The Elements Ironstone Blog

Current news and trending topics for sales and financial industry professionals


Leave a comment

Success Systems For Your Firm

We are in our second cycle of blogging about Ironstone’s Fundamental 4™, and sincerely hope that you are gaining additional guidance and support for implementing best practices in your firm.

Ironstone focuses on 4 key fundamentals that we refer to as the Fundamental 4.

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

Each of the 4 key fundamentals have 8 sub-categories that you will use to begin creating your systems.  Visit our website to see each sub-category to start your system processes.  www.IronstoneHQ.com

In series one, “How To Increase Your Effectiveness,” https://aeschlapia.wordpress.com/2012/02/14/how-to-increase-your-effectiveness/   we reviewed how you can increase your effectiveness by using reports and tracking systems in your firm.  When you define your standard operating procedures and create multiple tracking and reporting systems the operational effectiveness of your firm is improved.

Clients and prospects come into direct contact with each of your systems.  To provide extraordinary service you must pave the path by implementing and updating each system.

How To Start

Start by developing the external and internal processes for each sub-category of the 4 key fundamentals.  Formally communicate these processes with clients and team members in order to achieve the mission and vision you have established for your firm.

 “Inch-By-Inch It’s A Cinch!”

For each process/system that you create, follow these steps:

Step 1:  Introduction

Your introduction should include the following components:

  • Title – name the process
  • Purpose – describe the intention/objective of the process
  • Scope – identify when and to whom the process applies
  • Roles – list the roles and functions of those involved in the process
  • References – include any reference documents that help form parts of this process.

Step 2:  Steps/Procedures

Begin writing a list of each step needed to perform the process.  Each set of procedures must be followed to accomplish a given task.

Step 3:  Mapping

Describe the event and the amount of time that is required for the process.  Describe the inputs, activities, sequences, and decision points within the process.  Use flowcharting to provide a visual aide to the process.  Within this step Ironstone has found that a checklist of each output will help to validate that the action is completed.

In the Mapping Step you should also include exit criteria.   Describe an output’s state (or condition) required before the process or procedure can be considered “complete”.

Step 4:  Metrics

For most processes that you create, you will want to ensure that the process is measured to determine its contribution to your firm.  Determine what key metrics you will monitor and compile data that will demonstrate the ROI from the process. Be sure to review any areas that should be improved.

Step 5:  Document Control

Create a chart that contains the history of any revisions made to your document.  In the chart, include the date, the revisions that were made with a brief description, and the person who made the revision.

Your systems and processes will provide consistency throughout your practice, and Ironstone can provide you with templates and checklists to help you get started as well as review your current processes to identify the gaps that are most commonly overlooked.  Contact us for assistance in creating proven and effective systems for your firm.
 
 
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:  The Human Element-Leadership

Advertisements


1 Comment

How To Increase Your Effectiveness

How To Increase Your Effectiveness

Ironstone believes that one of the best methods for operational effectiveness is to define your standard operating procedures for your practice and create multiple tracking and reporting systems that measure your results.  You should create reports and checklists by observing your current projects and processes, including the sequence of each.

For example, a powerful client engagement process consists of the design and creation of Financial Advisor service teams, client segmentation, service matrices and new/existing client workflow systems.  The fusion of these elements increases the efficiency of managing the workload while increasing the level of the client experience.

It’s imperative that each project and/or process that you are using in your firm has a Standard Operating Procedure (SOP).   The goal is to be efficient and effective.   The SOP should include:

  • The name and description of the current project/process
  • Define the sequence of events from the start to the completion of the project
  • Outline the implementation steps to complete the project
  • Create checklists or use supplemental information to aid in the management of the project
  • Determine the key metrics to be measured and how
  • Set a schedule of regular communication regarding team progress
  • Periodically review the processes to determine if any changes or updates are necessary

At Ironstone we find that the best way to start is to observe your current projects and process (or lack thereof) by taking detailed notes and surveys of day-to-day activity.   Make your list of what processes are in place or need to be in place and then create the standard operating procedures for each.

There are many areas within your personal and professional life where you can put this into practice.  Some of these include (but are not limited to) time management, methods for prioritizing, balancing life and work goals, staff meetings, marketing plans, client appreciation/retention, demographic analysis, and database management… just to name a few.

We know, it sounds like a lot of work, right?   You can’t have a full understanding of your business without tracking results along with measuring and analyzing internal processes.

Let us know how you create and manage your Standard Operating Procedures, your best practices, and what areas of assistance you need in developing effective operating procedures.

Contact us for assistance in starting and improving your internal reports and tracking systems.  You will also want to download our Reports & Tracking Checklist!   2.14.12Reports&Tracking

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:  The Human Element-Leadership