Close Close

Practice Management > Building Your Business

Why efficiency is critical to success

Your article was successfully shared with the contacts you provided.
I’ve been asked by many advisors how I was able to write $44 million in new business in one year. So I have decided to spell out in detail how our practice was able to achieve this. My brother/partner and I have about 18 seminars/workshops per year, 2 to 3 employees, no downline advisors, and an office that is 1,200 square feet. Yet with these admittedly limited means, we have experienced remarkable results. Our experience is evidence that it is possible to focus on building a profitable practice with the resources you have to fit the lifestyle you desire.

We achieve these results through a formula that I call S+E+A= Efficiency. When you think of the SEA of opportunities, I hope this formula will come to your mind. The more efficient your practice, the more profitable you will become.

Efficiency formula


Before we jump into how we market our practice and attract our ideal clients, we have to make sure we have created the business environment that will win them over. Clients are not looking for a big flashy office, a bunch of employees running around looking busy, or other things that may seem to be important. Clients are looking for one thing: trust!

This journey to creating trust begins the moment they meet you and your brand. How are you communicating your value proposition? Is it general or more specific to the transfer of knowledge you can offer? These questions and many more begin to set the expectations of prospects. If their planned experience does not manifest itself in your systems, then a potential client is lost. There will be no relationship established, and your business will have lost revenue to your competition. This is where I have seen a major disconnect within many advisors’ firms. They fail to see how important it is to examine what they are truly   communicating and marketing to their prospects and determine whether they have established the environment to see that through.

When you have the proper systems in place, executing them becomes a very natural and fluid process. The key to executing them is internal communication. As the leader, you must clearly articulate your business and the roles played by each team member in great detail. Take the time to write out what you expect your employees to do, from how to answer the phone to how to respond to a client request. Trust is built on your ability to deliver what you said you would. Clients see what you say as a promise, so it’s important not to break it.

Lastly, you must have a system that can provide feedback on your business in real time. You must constantly look for feedback, so that you can improve. This has been the key to our firm’s success. If you do not check on your business analytics, you will find your business heading off course, leading to frustration and unnecessary expenses.

Below are some exercises related to S+E+A=Efficiency that I would encourage you to complete with your key stakeholders to examine how you can improve your practice.

Implementation exercise

Ask the hard questions and push yourself to look deep, so that your improvements are meaningful to your prospects/clients.

Systems: Examine your communication/marketing to see how you can improve the planned experience your prospects have in their minds. Look at every marketing vehicle you use, and make sure there is harmony.

Execution: Do an audit, starting with what you see when in your office. Does it support what you think prospects/clients will feel when they walk in? From there, move into a detailed document/operation manual.

Analysis: Look at what procedures you can put into place to measure the three most important components of your practice. If you do seminars, look at measuring profitability by location.

I look forward to continuing to share different strategies that will help you grow your practice!