial firm to produce:
o Business Foundation (SWOT, Niche, Ideal Client Profile, Business Plan)
o About the Firm
o Bios
o Office Procedures (include technology)
o Welcome Kit Checklist
o Networking Process
o Prospects Process
o New Clients Onboarding
o Asking for Referrals Process
o Systems for any service/product you offer
o Transfers In/Out
o Trading
o Client Service
o Client Appreciation
o Human Resources
o Exit (you, client, staff, vendors)


What systems have you created for your business that have proven to be beneficial?  Did I leave anything out?

(c) 2016  Elevating Your Business