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Advisers need an action plan to deal with the future

Too many advice firms ignore the fact the world is evolving and their businesses need to keep up

What is the first thing you do when you get into your office? I bet you come in, sit down, switch on your computer and start looking at your emails.

For those of you who do not drive, perhaps you have began looking at emails before you even get to the office, starting work on the train, tube or even walking in.

But what happens when we start looking at emails? We get sucked into a whirlpool of problems, questions, requests and updates. Before we know it, our day has gone.

A comment I hear all too often is “I work in the business not on it”. When pressed on why people do not do enough in terms of looking at the future of their business, the answer is normally time.

But can any business afford to not devote time to looking at the following?

  • Its future direction
  • The clients it deals with
  • The opportunities available
  • The threats it faces
  • The structure, people and technology required for success.

You may think you can do without planning for the future but it is vital advice firms are thinking about what today’s rapidly changing landscape means to them and their clients.

The successful companies of the decades ahead will be those that do the day to day activities well but also understand how the world is evolving. They will then exploit these changes.

For instance, how many advice firms have a plan in place for Brexit?

One of the major problems facing companies both large and small is the lack of planning to meet upcoming challenges and opportunities. Too many firms just concentrate on the present. But that strategy of doing what we have always done only gets us what we have always got.

To take your business forward – to raise the bar – takes desire, determination, dedication and an insight into the future. This will help you develop an action plan.

An effective action plan will help you:

  • Harness your great ideas
  • Build the business you want
  • Achieve your goals and vision
  • Maximise profitability

So how do you go about putting an action plan together? Well, tomorrow moring when you get to the office, leave your computer and emails alone for a bit. Instead, sit down, switch the kettle on and clear your mind. Think about the future of your business and write down what you want or need to do to achieve success. Try this every day for a week and be clear about the following:

  • What will you stop doing because it holds your business back?
  • What will you start doing to achieve your goals and vision?
  • What will you continue to do because it works?
  • What changes will you make to meet the challenges of the future?

As you begin to write these ideas down, you will find they form a pathway for the future of your firm. Give it a try today.

John Joe McGinley is founder of Glassagh Consulting

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