Cody Foster - 5 Steps to Unlock Operations Excellence

In any business, but especially the advisory business, operational efficiency is pivotal to your success, growth and freedom as an entrepreneur.

By optimizing aspects of your operations, you can enhance productivity, deliver exceptional client experiences and drive sustainable business growth while still enjoying your life. Let’s look at five key areas you need to address to create this business nirvana.?

1. Run Effective Team Meetings

Efficient team meetings are essential for fostering collaboration, improving communication and aligning everyone toward shared goals. Nothing will contribute to your success — and freedom — more than a great team.

• Set clear objectives: Define each meeting’s purpose to keep it focused and productive.?
• Create an agenda: Outline key discussion points and share the agenda in advance.?
• Encourage participation: Foster an inclusive environment where all team members can contribute ideas, share updates and provide feedback.?
• Follow up: Summarize key takeaways and action items, and ensure they are communicated and tracked for accountability.

2. Understand Your Cash Flow?

To maintain financial stability and make informed decisions, you need a solid understanding of your key metrics.

• Implement robust accounting software: Automate financial processes; track revenue, expenses and cash flow, and generate insightful reports. If you don’t want to do this yourself — and you probably shouldn’t — hire it! Check out Advisors Back Office Solution, goabos.com, or find a good local accounting firm.
• Monitor key financial metrics: Identify and track key performance indicators (KPIs), such as client acquisition cost, revenue per client and client retention rate. Regularly analyze these metrics to identify trends and make data-driven decisions. If you don’t have the capacity to do this, or don’t enjoy it, a great resource is Track That Advisor, trackthatadvisor.com.

3. Upgrade Your Client Onboarding

Efficient client onboarding is crucial for creating a positive first impression and establishing strong relationships. In my interview with David Nicholas for this issue, David shared how an experience at a Jamaican resort made him rethink his firm’s entire onboarding process.

• Standardize your process: Develop a step-by-step process for client onboarding to ensure consistency and eliminate redundancies.?
• Automate tasks: Leverage technology to automate document collection, data entry and account setup.?
• Set clear expectations: Communicate the process, timelines and deliverables clearly so clients know what to expect next. This helps reduce any anxiety clients may feel as they move through your process.?

4. Improve Client Communications?

Effective communication is timely and relevant. It also greatly reduces inbound requests from clients and makes your office more efficient.?

• Personalize client communications: Tailor your communications to clients based on their preferences, needs and goals. Use client relationship management (CRM) software to store client information and track interactions. For example, David shared an approach his firm takes that prioritizes clients they haven’t communicated with for 60 days. Be proactive!
• Diversify communication: Offer multiple channels for client communication, such as email, phone, video conferencing and secure client portals. Clients can choose their preferred method of engagement.?
• Offer events: I believe the most effective thing you can do for efficiency in your communications is to host a quarterly client event sharing what’s going on in the economy in a fun and entertaining way.?

5. Upgrade Your Client Review Process

Regular client reviews are vital for maintaining strong relationships and adapting to evolving financial goals, but they should serve a bigger purpose.

• Elevate expectations: As some of you heard at AE’s Summer Symposium, don’t call them “reviews” but instead “strategy sessions.” And always use these as opportunities to improve your clients’ financial situation and get more referrals. Go in prepared and with a purpose versus simply checking a box.?

Use Your Resources

Creating a high-functioning team and office is the key to scale and freedom. We have so many resources here at Advisors Excel to help; make sure you are taking full advantage of everything we have to offer.