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Industry Spotlight > RIAs

A Process for Improving Your Practice Through New Ideas

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The difference between our degree of success and failure may be found in our ability to incorporate new idea into our practices. Many times, however, ideas fall through the cracks. It’s easy to understand how this can happen. Recording the idea is important, but it’s only the first step, since it’s what you do with the idea that counts. I break this process into three steps: capturing the idea, determining if it has merit, and incorporating it.

Capturing the Idea

Ideas can come any time of day or night. It’s a good idea to keep a paper and pencil or digital recorder handy. Record the idea and set it aside for a few days. Also, keep your ears open. For example, every time I speak with another advisor, I learn something I can use.

Does the Idea Have Merit?

When you revisit the idea, ask yourself if it will help you in your practice. Will it bring in new clients? Will it enhance the experience of existing clients? Will it improve some process or increase efficiency? You might consider using some sort of “filter” to evaluate the idea. Then it won’t be left to your emotions.

Incorporate the Idea

How do you implement the idea? Who should be involved? How long should it take? Will you need to purchase any additional items such as software, etc.? This is probably the most difficult part of the process because it takes additional thought and conscious action on our part. Moreover, when you have multiple ideas to consider, some may conflict or be dependent on another. It’s important to prioritize them.

I find it is good to sit down and take a look at my practice from time to time. Last week, we did this and discussed how we can incorporate some of the ideas I have. Here’s one example. I’ve been using ACT for a number of years. Until last week, I owned a single user license which my assistant and I shared. We determined that with an additional license, I can delegate tasks to her and she can do them at her convenience. Simple yes, but we weren’t doing it.

What are some of your best ideas? Would you be willing to share them with the readers of this blog?


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