Wealth managers often spend hours putting plans together. This results in a couple of things that could happen in your own firm. You either take too long to plan or you don’t plan at all. Both are really bad things for you and your firm.
If you’ve spent anytime with us you know that we don’t like to spend time doing unnecessary planning. If possible we like to cut time down on everything we do. Besides cutting time down we always want to make activities simpler and easier to use.
This is especially true when it comes to understanding where the biggest bang for the least amount of effort comes with your firm. Whenever possible, we look for tools that will help cut down time and effort to get a great result.
Client facing tools rock.
I hope that when you work with your clients you use client facing planning tools. You know the ones that you and your client work together to assemble a financial plan. If you do you know that you save tons of time in the planning process.
We’ve found a tool that allows us to do the same with you in the strategic planning process. Read on and you’ll find some cool things about our strategic planning process.
CoreValue allows you and your other managers have a short focused conversation.
If you’re going to do any strategic planning, you need to include key managers in your firm. CoreValue is set up in a manner where you and your management team are going to have a high quality conversation about key areas that drive value in your firm.
The software walks you through eighteen strategic areas that are important in your firm. The software and our conversation does this in an organized and efficient manner. Isn’t that something you would find useful?
The software helps develop an estimate of what your company is worth.
More importantly, the software helps identify the value gap that exists in the company. Let’s say you have recurring cash flow in your business of $500,000 per year. In that case the value of your business might be $1,500,000 or it could be $5,000,000.
$3,500,000 is a big difference. The difference would be how well you manage and run your business. CoreValue will help you identify what the gaps are in your business. It’ll provide an evaluation of what you can do to now that will add value to your business. If you build value today, you can be sure that will translate to a better price when it comes time to sell your business.
You want to really think about this. Sometimes making relatively simple changes can have a really big effect in both present and future results your firm achieves.
During the CoreValue conversation we usually find a strategic focus area.
You’ve done it I know you have. You’ve put too many things on your plate. You go to a seminar or read a book and before you know it you have five or ten things you want to do. I also know that you spend most of your time working in your business. When you try to do too many things nothing gets done.
Now tell me the truth…..has this happened to you?
Instead let’s think about your focusing on one thing that could increase the value of your business by 10%. You don’t work on any other project until sure you’ve completely finished or get to done – done on the first project.
I can tell you two things. First, focusing on one thing at a time will help you get a better result. The second is that if you decide to work with us, we’ll make sure you stay focused on a single activity that gives you the best result.
The CoreValue evaluation is fast.
Instead of spending days trying to figure out what the best opportunities are for your firm, we’ll have a general answer in about three hours. This is one of the things I really like about his product and know you will too.
I hope you’re a big fan of lean methodologies. Lean is the process of taking waste out of everything in your company. If you can reduce your strategic planning time by 75% I hope you would think that would qualify as reducing waste.
Building a mind map along with the CoreValue process helps us focus on obvious strategic opportunities.
Besides using the CoreValue process we use mind maps for taking notes. A mind map is a visual outline where we can put incredibly complex strategies on one page.
When a strategy is reduced to a one page document, it’s easier to understand and easier for you to communicate with others. One of our goals is to simplify and make your plan easy to implement. You’ll find that a mind map will take complex strategies and make them easy to communicate and take action.
I invite you to spend a few minutes and check out CoreValue. We have a sample of what it’s about. You’ll answer eighteen questions and spend about ten minutes getting an idea of what it’s all about. Go ahead, give it a try you’ll like it.
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