At Beacon, we have seen many financial professionals hit a plateau around $10 million AUM; for others, that may not reach their peak until $20-$30 million AUM, but rest assured, that invisible ceiling is there. If you want to ultimately hit your AUM goal of $50 million, $100 million or beyond, you will need to need one essential ingredient—scalability.
“The only way that we can go about creating a viable, growing, successful, large business and also have a life at the same time is through scalability. You must work on your business, not just in your business,” Beacon Managing Director, Dan Baccarini shares in his new book Scalable: The Key to Tremendous Business and a Tremendous Life!
Here are three steps to immediately improve the scalability of your business:
1) Outsourcing – the single most valuable asset you manage is your time; it is a non-renewable resource. If you feel like there is never enough time in your day to prospect, to serve your clients or to spend with your loved ones—it’s time for you to take control of your business. The number one solution for this is outsourcing.
It starts with a simple question: What tasks are you doing that someone else can do (maybe even better or for less cost)?
Start by making a list of how you spend your time, then dig deeper. What systems, technology or hires do you need to make to leverage and maximize your time?
2) Creating Systems — To confidently outsource tasks, having clearly document systems in place will help remove questions and quality inconsistencies. The key to any great system is checklists. Take time to list all the processes that you can think of that occur in your business. Then look at each one and break it down into the steps. What can you create a checklist for? Each checklist should contain no more than six to nine items. If you have a checklist with more than nine items, see if you can identify sub-processes within the larger process. Then write a checklist for each sub-process. (For more on creating great checklists, review our past article, “Checklist Manifesto.”)
Three primary systems for a scalable business include:
- System for generating leads
- System for turning those leads into clients
- System for turning those clients into raving fans
These pieces combined create a complete sales funnel and the infrastructure for consistent, predictable business.
3) Execution — The final ingredient is the most difficult—actually doing and sticking to your systems and plans. Planning and execution combined is what equals success. This isn’t something that’s going to happen overnight or without effort. You can either try to go it alone and do it all yourself, or you can get someone to help you, to coach you along the way, to be your partner in your success.
At Beacon, we are here to be that trusted partner for your success with investment solutions and turnkey marketing, operational and account management support. Simply put, we work to make it easier for you to spend more of your time and energy working with your clients and less time and energy worrying about the other stuff. As always, contact your wholesaler to discuss the many resources available to you and how we can be of help in reaching your business goals.