The Elements Ironstone Blog

Current news and trending topics for sales and financial industry professionals


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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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Business Plans -Creating A Roadmap For The Success Of Your Firm

The main objective of strategic planning in your firm is to create an uncomplicated plan that clearly defines the direction of your practice. A business plan embodies your set of business goals and how they can be attained. Overall, a business plan supports the business model and explains the steps to achieve the goals of that model. You will want to be as specific and detailed as possible in each area of your business plan.

The goal of your business plan should be to create a roadmap for the success of your firm.

Ironstone’s research has shown 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 help you:

• Evaluate your firm and your position relative to your competition
• Provide a laser like focus to your marketing efforts
• Support your infrastructure to provide for the needs of your firm
• Diagram a route for your success

Focus Areas To Include In Your Business Plan:

An executive summary – Include your unique value proposition, how you will obtain new business, client retention practices, and your competitive advantages.
Practice Overview – This snapshot of your practice includes how it’s organized, its essential purpose, and other formalities such as founding date, legal licensing, location, etc…
Situation Analysis – Interpret the state of the environment & describe your competitive position along with the operating & financial conditions of your firm. Use a SWOT analysis in order to define your strengths, weaknesses, opportunities, and threats.
Market Summary – Describe your niche markets.
Market Analysis – Stay abreast of new market strategies and understand the needs of your community. Research current trends and potential growth in your demographic area and industry to explain how you will improve your position in the market. Include statistical information showing your current position in the market share.
Market Needs/Service Offerings – describe what your firm provides to clients & prospects. Items to include are pricing, how you will meet the needs of your clients, advertising and client service.
Competition – Analyze your competition & how your processes outweigh your competition. Explain where you want to be in relation to your competition and how you plan to reach that goal
Keys To Success – Identify three or four areas that you will focus on for optimal success.
Critical Issues – Identify three or four goals or issues that your firm plans to achieve during the year. Develop a strategic plan of how you will obtain each objective
Marketing Strategy – Attach a copy of your marketing plan.
Marketing Objectives – List the objectives of your marketing plan.
Financial Objectives – List the financial objectives of your firm and include your sales and expense forecasts along with checkpoints that will gauge performance levels.
Exit Strategy – Outline your succession plan – timeline, person(s) to retain your practice.

Once you’ve developed your business plan, don’t file it away until the end of the year when you’re making the appointment to see your CPA.   Use your business plan as a GPS guidance system for running your practice. Update it often; real-time changes are ideal, quarterly at a minimum.  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 plan, contact Ironstone for 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.
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: Business Development – Referral Networks
• 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