There are three roles a practice needs to cover to grow and become efficient, and profitable.
This Friday, I'm going to be sitting down with Angela Laughlin of BBB Partners to talk through one of the most important roles to get right at some point in a practice evolution - the Practice Manager.
She will share the many lessons in her time being a Practice Manager, and I think it's essential for any adviser considering hiring a Practice Manager or simply interested in efficiency, systemisation, and motivating your team.
Some of you might notice some synergy with Michael Gerber’s e-Myth.
It’s true, there are similarities. However, I'm not talking about the evolution of an individual entrepreneur. I'm talking about growth strategy for a business and how to avoid a common mistake many practice owners make.
In most advice businesses, this is the principal adviser and this person's role is all about giving the business direction or, to quote Dan Sullivan, "imagining stuff that hasn't happened yet:"
This person is the spark who creates opportunity where none existing before and drives the growth of the business, whether that means creating the business plan, bringing in leads, or just identifying the right clients to work with.
This is where most businesses start. After all, without this, it's unlikely you've actually started a business.
People who succeed in this role are usually systems thinkers. They excel at taking a strategic plan or an idea around the direction a business needs to go in and turn it into a series of steps to get there.
It's a key role most practices need sooner or later. Without it, most practices sooner hit a capacity issue. Very few people can wear this hat and others as well. More on that later.
These are people who are very capable of undertaking the task needed to deliver advice and usually best equipped to identify ways to improve things as well.
Every business needs Doers, but without Organisers it's often the Creators who are asked to do the organising.
This is one key area I'll explore with Angela. Most practices are lacking in the middle area.
Often when practices are looking to grow, the first role they'll hire is their admin person or a junior adviser. Both roles are typically about execution (i.e Doers).
In truth, I think one of the best hires you can make early on is someone who can be the organizer - someone to manage the workflow, someone to help document the systems, someone to help manage you and organize what needs to happen.
In truth, there are many many options when it comes to handing off the "doing" - offshore, onshore, automation, and more - but having someone who can organize things, help you develop the system, it's one of the most important things that any business can do to break through the barrier that holds many back.
If this is useful I strongly suggest joining me and Angela on Friday at 10am, because this (and more) is the important insight we'll cover.
She's going to tell you the mistakes that she spots and you might otherwise miss.
For anybody who is interested in systems, growth, profitability, and efficiency, this could be the best forty minutes or so you invest this month.