In my last post, the fourth in a six-part series on the process for choosing and implementing the right technology for your firm, we talked about getting clear on the business outcomes that your firm is focused on achieving, as well as an approach to select potential technology vendors that are most likely to enable you to achieve your goals.
Now that we have identified clear outcomes, the next step is to put in place an action plan. The plan will enable you to effectively and consistently execute on a task-by-task basis in a manner that steadily moves you and your team toward achieving your goals.
When it comes to planning for your software implementation, there are two big mistakes that tend to be made.
First, advisors tend to overestimate how much they can get done in a specific period of time while underestimating what they can accomplish over the long term.
Second, most people do not allocate specific meeting time nor use effective and clear agendas. These steps are imperative and, in fact, we recommend that you treat your software selection and implementation program just like you would an important client project.
Something important to remember when it comes to planning is that your plan does not have to be elaborate. A simple Excel spreadsheet containing the tasks, due dates and task owners will often suffice. It’s also important to calendarize a regularly scheduled update meeting—weekly or biweekly—with a clear agenda and