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In the competitive realm of financial planning firms, excelling in operations and retaining talented employees are key to long-term success.
Business managers play a significant role in ensuring these areas thrive, especially amid a constantly changing market.
Through strategic planning, process improvement and effective people management, they create a solid operational framework and a positive workplace environment.
Operational excellence in financial planning firms encompasses various areas such as adhering to best practice standards and rules, delivering excellent client service and maintaining and continually improving robust internal processes.
Overseeing daily operations and making long-term decisions, they positively affect the firm’s growth and stability
Achieving operational excellence is not a one-time goal but a continuous effort requiring regular check-ins and adjustments. In fact, excellence is the journey, not the destination.
Business managers are crucial for achieving operational excellence. They set goals, align team efforts and implement policies that promote efficiency and best practice. Overseeing daily operations and making long-term decisions, they positively affect the firm’s growth and stability. Acting as a bridge between business owners and operational teams, they translate strategic goals into tactical actionable plans.
Streamlined, sustainable and scalable processes are about more than just repeatability; they drive growth. When operations are efficient, it saves resources, allowing the firm to focus on expansion, innovation and client engagement. Happy and well supported clients often lead to better client retention and referrals, further driving growth.
A well-run firm is more likely to keep its employees, who find satisfaction in a well-done job
Operational excellence and talent retention are closely linked. A well-run firm is more likely to keep its employees, who find satisfaction in a well-done job and a business that values and recognises their input.
A better work environment comes with reducing daily task frictions and promoting a culture of high performance and achievement. Business managers play a role in ensuring the work environment is both comfortable and empowering.
Fair recognition and rewards, continuous learning and development, open communication and employee engagement are key strategies for a retention-centric culture. Business managers arrange training programmes, mentorship schemes and provide resources for self-improvement, fostering a culture of continuous growth and engagement.
Operational excellence, growth and talent retention are interlinked, with business managers at the heart
Regular assessment through KPIs is crucial for understanding the effectiveness of both operational and retention strategies.
Feedback is also invaluable for continuous improvement. Business managers should set up ways to collect and analyse feedback from both employees and clients. This could include regular surveys, client conversations and even external audits for an unbiased view of the firm’s operations.
So, operational excellence, growth and talent retention are interlinked, with business managers at the heart. Their varied role, from refining processes, managing talent, to making strategic long-term decisions, greatly contributes to a firm’s success and sustainability.
Michelle Hoskin is the founder and director of Standards International
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