re-engineering the structure of your business

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re-engineering the structure of your business

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1. Re-engineering the structure of your business Chair: Richard WebsterHead of Sales and Distribution, Friends Provident Brett DavidsonChief Executive, FP Advance Limited

2. ? 2004 FP Advance all rights reserved 2

3. ? 2004 FP Advance all rights reserved 3 Todayís Agenda Donít Start From Here What To Focus On The Business Management Process

4. ? 2004 FP Advance all rights reserved 4 Donít Start From Here In the BeginningÖ Phase 1: Survival - Must catch and kill to survive - Anything will do Phase 2: Growth - You find a formula that works well enough and keep doing it - Some refinements are made along the way Phase 3: Madness - You have thousands of clients - But you keep looking for for more - Which alienates some of your good clients from the past - And keeps you stuck on the treadmill

5. ? 2004 FP Advance all rights reserved 5 Business Growth Roadblocks

6. ? 2004 FP Advance all rights reserved 6 Each Stage Presents New Challenges What Is Required Changes Systems and processes Technology Staff skills Mix of staff Remuneration Management information Organisational structure

7. ? 2004 FP Advance all rights reserved 7 Three Keys To Focus On The Fundamentals - Client segmentation - Service standards - Pricing - The first client meeting - Ongoing reviews - Converting existing clients (where appropriate) Marketing - Attracting adequate numbers of the right clients - Turning new business generation into a process Business Management - Strategy and execution (with the focus on the latter)

8. ? 2004 FP Advance all rights reserved 8 Barriers To Growth

9. ? 2004 FP Advance all rights reserved 9 Business Management Establish a corporate structure

10. ? 2004 FP Advance all rights reserved 10 Business Management Create a client service team

11. ? 2004 FP Advance all rights reserved 11 Client Service Team Adviser - Provides advice - Leads client relationship Paraplanner - Writes all advice - For every adviser - Highly qualified - Centre of learning - Quality control, consistency, branding Administrator - Implementation - Ongoing client service - First contact point for client

12. ? 2004 FP Advance all rights reserved 12 Client Service Team

13. ? 2004 FP Advance all rights reserved 13 Barriers To Growth

14. ? 2004 FP Advance all rights reserved 14 Barriers To Growth

15. ? 2004 FP Advance all rights reserved 15 Barriers To Growth

16. ? 2004 FP Advance all rights reserved 16 Self Employed Vs Salaried

17. ? 2004 FP Advance all rights reserved 17 Self Employed Vs Salaried The truth is that both ways have pros and cons Either remuneration model can work But there must be a strong value proposition from the business Otherwise it just doesnít work

18. ? 2004 FP Advance all rights reserved 18 The Way Forward

19. ? 2004 FP Advance all rights reserved 19 The Way Forward

20. ? 2004 FP Advance all rights reserved 20 The Way Forward

21. ? 2004 FP Advance all rights reserved 21 The Way Forward Now you have a value proposition for your advisers It creates a win/win/win environment (owner, advisers, clients) The business model is more robust than a simple roll up strategy Creating brand and scale is now possible

22. ? 2004 FP Advance all rights reserved 22 Some Governing Principals Progress not perfection Set the conditions for success You canít manage what you canít measure If you canít measure it - itís not a goal Profitable productivity Define success Execution excellence

23. ? 2004 FP Advance all rights reserved 23 What Prevents High Performance? Non alignment of staff to the business goals Lack of role clarity Lack of understanding by Principals of values and motivators of their staff Sloppy or non-existent performance management and measurement systems A Business Plan that collects dust Too many good ideas Ė no clear direction or priority Lack of accountability Ė too many ways to hide! Practice is principal dependant Inability to execute

24. ? 2004 FP Advance all rights reserved 24 Elite Business Management Process

25. ? 2004 FP Advance all rights reserved 25 Translated Into 1 Page Business Plan

26. ? 2004 FP Advance all rights reserved 26 Elite Business Management Process

27. ? 2004 FP Advance all rights reserved 27 Check Out The Evidence

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