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Success Systems For Your Firm

  • By Andrea Schlapia
  • |
  • June 5, 2012

We are in our second cycle of blogging about Ironstone’s Fundamental 4™, and sincerely hope that you are gaining additional guidance and support for implementing best practices in your firm.

Ironstone focuses on 4 key fundamentals that we refer to as the Fundamental 4.

  • Strategic Planning
  • Business Development
  • Operational Effectiveness
  • The Human Element

Each of the 4 key fundamentals have 8 sub-categories that you will use to begin creating your systems.  Visit our website to see each sub-category to start your system processes.  www.IronstoneHQ.com

In series one, “How To Increase Your Effectiveness,” http://aeschlapia.wordpress.com/2012/02/14/how-to-increase-your-effectiveness/   we reviewed how you can increase your effectiveness by using reports and tracking systems in your firm.  When you define your standard operating procedures and create multiple tracking and reporting systems the operational effectiveness of your firm is improved.

Clients and prospects come into direct contact with each of your systems.  To provide extraordinary service you must pave the path by implementing and updating each system.

How To Start

Start by developing the external and internal processes for each sub-category of the 4 key fundamentals.  Formally communicate these processes with clients and team members in order to achieve the mission and vision you have established for your firm.

 “Inch-By-Inch It’s A Cinch!”

For each process/system that you create, follow these steps:

Step 1:  Introduction

Your introduction should include the following components:

  • Title – name the process
  • Purpose – describe the intention/objective of the process
  • Scope – identify when and to whom the process applies
  • Roles – list the roles and functions of those involved in the process
  • References – include any reference documents that help form parts of this process.

Step 2:  Steps/Procedures

Begin writing a list of each step needed to perform the process.  Each set of procedures must be followed to accomplish a given task.

Step 3:  Mapping

Describe the event and the amount of time that is required for the process.  Describe the inputs, activities, sequences, and decision points within the process.  Use flowcharting to provide a visual aide to the process.  Within this step Ironstone has found that a checklist of each output will help to validate that the action is completed.

In the Mapping Step you should also include exit criteria.   Describe an output’s state (or condition) required before the process or procedure can be considered “complete”.

Step 4:  Metrics

For most processes that you create, you will want to ensure that the process is measured to determine its contribution to your firm.  Determine what key metrics you will monitor and compile data that will demonstrate the ROI from the process. Be sure to review any areas that should be improved.

Step 5:  Document Control

Create a chart that contains the history of any revisions made to your document.  In the chart, include the date, the revisions that were made with a brief description, and the person who made the revision.

Your systems and processes will provide consistency throughout your practice, and Ironstone can provide you with templates and checklists to help you get started as well as review your current processes to identify the gaps that are most commonly overlooked.  Contact us for assistance in creating proven and effective systems for your firm.
 
 
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

Are you just getting by or are you getting better? Get started today!

Author Bio

Andrea Schlapia, RCC™, HCS, sHRBP, is the Founder and CEO of Ironstone, which represents the culmination of her 20+ year career within the financial services industry. Her experience began as a financial advisor evolving into a consultant coach for advisors entering the field. This ignited her passion to support others through learning and development of best practices in order to achieve substantial results. To this end, she followed her desire into positions of senior-level practice management specialists for Dreyfus, Prudential, and DWS Investments prior to the realization of Ironstone.  Andrea’s focus is on practice management strategies to enhance and improve both business and personal life. Andrea identifies 4 key performance areas known as the Fundamental 4™, which are required to design, develop, and sustain a successful business. Through coaching sessions and speaking engagements, she captivates her audience with interactive, high-energy presentations which are built with “how-to” strategies resulting in real-world implementation for significant impact. Andrea has been featured in multiple publications and audio broadcasts as a specialist and distinguished spokeswoman in the financial industry.

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