Rekab Advice Business Planning Review 2019

As I reviewed my business plan, company values and my own personal goals I went back to my old business diaries to measure how far I have come, what I achieved and where fell short..

A few years ago I wrote that I wanted to be a STAR in my business…. the image of lights and cameras may spring to mind, but this was not exactly what I meant.

STAR being the acronym of Situation, Task, Action and Results

STAR being the acronym of Situation, Task, Action and Results – is what I meant, and I aimed to deliver on all I put my mind to, through servicing my clients, building my business and raising my 3 boys. It has been a great exercise as I have been able to measure how far I have come, and what I need to improve and fix.

Funnily enough, at the time I wrote that goal in my diary I did not actually adopt this concept in my client process. I was so caught up in industry jargon and what my mentors and colleagues were doing. I feel now, this is where I have fallen short in some ways. I never gave my business and process my flavour – my personal edge. So, this year I am making some changes. My process demonstrates STAR qualities, my team deliver, and we do this knowing our values and the businesses core values are aligned; therefore, the clients get the results.

So here is how we work:

Situation:

Understand our client’s situation – financially, emotionally and mentally. Money is a very personal thing and understanding this along with my client’s values, objectives and their life goals help us help them. So, our first meeting is quite like an interview where we get to know each other.

Tasks:

Following our meeting, we create a plan that will address their situation and an outcome they desire. We research and we strategise. We will make recommendations and write up a Statement of Advice and an implementation plan they can follow.

Action:

We work with our clients to ensure they know what steps to take and how to implement the advice given. We then follow up on our advice, ensuring everything we recommend is in place. We then begin to measure results over time.

Result:

We establish an ongoing relationship with our clients and measure the outcomes of the advice delivered throughout the year and beyond. Following this we check in to see if we can further improve their situation.

Re-doing my business plan is a cathartic process. It takes effort and moments of being honest with yourself. Measuring where we have succeeded and failed can be a challenge as it will require change.

I ask the same of my clients when reviewing their financial plan. It is humbling, but incredibly rewarding to do. As is seeking advice and kicking goals.

“it has taken me so long to realise that it won’t work if it is not genuinely me”

Over the years I have tried to model my business against others, constantly comparing to what other firms do in the industry. I honestly don’t know why it has taken me so long to realise that it won’t work if it is not genuinely me. I always found myself not sticking to the formula because the formula was never mine. It is the same with a financial plan. I can sit with a client and give them a process to follow, however if I don’t fully understand their values, their goals and their desires and plan around those key factors they will fail, and I essentially fail them. So I am taking a leaf out of my own method of financial planning and applying it to my business planning. It is personal. It needs to be.

And I publicly share this because one of my core values is full disclosure and transparency.

Don’t fear change, every success story is a tale of constant adaption, revision and changes.

Watch this space 😊

Amie Baker

Amie is a passionate financial adviser who also is a hard working mum of her 3 boys. With a dedication to helping people in her community and also hosting and running regular charity and fundraiser events, she is a busy professional just like you. Her focus is to help her clients by showing them simple ways they can achieve their financial goals. Amie's success is in the success of her clients.

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