A definition of patchwork is the piecing together of multiple parts for the betterment of the whole. A question all financial professionals should ask of themselves is, “Am I patching problems with various solutions, or getting deep to the foundation?”
Using a patchwork process is common to most business owners, financial professionals not excluded. We examine a problem and often come up with quick solutions to mend the hole in the business.
A great example of this is staffing models. Your staff members are human. And humans require constant rebalancing to ensure maximum output. When one staff member has a rough go at life, others in the organization adjust to overcompensate for their poor attitude. When an associate complains about income and threatens to quit; business owners stop to review. If they’re keepers, you can adjust income input to meet their demands.
Both examples are patchwork. Designed to hold the business together. But, are we doing more damage than good over time?
Financial professional business owners have three mandates:
- Recruit new assets
- Retain households and manage assets appropriately
- Create the most self-sufficient business models that are rarely interrupted
In striving for the third mandate, business owners who take the necessary time to re-examine the foundation regularly will cut out the need for constant patchwork. Those that choose to handle business matters “just-in-time” will find themselves paralyzed long-term, and will consistently find themselves stunting their growth. Almost like a game of Chutes and Ladders, where they always fall back down the board before reaching the 100 square.
In order to disassociate with patchwork, you must first realize that it’s a mindset. In other words, if a business owner implements patchwork modeling, it’s likely happening everywhere in the business. It’s the onboarding process pieced together per client. It’s the employee compensation and bonus model. It’s informality in client meetings and reviews. And it’s the lack of discipline in prospecting new households and assets.
There’s optimal systemization for all major functions of a business. Corporations are masters at this. As a small business owner, you must take the time to knock down the dysfunction of patchwork and create a programmatic model for all parts of your business.
By doing so, you’ll see assets enter, assets stay, and a business that gives you the ability to enjoy the workflow instead of constantly dodging problems.
Contact firstname.lastname@example.org for additional information. This is not investment, tax or legal advice and is the opinion of its authors, Surge Business Consulting only.