Lesson 2 | Gaining Clarity of Goals

Transcript: The business audit is one of the most visited and used practice management tools in SEI's Growth Lab. This two to three minute exercise will help you gain clarity on where to focus when working on your business, what success looks like to you, and who may be the right person or partner to help you make progress. So let's get started. You'll notice on the business audit that there are eight areas of an advisory firm, starting with firm vision and management. Begin the exercise by reading the statements associated with each category and rate how strongly you agree with the statements today in the current rating. Then note your desired rating, where you'd like to be in the future. Five means you strongly agree in addition to the current and desired ratings list. Who owns that area of the business today? So pause this video to complete the audit. When you're done, I'll show you how to use your inputs to gain valuable insights on where and how to focus your energy to have the greatest impact in your business.

Now that you've completed the audit circle the areas that have the greatest delta or difference between current versus desired rating. You may have more than one area. That's fine. These circled areas are where you have the greatest opportunity in your business and where to focus your time and resources. If you have multiple areas, we recommend prioritizing the areas at the top of your list. Think about it. Does it make sense to invest time and effort into business development without the right people, technology and operations in place to maintain capacity? Often these areas are dependent on each other. Having a strong foundation in place with firm goals and a plan, the right people and processes can help increase the success of other areas in your business, such as expanding your planning services, serving more high net worth clients, and navigating a business transition such as a sale or a succession.

Next, define what success looks like in those areas. You circled by answering this important question. What does your desired future state look like? For example, if your desired rating is a five, what does a five look like in that area? A five rating in firm vision and management for one firm may be very different than it looks like in a different firm. Defining what future success means to you is an important first step in your ability to make progress in that area. Finally, take a look at what you wrote in the owner column. Is there one or multiple names? Is the person or people listed have the desire, skill, and capacity to take this area to your desired future state? If the answer is no, you may not have the right person owning this area, or you may want to consider how the right partnership could help.

Ownership and accountability are important concepts when it comes to driving action and progress in a business. If your name is listed for every category, I'm sorry. We work with many solopreneurs and entrepreneurs who feel like they need to be the owner of everything. I would challenge you to drop that assumption as soon as possible. The more time you spend on the right activities, those things that you deliver the most value to your clients and the business, and hopefully enjoy the more productive and impactful you'll be. There are many ways to hand off aspects of the business. You can do it through hiring, developing, and promoting your people or outsourcing to the right partners. If you are the owner across many categories or all categories, consider these questions. What areas do you wish you didn't own? Is there someone in your firm that may have the interest, skills and capacity to grow into the owner of that area?

How are other advisors like you outsourcing those aspects of their business? SEI has a number of practice management tools, services and resources such as outsourced investment management and an end-to-end turnkey technology platform to help you get started on making progress in your business. Talk to your SEI Business Development representative for personalized recommendations in the categories with the lowest current ratings for all areas, SEI communities can be useful to learn, share, and grow together with your peers. Don't stop here. Encourage your partners and team members to complete the audit too. Compare your results and work to define what your desired future state looks like. Together. As always, we're here to help. When you're ready.