What You Need to Know
- Advisory firms that go back to basics will be able to handle their problems and move forward.
- Your firm should continually emphasize its core values; they should guide your decisions in every area.
- Now is the perfect time to evaluate your firm's successes and opportunities.
Advisory firm owners and leaders have to deal with a lot at once. Right now, the many changes in the industry and global challenges might even make it seem there’s too much to handle at any given moment.
We’re experiencing record turnover as remote work has made it easier (and more attractive) for advisors to find new employers; skyrocketing valuations are making M&A growth difficult for firms that aren’t institutionally scaled; the reopening of the economy is happening as we’re still dealing with the new strains of COVID-19; and summer break is shuffling schedules and personnel as employees all need a respite after a tough period.
As firm owners look for ways to deal with all these issues concurrently, they are asking one question: How do I balance everything that is coming at me?
Advisors who understand how to hit reset and come back to their core values will be able to answer that question and move forward. The ones who keep pressing and pushing against that towering wall of problems will inevitably burn out.
Here’s how to achieve balance as you seek ways to keep your firm moving, while the world seems to be pushing against you.
Back to Basics
Achieving balance and responding well to any challenge require that you go back to the basic business principles that you used to start your firm.
Ask yourself two questions to start on the right path: What are my company’s core values? And what can we do better?
The first question is one that often gets asked when an advisory firm is first established and gets touched on again when a consultant is brought in to manage growth problems.
But any healthy business needs to place a continual emphasis on its core values; They should always be in front of you, guiding all of your decisions.