It makes sense for any business owner, whether the business is young or old to treat their business as the valuable asset it is. Not having succession planning in place can put you at risk.
What can people do right now?
1. Think of your practice as a business and reduce dependency on any one individual. Involve other staff in key activities.
2. Remember that having a back-up to yourself helps reassure clients too.
Benefit of valuing your business regularly…
This is a simple, prudent business practice to understand the value of your business. Could you sell it today?
How does succession planning affect your bottom line?
Those who have a plan are generating 151% more profit than those who don’t.
Terry Bell is a principal of Business Health Pty Limited. Business Health is headquartered in Sydney, Australia and was established 14 years ago to provide practical “down to earth” assistance to businesses with particular emphasis in the financial services industry.
The Business Health Team have clients in the U.S.A., South Africa and the UK as well as Australia, that range in size from large multinationals to boutique financial planning firms. As well as providing cutting edge advice and business development programs to their private clients, the company has developed two unique diagnostic tools; the web-based Business HealthCheck and the confidential client survey CATScan.
Business Health brings a wealth of knowledge and experience to the financial services industry. Terry has had many years experience in a variety of senior management, business development and operational roles. Through his consulting he has been able to help businesses position themselves for success in the 21st Century. His knowledge of market trends and business structures, both in Australia and internationally has allowed many professional advisers to build valuable, profitable, sustainable and relevant practices.