As year-end approaches, many business owners reflect to inform their strategic plan for 2024. Over the years, I’ve seen financial advisors create plans ranging from a single North Star Goal (usually tied to productivity or revenue) to a complex plan with impressive depth.
As you consider your own planning process, here are a few components and related questions worth considering:
Vision Statement: Do you have one that clearly articulates what you, your team, and your business will look like in the future? Does it outline your specific role, the size of your team, and the specific markets you serve? What about your physical or virtual workspace, team culture, firm values, and any community or charitable involvement?
Ideal Client/ Target Market: Are you clear on who you serve best and enjoy serving most? Do you deliberately allocate efforts and resources in a way that consistently reaches these markets?
Value Proposition: How clearly can you articulate your offerings, the value you deliver to clients, and what differentiates you and your team or firm from competitors?
Client Experience: How will you look to improve your client experience in 2024?
Resources and Budget: Do you have clarity—with respect to the resources available—on where to invest in 2024? How will you budget across expenses and initiatives?
Efficiency and Systems: Which areas of your practice create the most operational friction?
Goals and Associated Daily or Weekly Metrics: With the above in mind, what goals or milestones are most critical to realizing your longer-term vision? What daily, weekly, or monthly activity or results-based metrics are required to achieve these goals with certainty? How will you track them?
As the saying goes, “Failing to plan is planning to fail.” But by carving out some time to reflect on 2023 and deliberately plan for 2024, advisors can help set themselves up for focus and success in the impending New Year!
Christy Charise, Founder & CEO of Strategic Advisor www.strategicadvisor.co Facebook Instagram
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