Link Between Seeking External Help and Profitability

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Respected consulting firm, Business Health, has registered its frustration with the majority of advice practice owners who fail to seek external assistance in building the value and profitability of their business.

The firm, which specialises in customised advice and solutions to the financial services sector, has collated a summary of the key takeaways it has experienced across 21 years of delivering services to financial advice businesses (see: After 21 Years – The Practice).

One of the key takeaways has been that:

“…those practices who engage with a coach etc on a regular basis, are achieving a higher level of profitability when compared to those who don’t.”

The higher level of profitability attributed to those advice businesses which seek external input has been measured, documented and monitored through Business Health’s bi-annual Future Ready statistical analysis series.

In its summary, Business Health notes the proportion of practices seeking external advice through a coach, advisory board or a respected BDM/PDM has remained “…frustratingly low” over the years, and disproportionate to the value of the practice itself.

…we can’t help but ask why haven’t more business owners sought advice…

Given it has evidence which supports the contention that advice businesses which seek external counsel are achieving higher levels of profitability, the summary notes: “When we consider the challenges of the 21st century, we can’t help but ask why haven’t more business owners sought advice, guidance and external input into their business?”

Click here to read After 21 Years – The Practice, which highlights the value associated with seeking external counsel, together with a host of other key takeaways which may add value for a diverse array of advice businesses operating in the financial services sector.