Woman pointing to graph on iPad

5 ways to think, plan and act like a business owner


Bill Rambo, Director – External Practice Development

Great Practice Solutions

One of the key components in achieving substantial strides in your practice – in your top and bottom lines – is to move from a producer mindset to a business-owner mindset. While advisors often realize that to reach their business’s full potential they need to shift out of their comfort zone, they may not know how. These five characteristics of a business-owner mindset can help:

  1. Think before you act by taking a planning approach to business advancements, development and growth
    • Staffing, infrastructure, technology, marketing and annual development objectives require thoughtful planning
    • Clearly and deeply thinking through what you want to achieve can help fuel greater levels of success
  1. Capture and apply data when making decisions, therefore maximizing the value you glean from the households in your book
    • Know and be a student of your numbers and your clients
  1. Develop and commit to a vision, mission and value proposition
    • Hone your message to make it easier for clients, prospects and centers of influence to connect with what you do and how it can benefit them
  1. Think in terms of revenue versus commissions, gross dealer compensation or total gross revenue  
  1. Consider necessary business costs as investments rather than expenses

The trick to making the leap from a producer mindset to a business-owner mindset is to keep it simple. Don’t try to reinvent your business overnight but embrace forward movement and positive momentum.

Cultivate your business-owner mindset.

Learn how to position your business for success with our Practice Development department's Great Practice Solutions program.

Contact Us Today

Better, faster decision making: Foundations of your cash flow

Cash flow analysis tells you the level of investment you can make in your business and the impact of it on your earnings. Understanding it can help you make better business decisions.

Learn More >

3 not-so-obvious reasons to charge for financial planning

Revenue stream, while important, isn’t the only reason to charge for financial planning services.

Learn More >

Tips for virtual events, seminars and workshops

These simple tips can help you host successful virtual client events.

Learn More >