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10 top tips to perfect your business practices

Advisers can reach their full potential and lead a stress-free life by establishing and sticking with a set of sensible business practices, according to Standards International business development director Michelle Hoskin. She outlined 10 ways advisers can perfect their business practices and eliminate existing difficulties:.

Get the balance right

Hoskin urged advisers to make better use of their time: Overworking and bad time management could lead to inefficient use of everyone’s time and effort.

Establish and communicate business values

The entire team should be included in business planning. They should be aware of the firm’s values.

Be organised and know how pieces fit together

Hoskin told advisers to think about how each individual contributes to the firm, and get rid of anyone that does not add value.

Give the right people the right job

Everyone in the team should have a clearly defined role. Some employees never reach their full potential. Once someone is trained in a specific role, it is important to encourage professional development.

Delegate, delegate, delegate

‘We surround ourselves with people, but don’t delegate,’ said Hoskin. ‘Just because you think it’s a rubbish job, it doesn’t mean it’s a rubbish job for somebody else.’

Review time and task management

Developing processes and documenting how tasks are performed will eliminate future questions and help the business to run smoothly.

Have an operation management system

Hoskin’s office has 190 processes: ‘In our business I never worry about what’s being done and what needs to be done,’ she said.

Under-promise but over-deliver

Hoskin recommended advisers tell clients a job will take longer than it actually will. ‘It’s very impressive to the client [when you over-deliver],’ she said.

Financial forecasting

Hoskin said it was surprising many advisers did not have business plans or financial forecasting in place as these were vital.

Question and reward

‘I want you to constantly question how you can improve and create a way for your team to be rewarded for their input,’ said Hoskin.