TRANSITION TALK

Top 6 Ways to Grow Your Business

Posted by Christine Sjölin on Jan 28, 2016 9:52:57 AM

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1. Invest in Human Capital
Most advisors have built their business from nothing into their single most valuable asset. Data from our 2015 Valuation Database indicates that businesses with multiple professionals accumulate assets at a higher rate than sole practitioners. As your business matures, it is imperative to invest in the next generation of talent, to keep the engine running while you begin to enjoy the reward for what you’ve built.

2. Diversify Client Demographics
Similar to your employee demographics, your business benefits from a diversified client base. While your business today thrives off of your long-term clients who are at the peak of their savings, the future depends on building relationships with younger investors who have not yet maximized their earnings. Make room in your business for mid-career professionals, and include the heirs of your clients in your newsletters and events. Your next generation partners will reinforce these relationships, extending the business into the future.

3. Modernize Your Image
Put your best foot forward with a fresh coat of paint, a new website, or a new office location. Think about the first thing someone sees when visiting your business, whether physically or online. Clients connect the value of your service with the quality of your image. Whether you operate out of a home office or a suite in the financial district, giving your aesthetic a refresh will let your clients know you still have your head in the game.

4. Launch a New Marketing Strategy
Word of mouth is one of the most effective ways to build a loyal clientele, but are you truly inspiring your current clients to spread the word? According to our Valuation Database, businesses valued at $1MM netted 13 new clients in 2015. To keep up with that benchmark, launch a new marketing strategy that prioritizes your client relationships and your presence in the community. Get clients and other organizations excited about the work that you do for them, and they’re bound brag to their friends.

5. Improve Your Business Model with Technology
Managing client relationships effectively is key to delivering advice efficiently and expanding your reach so you can keep up with your best clients while handling new ones as your business grows. Many advisors we work with use ACT, Junxure, or Goldmine. Leverage the best software for your clientele and your business to avoid letting a valuable connection slip through the cracks. Additionally, by implementing financial planning and account aggregation software like eMoney, Albridge, and Morningstar you can save time better spent on strengthening those client relationships. 

6. Acquire Another Book of Business
Acquisition remains the fastest way to grow your business. Are you ready? Make sure you have the free cash flow to finance the down payment, but don’t stop there. A successful acquisition strategy also relies on achieving the growth goals listed above. Want to double your assets? Make sure your team and technology are positioned to expand rapidly. Want to retain the acquired book? Make sure your business image is fresh and welcoming to your newest clients.

View Webcast - Revenue Strength vs. Enterprise Strength

 

Topics: Revenue Strength, Enterprise Strength, Business Value

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