Advisory firm leaders play a crucial role in shaping people’s understanding of wealth by promoting a culture that values self-care, balance, and fulfillment. By setting an example within their own business, they can inspire their clients and colleagues to prioritize personal growth and well-being.
Investing in human capital is essential for service-based businesses to overcome challenges and manage growth. In fact, research conducted by the McKinsey Global Institute reveals that organizations focusing on human capital enjoy 30% higher revenues per employee.
Companies can create an environment that supports long-term success and well-being by addressing turnover, inefficiencies, and personal and professional fulfillment. Leveraging tools and strategies to optimize people, processes, and technology helps streamline operations and promote a culture of continuous improvement.
Business owners should focus on providing opportunities for continuous learning, encouraging creativity, fostering specialization, and prioritizing diversity and inclusion. Implementing coaching and mentorship programs can unlock employees’ potential and contribute to a supportive work environment that nurtures personal growth and well-being.
Optimizing People
Investing in employees’ career development is vital for advisory firms to foster job satisfaction, retention, and collaboration. You can showcase a commitment to employees’ success and personal growth by using Career Pathing™ and refining Life Career Mission Statements™. The tools below can make the process consistent and offer a guide that both you and an employee can refer to when evaluating progress. It’s also important to plan regular mentoring and goal-refinement sessions to help maintain focus and ensure employees remain invested in their career trajectory and the company’s success.
One way to prioritize a positive client and staff experience is by adopting IDEOS™, a methodology that can be applied across business areas to achieve efficiencies and allow staff to self-train or rise up their career path by delegating.
Here’s how you apply IDEOS to major processes within your business:
INTEGRATE: Think about strategically integrating technology and data in each process with the purpose of reducing the work and free people’s time to focus on higher-skilled responsibilities.
DELEGATE: Seek methods to delegate this work more easily to others while maintaining quality control.
ELIMINATE: Remove duplicate or unnecessary steps in the process by either eliminating or automating the work.
OUTSOURCE: Consider better use of current providers to complete the work that the team is not passionate, skilled, or has capacity to complete.
STAFF: It’s critically important to assess the impact of these changes on your staff. Will we be making someone feel less valuable? Will we need to train someone to do a different role? Prioritize focusing on the cultural aspects to prevent “toxicity” from taking root and foster a positive work environment.
Adopting the IDEOS™ methodology offers numerous benefits, such as improved client experience, reduced operational costs, flexible business scalability, work-life balance, and increased employee satisfaction. Businesses can successfully manage growth by concentrating on lean improvements while maintaining exceptional service and profitability.
Embracing Net Wealth for a Holistic Approach to Success
The Net Wealth concept encourages a multifaceted approach to success, encompassing various life aspects such as mental health, education, physical health, and community engagement. Financial advisors and business owners who want to adopt the net wealth concept need to invest in human capital, promote diversity, and prioritize personal growth. (For more on net wealth, read our article “Think ‘Net Wealth,’ Not ‘Net Worth.’”)
Leveraging essential tools will energize teams, streamline operations, and drive growth. Financial advisors should actively promote education, training, networking, and personal development to foster a net wealth-supporting environment. Integrating human capital considerations into client guidance ensures a comprehensive approach to financial well-being.
Understanding the complexities of business growth helps owners make informed decisions regarding task delegation, automation, or outsourcing, enhancing financial success and overall well-being.
My Virtual COO’s Jen Goldman and Devon Volker make businesses healthier and scalable or saleable. They come with 30+ years of operations leadership, experience, and expertise in staffing, systems, processes, finances, and marketing to boost People, Productivity, Profitability and Growth.
