The Elements Ironstone Blog

Current news and trending topics for sales and financial industry professionals


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Mountain or Molehill? How Do You Build Your Strategic Alliances?

Building and maintaining strategic alliance’s does not need to be viewed as a mountain that can’t be climbed Choose to climb the molehill instead and you will put the process of strategic alliance planning into proper perspective.  This is not to say that developing and reviewing your plan won’t take a lot of hard work and preparation; all relationships do.   Building your strategic alliances and/or partners is the same.

We have found that most advisors have not taken the time to invest in building strategic alliances, much less start to develop a plan.  Yet, those that build alliances generate higher revenues and profits.   It only takes a small number of strategic partners to have a positive impact within your firm.  

In our blog, Strategic Alliances Build A Foundation For Long-Term Success, https://aeschlapia.wordpress.com/2012/04/30/strategic-alliances-build-a-foundation-for-long-term-success/, we reviewed the steps you should include when developing your Strategic Alliance Plan.

Don’t make your strategic alliance plan a mountain; it only needs to be a molehill

Many advisors avoid the process of creating strategic alliances because it appears to be an overwhelming project with diminutive benefits.  Reality is, by creating strategic alliances you will position your firm to bring value to your clients and your business.  Start and keep your plan small and simple.  Focus on:

  • One or two relationships
  • Create mutual benefits for each organization
  • Align your vision and mission with the partners you choose
  • Mutually commit to specific actions and review, review, review
  • Establish a trial period
  • Define key and measurable metrics
  • Have an exit strategy

Recognize the importance your entire team can play in developing your strategic alliance plan and contribute to relationships that can be established.   You don’t need to take the entire project on yourself.  Delegate pieces of your plan and commit to regular meetings to discuss progress, challenges and overcoming objections.

Ironstone has found that the key factor in a strategic alliance plan is to follow up on metrics and expectations that you and your partners have agreed upon.  Lack of follow up leads to non- productive and one-way relationships.  If you find you are in a one-way relationship, you need to leave and create a new one.

We are curious!!  Does your firm have strategic alliances?  Tell us about it!

Follow us as we explore each of Ironstone’s Fundamental 4™!

  • Strategic Planning
  • Business Development
  • Operational Effectiveness
  • The Human Element

Coming up next, learn about Business Development and Your Firm’s Advisory Board

• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:

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Do You Have A Bucket List For Your Firm?

Most of us have a bucket list created for our personal lives living in our thoughts or being utilized as a functional document.  A bucket list is the thoughts, dreams and goals that we want to achieve in our lifetime.  It serves as a roadmap to guide and lead us to reach each of those goals.

A bucket list outlines:

  • A list of your life goals
  • A reminder to focus and live by your personal values
  • How you will find joy by fulfilling your goals

Your business plan should serve as the bucket list for your firm.

Developing your initial business plan is essential in achieving the goals you have realized in your mind and will provide you with a written plan to follow, evaluate and revise.   Just as you achieve and make changes to your personal bucket list, you will do the same with your business plan.

A bucket list can change your life.  A business plan will improve results.

Ironstone’s research shows us that approximately 40% of financial advisors actually have a written business plan and even fewer have a marketing plan.  Those firms that implemented a completed business plan have 50% more profits and revenue than firms without a plan.

Your business plan will:

  • Provide you with a complete view of your firm and allow you to examine its viability
  • Show you potential areas for growth and success
  • Ensure that your entire team is committed to each goal
  • Communicate your vision and mission
  • Help you gain an understanding of opportunities and challenges facing your firm
  • Outline areas to create strategies and tactics to reach each goal

In our blog, “Creating A Roadmap For The Success Of Your Firm”  https://aeschlapia.wordpress.com/2012/04/16/business-plans-creating-a-roadmap-for-the-success-of-your-firm/ we provided 13 focus areas to include in your business plan.  Refer to the focus areas when developing or updating your business plan by incorporating each to gain optimal benefits.

A well thought out “bucket list” or business plan will lay a comprehensive strategy and timeline, both personally and firm wise, for achievement and promising stages of growth.  Download our Business Overview Snapshot to get started on creating your firm’s business plan.   Business Overview Snapshot

Have a Plan B

Be sure to create back-up plans.  We all know there is one constant in life, change.  Examine the challenges you might face and determine how you will overcome them by redefining your existing strategies.

Once you have developed your business plan, don’t file it away until the end of the year.  Use your business plan as a GPS guidance system for running your practice.  Update it often; real-time changes are ideal.  Doing so will ensure  you are following your plan, creating actions to meet your objectives and allow you to hone in on areas that need re-crafted strategies.

Communicate your business plan to your team in order to effectively bring it to life and track milestones to enhance your overall business focus.

As you begin to develop or review your business bucket list, contact Ironstone for templates, tips and best practices that will assist you in taking your firm to the next level.  We have numerous tools and aides available for you and insight that will help you reach the goals you have set for yourself and your firm.  Consider a team development workshop on creating bucket lists – we can help!

Last but not least, enjoy the journey!

We are curious!!  Share your bucket list with us!  What do you want to accomplish in life?

Follow us as we explore each of Ironstone’s Fundamental 4™!

  • Strategic Planning
  • Business Development
  • Operational Effectiveness
  • The Human Element

Coming up next, learn about business development and your referral network!

• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:


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Knowledge Is Power

Knowledge Is Power, but Fruitless if Poorly Communicated

Good communicators are those who can listen just as well as talk. Fostering growth of your team members while attending to your individual growth is one of the best qualities of a good communicator. When you truly listen to team members, they feel validated and you will be providing a supportive, compassionate environment that employees can develop and thrive in.

Linking Communication To Your Business Strategy
Everyone wants to be heard. Most firms (over 95%) do not have a formal and comprehensive communication strategy in place. However, most organizational leaders will agree that linking communication to your business strategy is essential to effective and consistent business operations.

Effective communication in your firm will contribute to your organizational success in many ways, such as:
• Building employee morale, satisfaction, & engagement
• Helping employees understand the terms & conditions of their employment
• Developing employee commitment & loyalty
• Providing employees with a voice—an increasingly meaningful issue for employees
• Reducing chance for misunderstandings and potential grievances and lawsuits
• Creating greater efficiency and reducing costs

It is inevitable that companies with effective communication financially outperform those that do not.
Having a powerful and successful employee communication program takes more than just having the right tools in place. It requires building a strong foundation to ensure that employees understand their role in your firm.

The #1 key factor in developing effective communication:
You need to view communication as a critical factor to the overall success of your firm
and key to changing employee behavior.

Building a Communication Strategy
Developing a communication strategy begins with linking communication to the strategic plan of your firm, including your firm’s mission, vision, values, strategic goals and objectives; as well as your brand.

Your communication strategy should include:
• The roles of key leaders
• A budget that allows for the use of various types of communication channels
• A process by which leaders evaluate any particular situation driving the need to communicate
• A method for generating feedback

Avoid the misconception that communication is only about delivering messages to employees about business issues, policies and procedures. Two-way communication plays an essential role in your comprehensive strategy.   As a leader in your firm it is vital to train employees and provide tools needed to continually develop better communication skills.

Our experience and expertise in developing communication strategies will aide your firm in team efficiency and effectiveness. Ironstone has tools available such as the Myers-Briggs Personality assessments that will help you understand and convey meaningful information and express ideas effectively to attain a deeper level of understanding.

We specialize in identifying gaps in your existing plan and will collaborate with you to develop solutions that are parallel to achieving the results you desire.

Contact us for assistance in starting and improving your Communication Strategy. We want to hear from you! Share your best ideas here! What services do you provide that are unique from your competitors? We always love hearing from you!

Follow us as we explore each of Ironstone’s Fundamental 4™!
• Strategic Planning
• Business Development
• Operational Effectiveness
• The Human Element

You won’t want to miss our next in the series: Strategic Planning-Strategic Alliances
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Follow us on twitter @ https://twitter.com/#!/AndreaSchlapia
• Join us on Facebook! https://www.facebook.com/IronstoneCommunications
• Connect with us on LinkedIn @ http://www.linkedin.com/profile/view?id=29647364&trk=tab_pro