I’ve been thinking about what makes some advisory firms really successful, while others just do okay.
I’ve written in the past that one of the keys to success is execution of ideas; being able to put stuff into action. It’s true. If you can’t execute you can’t move forward. However, I believe there is a quality that accompanies those who are good at execution, and that’s bravery.
Tips From The Coalface, April 2016
I’ve been thinking about what makes some advisory firms really successful, while others just do okay.
I’ve written in the past that one of the keys to success is execution of ideas; being able to put stuff into action. It’s true. If you can’t execute you can’t move forward. However, I believe there is a quality that accompanies those who are good at execution, and that’s bravery.
One of the reasons some firms execute well, is because they “go there” in their discussions and their decision making, while other firms don’t.
For example, they are prepared to discuss and act on letting smaller clients go. In every firm I work with there is a group of clients that clearly don’t fit where the firm is now and particularly where the firm is heading in the future. They have to go. Some firms deal with this, many don’t.
Another example is difficult discussions between the owners of the business (let’s call them partnership issues). If they do different roles, should they be paid different amounts of money? Usually. But many firms just pay all partners the same because the conversation around this is too difficult. In one firm, this soaks up money that could be used right now to hire some top notch paraplanning support. It prevents them from growing and achieving their goals.
It’s about bravery.
Are you being brave? Where could you be braver?