The Double-Edged Sword Preventing Your Growth
There was a speaker series a few weeks ago that focused on how to build and grow your business efficiently and definitively. There was a line up of presentations on getting your business over the hump, growing it to the next level. Since our Fusion goal is to do just that for advisors, we were front and center with pen poised as the different speakers took to the stage to provide their solutions to some of the biggest barriers to growth that firms face. PROBLEM #1 The first speaker talked about defining your role as a business owner. This is a familiar topic for us. We can't tell you how many conversations we've had with advisors where we've explained, "If you have the time to spend hours designing email campaigns, or completing duplicate paperwork for multiple accounts, or managing all of your trading manually, that means you aren't meeting with enough people. That is a problem." You, as an advisor, need to spend your time on revenue generating activities. That is, oftentimes, the hump that holds businesses back... the business owner is simply trying to do everything, and be everything, which leads to a growth of nothing. PROBLEM #2 Then, the second speaker grabbed the mic and focused on HR as a huge problem for business owners, noting that owners see a role and simply hire and hire to build a team to take on each of those roles. It doesn't take long for the the management, training, and expenses of that team slowly drags the company backwards and, six months later, owners are forced to let those team members go. The speaker commented that this was the number one reason he sees people either go backwards in their businesses or fail entirely. THE DICHOTOMY
Don't worry, you aren't the only one thinking it... So problem one is that business owners try to do too much. Problem two is that they try to hire people to help them. Are we missing something? It seemed that the solutions to one problem simply caused the other problem... THE SOLUTION Until that third speaker stepped up, stage center with the solution to the dissonance of problems the first two speakers had highlighted: technological support. Growing your business is kind of like managing a portfolio: you want to snag all the upside you can, while limiting your risk, and the best way to do this is to utilize the right technology. As a business owner, you cannot do everything. Well, you can, but you will never be able to grow while you are doing everything. But the first steps of growth cannot be to hire a team and hope they have the expertise to do what you need, or the commitment to get it done.
We see advisors often seek support from firms that can have several hands in your business, taking over the control, and your ability to grow.
Think of it this way: Right now, your firm is a row boat, depending on several different people and firms, each with their hand on an oar, to carry the weight of your business. You may be the captain, but you are at the mercy of the direction, speed, and motives of other people to carry your boat forward.
Our technology, Fusion Elements eliminates the need for those oars and the corresponding hands, and instead gives you a motor and wheel to drive your firm forward in the direction and speed that you determine is best. Instead of manpower, you’re able to harness the power of the Fusion Elements technology to provide your clients the advisory experience you both will enjoy, and grow your firm in the way that you've always aimed for.
With Fusion Elements...
you don't need to take on staff,
and you don't have to give up control.
If the problem was a dichotomy, the Fusion Elements solution is a trifecta.
Learn more about the Fusion Elements Technology with this quick intro video!