Why Socialize Your Business Plan: Your Success Hinges On It

Why Socialize Your Business Plan: Your Success Hinges On It


Why Financial Advisors Need to Socialize their Business Plans


Published February 13, 2019

So, now you have done many of the steps required to create a solid business plan for 2019. What’s left? For one, if you do not get buy-in on your business plan and the goals set forth within from your core constituents, you will never achieve your goals. But, how do you do that? And who exactly are those folks? Let’s explore a bit further.

As someone who has worked with thousands of financial advisors on their business plans, it never surprises me when I walk into an office to find a carefully crafted (and possibly expensive) business plan, but it is an unknown entity to the other members of the team in the office. Perhaps the owner sent it out in an email to his or her employees, but then never addressed it further. The truth is, your business plan impacts every person who interacts with your business, but especially your employees. They are invested in your business and should be concerned about contributing to the firm’s long-term success. Other constituents may include board members or a leadership team. When it comes to actual implementation of a business plan, success can only be reached when you have socialized the business plan and have everyone on board.

How to Socialize Your Business Plan and Goals
  • Align the leaders of each department on the key initiatives that will be required to execute on the strategy. Bring your head of ops, head admin, investment professional, marketing guru into the conversation and go through the key initiatives and how you see them each contributing to the goals within their department.
  • Plan for change. Discuss amongst this group what will need to change in order to make these goals achievable. For example, do you need to hire another person in an effort to achieve any of these goals? Do you need to realign or reassign someone on your team to another area?
  • Share the strategy. Once both of the above steps are taken, have a company-wide meeting. Sharing and socializing the plan with your workforce is important. Be thorough and answer questions. Don’t just put a document together and email it out. Come prepared to explain it and answer questions.
  • Reinforce the plan throughout the year. Keep employees in your office abreast of how you are measuring against the goals. Remind them of what you set out to achieve on a regular basis.

Completing these steps helps your core constituents feel included, and it can also reaffirm their value to your organization. Be sure to communicate your passion and excitement for what your advisory firm is going to do in the future. Explain why you’ve developed this plan and these specific goals, so they understand the potential impact. Your business plan and goals are too important to leave to chance. Give your team an opportunity to share in both the effort and reward of implementing a business plan and seeing the results.

At the end of the day, none of us can achieve greatness alone. We are all dependent on others to help us. Being inclusive in the process of achieving your goals can help with tying your employees into wanting to see you succeed and set your firm up for success.