What makes or mars a well laid out platter of food at the restaurant is the aroma that makes you either to salivate at the sight of the food or just sniff at the compromise called a cuisine. The fate of the food gets promptly written either in the dismissal of a revisit or succumbing to eternally patronizing the place.
The same holds true, when it comes to converting the ‘beginning’ of an advisory business to a full-fledged ‘solutions’.
Adversity fetches frowns across the temple, while the high priest in a self-starter gets lost in the plurality of purpose to live the day that is today. Books on attitude, Heroic biographies, Famous quotes and the Facebook share-it’s wryly looks at the plight masked in nonchalance, for there seems to be no way out!
I had read of the plagues that confront decision making and then have come to terms in learning about these dreadful aspects that copiously silhouette the underlying of a success as an outcome to decision making. The first being the lack of fortifying the end objective with a plan in place, be it a vision, a tactical plan or a transactional plan. The plan needs to be in the right hand. In the hands of the people who are trusted for not only who and what they are but for their qualified commitment to the accomplishment of the client’s financial goal.
The second critical aspect is the frugality of knowledge and information as resource. The act of getting the right information for the right engagement is the point; where we subject ourselves, being gullible to the vagary of emotions that goes on to plunder the outcome. The successful financial planners have been blessed either with the right mix knowledge based resources committed to a purpose or they have had unnerving tenacity to drive home something called self- belief and got their clients working towards it, without raising any eye-brows.
Once the plan is firmed up with right goal governance, it’s about establishing Parity.
Once your solution establishes parity, vis-a-vis similar products, offerings and propositions in the market for the clients, it becomes relatively easy to create ‘markets within market’ for niche offerings from your stable at a delightful price point without raising eyebrows. This is commonly known to us as the Unique Selling Proposition for the product or the advisory. The mistake that we tend to commit is callously wasting time in creating a product USP and then looking out for a market which is just not ready and mature to pay the price for it to end up fetching frowns across the temple, unable to figure out what went wrong!
Abstinence from the luxury of trial and error during the infancy of a offering ‘advisory’ in financial goals is the key to the scalability of your business.
A fine balancing act between managing the execution and the reputation risk is a clear qualification of success. Not being led by premonitions by plunging to the pit, expecting the net to appear is sure to land you at the pit and you can go on cursing your fate, for you chose not to ask the right question.