How To Increase Your Effectiveness
Ironstone believes that one of the best methods for operational effectiveness is to define your standard operating procedures for your practice and create multiple tracking and reporting systems that measure your results. You should create reports and checklists by observing your current projects and processes, including the sequence of each.
For example, a powerful client engagement process consists of the design and creation of Financial Advisor service teams, client segmentation, service matrices and new/existing client workflow systems. The fusion of these elements increases the efficiency of managing the workload while increasing the level of the client experience.
It’s imperative that each project and/or process that you are using in your firm has a Standard Operating Procedure (SOP). The goal is to be efficient and effective. The SOP should include:
- The name and description of the current project/process
- Define the sequence of events from the start to the completion of the project
- Outline the implementation steps to complete the project
- Create checklists or use supplemental information to aid in the management of the project
- Determine the key metrics to be measured and how
- Set a schedule of regular communication regarding team progress
- Periodically review the processes to determine if any changes or updates are necessary
At Ironstone we find that the best way to start is to observe your current projects and process (or lack thereof) by taking detailed notes and surveys of day-to-day activity. Make your list of what processes are in place or need to be in place and then create the standard operating procedures for each.
There are many areas within your personal and professional life where you can put this into practice. Some of these include (but are not limited to) time management, methods for prioritizing, balancing life and work goals, staff meetings, marketing plans, client appreciation/retention, demographic analysis, and database management… just to name a few.
We know, it sounds like a lot of work, right? You can’t have a full understanding of your business without tracking results along with measuring and analyzing internal processes.
Let us know how you create and manage your Standard Operating Procedures, your best practices, and what areas of assistance you need in developing effective operating procedures.
Contact us for assistance in starting and improving your internal reports and tracking systems. You will also want to download our Reports & Tracking Checklist! 2.14.12Reports&Tracking
Follow us as we explore each of Ironstone’s Fundamental 4™!
- Strategic Planning
- Business Development
- Operational Effectiveness
- The Human Element
You won’t want to miss our next in the series: The Human Element-Leadership
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