Business Development with threesixty
 |
"The prime objective of this workshop is to give attendees the ability to go back to their own companies, ask the right questions of themselves, populate a plan with a format appropriate to them, and have an outline strategy of how they are going to achieve their goals." says threesixty Partner, Ross McArthur.
In this discussion, Ross explains threesixty's attitudes to Business Development. |
Why run Business Planning Workshops for IFAs?
Over the last twelve months many of our client firms have decided that now is the time for change. They have read articles, attended seminars and become enthused about building a business of real value that relies on the service it delivers to clients for its income, rather than the number of transactions it performs. All of this sounds remarkably attractive and simple in theory. Back in the office the reality of how to change takes on a more ominous nature. In this, the first of a series of two workshops threesixty will provide clients with some practical help in making changes and building value.
What can IFAs expect to get out of the experience?
The prime objective of this first workshop is to give attendees the ability to go back to their own companies, ask the right questions of themselves, populate a plan with a format appropriate to them, and have an outline strategy of how they are going to achieve their goals. Along the way they will have looked at some of the formats that have worked in other industries and hopefully come to appreciate that good Business Planning can accelerate the growth of their company, and give them an edge over competitors.
These are workshops in the true sense of the word and attendees will take part in a series of exercises that will enable Principals to return to their own business and bespoke a variety of alternative business plan formats. Getting the ‘buy in’ of everyone in the firm is also a key element to successful planning and a number of the exercises can be taken back and run inside one’s own firm to improve the plan.
The resultant plan will be concise, easily understood, and a road map to success.
What are the typical pitfalls of Business Planning?
Without doubt the most common error is that nobody does it! Not spending enough time in the research and planning stage before taking action is a close second. Far too often this results in new products or services being given away too cheaply, or administration running inefficiently because no thought was given to the implications of certain actions. At its worst this can result in a huge expansion of resource without any increase in profit or value.
Abraham Lincoln said ‘ If I had eight hours to chop down a tree I would spend six hours thinking and sharpening my axe.’ This illustrates well our view on the value of good Business Planning.
A further common fault is a plan that is either a well guarded secret or so long and dull that no-one either understands it or reads it. If no one uses the plan all your efforts are wasted.
Years of experience gained in formulating and implementing strategy across a wide range of industries has identified a common approach that if followed brings success.
What are the obstacles to Business Planning?
A lack of time is often quoted as the biggest obstacle to proper planning, but in truth this is a reason which masks other concerns. In some firms there may be a genuine scepticism that Business Planning is of no value, others do not wish to confront cultural or personal issues that lie beneath the surface. The real obstacle could attitudinal. In making the time to attend a planning workshop you will have taken a significant step in building a better business.
Dates for the workshops are on available from this website.