NAPFA Practice Management and Investments attendees are treated to techniques to accelerate strategic planning
What is business coach Tracy Beckes’ formula to fast-tracking the success of a financial advisory firm? It’s the clarity of a one page business plan.
But simply coming up with a one page business plan doesn’t guarantee success for any planner. And no, planners can’t cheat by using 6pt. font size or tiny margins on their one page plan! Beckes stressed the importance of following through with three stages that make up the strategic planning process, telling planners to:
- Write it
- Apply it
- Make it routine
To write a plan, Beckes identified the essential components of the one page document: Core Values, Core Purpose, and a Big Hairy Audacious Goal. The definitions of those components drive the business objectives for the future, starting with five year objectives, followed by 12 month objectives, and ending in 90 day objectives.
But as planners know all too well, plans are nothing without execution. So Beckes urged planners to apply the objectives stated in the plan and make the application part of a consistent routine in the firm. She outlined the structure of the inaugural meeting to kick-start the implementation of the business plan, then identified how planners can review and reflect on the plan’s progress in quarterly updates.
As planners leave the conference, Beckes counseled that they select a leadership team in the firm charged with the one page business plan process, complete the plan, schedule and complete quarterly review, and create alignment in the firm based on the plan. With these clear actions in mind, Beckes anticipated that planners will have the tools to create their ideal firm, one that is aligned with their priorities and definition of success.
