In order to scale your advisory firm in 2023, you're going to need to document a handful of processes.
I avoided getting processes documented for the first 3 years of running my firm. And 76% of the firms owners I've coached have made the same mistake.
So I've seen the pricey consequences for not having them.
I waited WAY too long to get started on processes and it cost me:
💰 Hundreds of thousands of dollars
😤 Frustration from my team
👨🏻 The rest of my hair
I'm hopeful that as you read this list, you'll identify 1 or 2 that you need to put in place. And maybe block off some time on your calendar to knock them out before the end of the year.
Process #1: Sales Calls
Want to instantly level up your sales calls?
Get a framework in place that you can follow.
This will lead to:
👉 More confidence
👉 Better preparation
👉 Less stress and anxiety
Most fractional CFOs hate sales calls. But having a good framework in place will make them much easier and much more effective.
Process #2: CFO Report Preparation
Preparing for your CFO calls can be one of the least time efficient things you do.
You can spend 10+ hours going through the numbers, looking at the ratios, and analyzing the analytics.
This isn't scalable and you'll end up working too many hours.
You have to stop winging it every month.
Instead, invest some time thinking through exactly how you analyze the financials. Put together a checklist or a template.
This will save you big time once you hire a financial analyst or another CFO.
Process #3: CFO Report Delivery
Having a process for how you present your CFO report to your clients will pay dividends as well.
A streamlined CFO report delivery is an absolute must for perceived value.
At my firm, we walk through 6 steps:
• Client Questions & Concerns
• The Financial Dashboard (see below)
• Financial Statement Review
• Cash Flow Forecast
• Budgets & Projections
• Strategic Initiatives
Because we're intentional about how we deliver each call, we never worry about what to talk about. Our clients love knowing what they can expect. And it keeps the calls on track.
10/10 suggest getting a CFO report delivery process in place.
Process #4: Team Onboarding & Offboarding
It's hard attracting the best talent.
It can be even harder to retain the best talent.
And the best talent expects you to have your act together.
That means you need to hit the ground running when you hire them.
And the best way to do that is by having team onboarding processes in place.
Some prompts for you to consider:
• Account access
• Client introductions
• Team introductions
• Key vendor introductions
• Access to your key procedures
• Email address and login information
👉 As for offboarding?
We hate it when people leave. But when they do, we want to make sure there are no security gaps. So make sure you have an offboarding process that mirrors your onboarding process.
Leave no password behind.
Process #5: Client Onboarding & Offboarding
I've talked before about the importance of a great client onboarding experience.
It's your first and best chance to make a good impression immediately after they've handed you money.
That matters. So don't screw it up by winging it.
A less obvious but (nearly) equally important impression is your LAST impression.
When a client leaves, for WHATEVER reason, you want them to leave with a good taste in their mouth.
And you also don't want them emailing or calling you for the next 3 months with nagging questions or requests.
So take the time to document your client offboarding process.
Make it smooth for you and for them.
Look, I know writing processes and procedures isn't the sexiest thing you can do for your firm.
🔑 But I also know that they are the key to unlocking lost time and unrealized profits.
🙅🏼♂️ Don't make the same mistake I made.
⏰ Find time for processes before the end of the year.
That's it for this week!
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