Smart, not hard

Putting the hours in has always been linked with success in business but these days it’s not about how hard you work but how smart you are about structuring the way you work.

At the recent PA360 North event (17 October 2018), one of the sessions focused on what a good business looks like.

Long list

The list was pretty long. Processes, systems, risk management, records, reporting, succession planning, values, clear customer proposition…all key areas that need to be in place for an advice business to function.

Looking at the list, there’s little difference to the elements that are needed now compared to those that were required 20 years ago. Except there is one big difference – technology.

Be tech savvy

Many of the functions of an advice business can be carried out with automation and there are multiple tools available to choose to ensure what you have is right for your type of business.

Aside from doing the mundane, repetitive tasks that take up time and get in the way of seeing more clients, technology has the ability to talk to other technology. This means it’s possible to connect to all sorts of different tools that can revolutionise the way a business operates, often delivering much more value in far less time.

Spend time researching

Taking time out from the day-to-day business to understand what’s out there in terms of partners who can work in a joined-up digital way to enhance your business is a valuable exercise that can transform business performance (in areas and ways you may not be aware of).

If this sounds too onerous or sends shivers down your spine then simply speaking with a few advanced peers could shortcut the process or try more consultative providers who get to see a range of practices in action.

If running a business is like taking part in a marathon, then not embracing technology fully and efficiently is a bit like running a marathon backwards – twice as difficult and impossible to see what’s ahead that may knock you off your feet.

If you are looking at how technology can help your financial advice business, why not have a chat with PortfolioMetrix? We have lots of ways to add value to the investment process that is not only good for your business but also great for your clients too.