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(NO SHADES OF GREY)
Have you ever wondered why air travel is safer than road travel. If you thought otherwise please get your facts right.
And have you wondered how heart surgeries are now nearly 99% safe.
What is the reason for this success rate?
Clearly in both the above examples, there is no about of ‘chalta hai’ attitude. The plane either takes you to you destination of rewrites your destiny.
The outcome clearly is 100% successful or 0% successful which means your plane has crashed.
Likewise either your surgery is top grade or you are dead. There is frankly no in-between possibilities.
So when a particular business has no option other than zero (failure) or one (failure) the business develops unfailingly reliable processes
Right from the time you step into the airport till the time you step out of the destination airport the passenger has to comply to a series of processes like check in, security, boarding, security announcement, turbulence announcement, landing announcement etc.
Process is doing the same thing the same way again and again and again without exception whatsoever.
Same holds good when you enter a hospital for surgery.
Processes are the backbone of businesses and when married to technology become automation that helps scale up the business.
Unfortunately we do not treat most business in this manner and hence experience average performance and breakdowns.
We waste time and allow resources to be wasted. The chalta hai attitude creeps in and excuses become the order of the day. There is always a tomorrow to redeem the situation.
All this causes the business to rot and fail.
The advisory business too needs to operate in the ‘zero and one’ frame of enterprise for which one needs to define processes and follow them religiously like clockwork.
Processes one needs to build into the business model are
1) Client on boarding process through education on one to many platforms and digital marketing strategy
2) Process of generating financial health report and recommendation
3) Process of generating financial goals
4) Process of generating financial road map that accounts for different levels of risk appetites
5) Process of asset rebalancing based on time based or other triggers.
6) Process of client engagement and CRM programs
7) Process of goal tracking and goal reaching
8)Process for company MIS
9) Process for client classification and filtering
10) Process for asset allocation
11) Process for product research and classification
12) Process for operations and administration and HR management
While the above processes if defined to the ‘ ‘T’ can change the entire complexion of the business leading to awesome outcomes, one can keep adding to the list to make the business truly a world class one
Only 3% of IFAs are managing more than 50cr while 97% are still trying to climb up.
Those who are successful have been able to institutionalise many innovative processes like structured solutions, exclusive and structured products so on and so forth.
They keep designing and implementing more and more processes and in the bargain reap more and more rewards.
It is nice to be lonely at the top for the view from.abive is truly enchanting.
Want to join them?