An organizational structure is the foundation from which a firm grows upon and is an essential element to growing a firm. When working with clients, one of the key underlining issues I often see that prevents growth momentum is related to how a firm is structured. To have a strong foundational structure means all roles are clearly defined and the leaders have identified where their most valuable time should be spent.
The good news is that implementing a few simple changes can have a huge impact. This is why I’m so passionate about this topic and helping business owners create a powerful structure.
Building a strong foundation will give you time freedom to focus on your areas of strength and where you thrive. It will help the business to clarify and simplify to achieve goals and provide a pathway to overcome obstacles and recognize opportunities. As a business owner it is important to define the role you play in the overall structure and to build a team around you to support that.
A business owner can many times find themselves running around tackling problems as they arise instead of getting ahead of them. The key to getting ahead is to have a plan and a solid foundation to move up from. This is the balance of working “on” the business with working “in” it to maximize your growth potential.
Why STRUCTURE Matters
For solo-entrepreneurs and early career financial advisors, building a foundation is paramount to growth. In the early stages a business owner is wearing many hats and juggling many responsibilities. Creating a forward looking structure is a way to architect what to build and most importantly define where to spend your time. This is a powerful way to create focus, determine who to hire and what to outsource.
For seasoned firms, building a solid foundation for the business is essential for the growth and sustainability of the firm. Creating an organizational structure with a leadership team will help to divide and conquer to effectively run the business and evolve it.
For transitioning advisors nearing retirement, building a structure is a powerful way to support that succession and continue the growth momentum of the firm. To effectively hand the reigns off to that next generation owner, strong entrepreneurial skills and defined roles that clarify who is responsible for what are necessary.
THE RESULT
Clarifying the business structure improves efficiency and drives growth. When a firm is structured properly then everyone can stay focused to grow and develop the business. This will drive employee satisfaction, retention, as well as organizational performance. Building a strong foundation allows expectations, processes, and goals to be defined and executed upon. Developing structure leads to building a valuable business.
If you want to know more about implementing these techniques, Strategic Advisor Solutions has launched a new Online Course. We guide you step by step at your own pace to develop a strong firm structure. Check it out here.