Define What Needs to Be Done, Then Do So Efficiently
I find myself swimming in a sea of complexity; much of it is my own doing. As the initial momentum of starting a business has waned a bit, I have come to the realization that I need to revise my strategic business plan. I’m reminded of the phrase which goes something like this, “It’s not enough to do things right but to do the right things.” What I do, I do well, but I’ve not been doing enough of the right things. It’s time to reassess what’s important to the business and do those things well.
The emphasis behind this is the overwhelming feeling I’ve had lately, caused by the myriad number of things that need to be done. There are so many hats I need to wear that I have found it somewhat paralyzing. What’s ironic is that I know better. I know if you “sharpen the saw” you can cut more trees. I know “measure twice, cut once” (life is just full of metaphors). I am very aware of the difference between the urgent and the important. So what to do?
I am getting back to basics. I am in the process of listing and categorizing the different aspects of this business such as marketing, business operation, client communication, financial planning, investment management, etc. Within each category, there are many subcategories. For instance, with business operation (practice management if you prefer), there is client communication, which involves a contact management solution. I have chosen ACT basic and have created new tabs and fields to suit my needs.
In short, I am attempting to create workflow processes to assure that things flow smoothly. Once they’re defined they can be assigned. The problem here is that I don’t have the necessary staff at this point so between myself and my wife (she works in the business part time); there are more tasks than we can handle. So I will probably need to outsource some things. A few years ago I purchased a book from Advisor Impact entitled, “Business Success Kit” which contains letter templates, a series of analytical tools to help assess profitability, capacity, costs, and progress, which should help.
To summarize, I need to clearly define what needs to be done and then create an efficient way to do it. Easier said than done. I’ll keep you posted.
Mike -
Although I am not a RIA, I have been following your posts with interest. I am a private trustee and own a family trust office. Among my normal trustee duties I used to try to manage investments as well, but finally decided that was pretty far down on my list of strengths so I now use outside advisors.
Again, I am not a RIA so I am not familiar with many of the regulatory requirements that complicate your professional life. However, your posts are very interesting and worthwhile from a general business perspective — and I suspect that they hold a treasure-trove of good information for would-be solo RIAs.
I use a company called Private Trust Group of America to handle all of my back office needs, including custody and trade settlement. I have just written an article for them entitled “Practice Management for Bank Trust Departments – Creating a Professional Oasis in a Retail Environment”, which discusses some of the issues you raise, but in a bank trust department setting.
I’m not sure if the article would be helpful to you since it is directed to the banking community, but if you are interested in reading it you can access it directly from PTG’s website at: http://www.privatetrustgroup.com, or by sending me an email at: johnl@northstarfinancialgrp.com.
Good luck with your endeavor. I think you are on the right track and it is very thoughtful of you to share your experiences with others who may be plotting a similar course.
Best wishes.
John Larrabee
North Star Financial Group
442 South Main Street – SUITE 21
Davidson, NC 28036