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The challenges of a growing company

Roderic Renison
Roderic Rennison Director The Ideas Lab

Your update certainly paints a picture of increasing activity and business, which is positive. At the same time, it is very evident that you are experiencing some of the challenges that most growing businesses face. Better to have them to address than to be worrying about the lack of business coming in through the door. Dealing with each of your points in turn:

Bottlenecks
I suggest that you need to look at the cause of the bottleneck, which may not simply be too much business but rather too much of the wrong type of business. Different types of business require different levels and types of resources. Also, analysis of the source of your leads as well as the types and cost of transaction will pay dividends.

You may conclude that the solution is to consider increasing the number of specialists and admin staff but this decision needs to be validated first by research and facts to support the expenditure.

Achieving level four status
Ensuring that your colleagues achieve level four status in good time before 2013 is paramount to the future success of Plutus and regular review and coaching is also vital. I would suggest that six-monthly reviews are too infrequent and that you should reduce this interval to three monthly. Some of your colleagues may want and need even more frequent support.

A further point worth careful thought is the combination of subjects being studied by each person. If you are clear about your proposition and the types of business Plutus wants to transact, then taking into account the bottleneck you refer to, you should encourage advisers to gain expertise in the areas where you are finding most business is being generated.

Technology
Any software provider will tell you that strong initial training, undertaken by everyone who is likely to access and use the system, is likely to yield better results in terms of effective usage of and outputs from the system.

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