Building Processes and Procedures, Part IV: Site, CRM and Client Analysis

 

In this post I'll continue my series of postings (this is number four, see paragraph below on previous items in the series) on developing business processes and procedures. There are several items in the works including a new website, a new CRM, and an analysis of the business. Let's take a closer look at some of these.

(In Part 1, I wrote about the importance of building processes and procedures to build your advisory firm, and presented five steps for doing so. In Part 2, I presented the first step in implementing processes and procedures: creating a comprehensive list of each key process. In Part 3, I related the reasons for changing my CRM (customer relationship management) software, and which package I chose.)

Website
This has stalled a bit. Although the site is operational, there are still a few enhancements needed to get it to the finish line. Some of the remaining items include online questionnaires and video podcasts. So much to do and so little time!

CRM
As mentioned in my previous post, we decided to go with Redtail instead of Salesforce as our CRM package. Last week Redtail support personnel moved our data from Act into their system. Now we have to go through and "massage" the data to make sure it's accurate. Then, we'll have them create a few customized fields and transfer some letter "templates" from Act. After that, we'll create some new templates to coincide with our marketing initiatives.

Business Analysis
One of the goals here is to determine certain metrics pertaining to the business. For example, the maximum revenue derived from my top client is just under 10%. Also, 46% of my clients have engaged me for financial planning and portfolio management. This same group is responsible for 72% of total revenue. Financial planning renewal fees account for 10.7% of total revenue. You get the picture.

I'll update you more in the coming weeks.

Thanks for reading and have a great week!

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