How to break through the growth barrier

Five ways to take your business to the next level

Many advisors reach a point in their careers when the growth of their practices plateaus. Even though they continue to be profitable, they are no longer growing.

Perhaps you have worked for years to achieve specific asset or revenue targets but can’t seem to get to the next level. Or it may simply seem much more challenging to acquire new assets to grow your practice.

Getting past that barrier comes down to the question: “Where do I want to go from here?”

While some advisors might be comfortable being on a plateau, most want to take their businesses to the next level.  Their goal is to achieve sustainable growth, the underlying challenge of running a successful practice.

Here are some ways to help your business break through the growth barrier: 

Revisit your vision

It comes down to your practice’s vision linked to your growth aspirations. To stay motivated, be sure you have clear priorities and targets. You must also have a strategic plan to guide you along the way. It should help you determine where you are today, where you want to go, and how you will get there.

Re-examine what you do well

You got to where you are today not by chance, but by doing certain things well. Therefore, look at the things you do well and build on them. If you continue to do things you are good at, your business will flourish. You might also need to fix areas that need improvement.

Also, look at what your competitors are doing and introduce fresh ideas to get the attention of existing and potential clients. 

Reposition your practice

It might be time to introduce new strategies, methodologies and branding. This may imply overhauling or adjusting the operations of your practice to keep up with changes in the environment. It is also recommended that you revisit your marketing plan and your value proposition.

Perhaps what got your practice this far just doesn’t cut it anymore, so don’t be afraid to make changes, such as adding new revenue streams, if necessary. 

Re-allocate resources

If, for instance, you are doing all the marketing, then you should re-allocate roles within your team. Some clients may consume much of your time, holding you back from building your practice. If that is the case, you may consider segmenting your client base and reallocating certain clients to other team members. 

Acquire a book of business

Often, organic growth can be tough in a competitive environment. Instead, you can try growth by acquisition by buying a book of business to fuel your growth.