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Practice Management > Building Your Business

How to grow your bottom line

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Often, when we hear about growing the bottom line, we jump immediately to profit margins. We try to achieve this growth by bringing in new business and cutting expenses. These are necessary tasks that every good business owner should be diligently pursuing on a consistent basis. But I would like you to think about your bottom line — how you can work in a way that aligns with not just your financial goals, but your personal goals, as well. In our industry, it is very easy to let your practice take control of you as you run from one appointment to the next and wonder whether it ever ends. I experienced that frustration too, until my brother and I began to apply the S + E + A = Efficiency formula.

In my March column this year, I discussed how to grow your practice through this formula. My definition of efficiency is growing a practice that meets your business and personal goals. The key is that you must meet your personal goals to an equal or greater degree than you do your business goals. To achieve this, you must find a deeper and more sincere connection with your ultimate purpose, the “why” behind it all. This chart illustrates the system that I have seen work in our practice and for other advisors across the country.


Starting with your “why” requires you to be honest and set time aside to get the most out of this exercise. First, you write about and reflect on your business. In this reflection, ask the hard questions about the purpose of and mission for your business. Second, think about how you plan to support that purpose in your operations. This includes every little step in your practice, from whom you hire to the environment of your office to, most importantly, the investment vehicles that you use to implement your clients’ financial plans.

When you do this exercise properly, you will begin to see your practice through a different set of lenses. Solutions will come more easily, and your new vision will be adopted by others. But building the bridge between our dreams and reality can be difficult, which is where the S + E + A formula can help.

First, you must develop systems for all that you do in your practice. This needs to start at a high level and drill down all the way to your individual employees and the roles they play in the broader system.

Second is the execution of the systems created. This is where you want to constantly bring the “why” back into your business to help fuel the passion for the bigger purpose behind it all.

Last is the analysis of how your business is responding to the different outputs. This is everything from measuring the effectiveness of your marketing efforts to determining which day and time is best for following up with prospects. If you cannot measure your business, I can promise you will never experience the breakthrough you are trying to achieve.

Unique opportunity

I have been helping to mentor hundreds of advisors across the nation to implement these strategies into their practices and have watched them grow their bottom lines significantly.

This success has led to many additional advisors wanting to learn the “secret sauce” for growing a practice to $20, $30 or even $40 million a year in new business. Well, that opportunity is here for you. I have been asked to speak at this year’s Advisor Network Summit in Las Vegas on Thursday, August 6 about how to implement the strategies I have briefly discussed here and more.

I am not selling a coaching program or books. I will simply be giving you a turnkey breakdown of how to implement S + E + A into your practice, so that you can go home and take things to the next level.

I know this sounds like a sales pitch, but it is not. I am passionate about helping others achieve the success they desire. I believe we can all learn from one another, which is why I enjoy leading these types of workshops. I hope to see you there so that we all can learn from one another and make this industry the best it can be.

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