Business Essentials P201


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Use Practice101 tools to reach your business goals faster, based on the right information and with less pain. The web-based tools can be used to identify problem areas as well as create the solutions to resolve them. The available solutions include business and marketing plans, client surveys, client vision boards, amongst many others, in short, using Practice101 tools will improve your business performance. The tools deliver detailed reports that will enable you to implement action plans to address identified areas of concern or simply help with a facelift.

Please note: All subscriptions are valid for a period of 12 months
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Business Assessment

Business Assessment
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Indicator  Buy now for $750

When was your last business assessment?


Pricing Model

Pricing Model
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Indicator  Buy now for $400

How did you determine your fee for services?

Business Plan Creator

Business Plan Creator
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Indicator  Buy now for $750

Do you regularly update your business plan?
To ensure peak performance, an advice business should undergo regular performance assessments. Business assessments are a crucial aspect of understanding what your business plan should look like, what’s working the way it should, and what is not. A modern advice business requires ongoing change. It requires a recipe that has to be stirred frequently. This is why a business assessment, done on a regular basis, should be incorporated into your overall strategic plans. Put it another way, you cannot close gaps if you have no idea where your gaps are. Pricing is the single greatest lever you have for improving profitability in your advice business. Building a good pricing capability for your business requires the careful development of a pricing methodology which assesses your payroll, operational costs, time spent on financial advice activities and ongoing service. It also requires you to consider both intangible and tangible services. A lack of strategic focus on pricing can prove costly for your business - remember - financial planning is complex and requires a price tag to reflect that. Your advice business should have a business plan that is updated regularly to ensure nothing slips through the cracks. "Winging it" leads to a lack of accountability—not exactly a good long-term strategy for your advice business. A well thought out, regularly updated business plan helps you document and communicate goals as well as make informed decisions - a key to ongoing advice business success. The Business Plan Creator takes you through a planning process designed to give you a quality plan that can be updated regularly.
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Marketing Plan Creator

Marketing Plan Creator
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Indicator  Buy now for $500

How relevant is your marketing plan?


Valuation Model

Valuation Model
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Indicator  Buy now for $750  

What is your advice business worth?

Risk Management Plan

Risk Management Plan
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Indicator  Buy now for $1 250

Do you review and then update your risk management plan every year?
A strong marketing plan can be essential to your business success, allowing you to capitalize on your strengths, focus on your highest potential clients and relationships, and deliver your message effectively. A marketing plan achieves these goals to increase both advice business practice and profitability. In fact, the proper alignment of your marketing efforts is a critical determinant of business success over time. Our Marketing Plan Creator extends the Business Plan Creator and ensures a blueprint that allows for ongoing measuring and monitoring progress so you can adjust along the way. There are two sides to that question: what is it worth to someone else, and what is it worth to you? How much of your future personal happiness and financial peace of mind is wrapped up in the advice business you have dedicated your heart and soul to building? What's your timeline? What will change?

These are big questions! Do not wait until you are ready to sell to increase the value of your business - make your informed decision now.
Business risk may be described as anything that threatens the continued success of your advice business. Unfortunately, advisers sometimes overlook the potential risks that can derail their businesses. ASIC expects these business risks to documented, managed, and controlled. The regulatory standards for risk management have been set out in both the Corporations Act and ASIC regulatory guides. Our risk assessment tool helps you to identify, prioritize and put in place actions to mitigate your business risks.
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Client Perception Study

Client Perception Studies
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Do you know what your clients feel about your service?


Workflow Designer

Workflow Designer
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Indicator  Buy now for $350

Have you documented all your advisory business workflows?

Client Surveys

Client Surveys
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How often do you do meaningful client surveys for your business?
A client perception survey is one of the best ways to deepen and expand your client relationships. Knowing your clients and finding out how you can solve their problems is key to building long-lasting, profitable relationships that make them feel that they are always top of mind. This perception study first asks you how think you are doing in your client service activities and then allows you to ask the same questions of selected clients. The result is a 360 overview of your client service experience. Creating formal business processes is not just for the work that you do directly with clients and prospects. It is also relevant for anything that might be repeated over time within your advice business. Before trying to structure your business processes into an automated workflow in your CRM, start out by using our workflow design tool and test out your processes before creating them in your CRM. Redesign your new client onboarding process and your annual progress meeting and see your CX and operational efficiency improve. Customer service is the foundation of your business growth. You can spend money on marketing, but if your client service is flawed, you will lose traction. Undoubtedly, happy, and satisfied clients are a core aspect of every successful advisory business. Such clients do not just remain loyal; they also help you identify what you are doing well and how you can build on that to grow your client base. Client surveys come in handy when you are trying to get an idea of what your potential clients need. They are therefore essential for your business growth.
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Client Storyboard

Client storyboard
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Do you visually engage with your clients during discovery meetings?

Five Minute Personality Evaluation

Five Minute Personality Evaluation
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Do you know what motivates your individual team members to perform?







Money has been said to promise the illusion of fulfillment. Countless stories evidence the contrary. In fact, helping clients discover and illuminate their meaningful life requires a process which unearths a client’s values, emotions around money, goals, and financial resources. Our client storyboard helps financial advisers map "money to meaning" on the journey to funded contentment. If you want to create a tangible, valuable and engaging client discovery experience why not create a visual client storyboard? The best chance for success when choosing to have your team take a shared personality test is to reflect on the why for getting assessed. Understanding differences creates empathy, which builds emotional intelligence, which contributes to productivity, happiness, and retention among teams. The whole point of team development-focused tests is to build emotional intelligence between its members. In other words, it is to remind each other that we are all human beings with different perspectives, experiences, and skills because that understanding helps teams perform better.
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Financial Check Up

Financial Wellness Check-up
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How often are you getting a financial wellness checkup?






 





When you go to the doctor for an annual physical, to the dentist for a teeth cleaning, or bring your car in for an oil change, you are prioritizing things like health, maintenance, and wellbeing.

But when it comes to your personal finances—how often are you getting a financial wellness checkup?
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Quote of the Day

Quote of the day

Instead of compiling a realized gains and loss report, the associate sees that the client’s grandson hit the gamewinning home run and was in the local paper. They get a copy, frame it, and mail it to the client. A machine can't do that. — Spenser Sega
 


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