Consolidation across the financial services space is rampant at present, as it has been for many years and will continue to be.
It seems that every day in the press we see new announcements of yet another business coming to market or having merged or been acquired by a bigger business.
But what happens when you want to grow your business and maintain complete ownership rather than sell out to a consolidator?
Having the right growth strategy is key. In this article I will share what I have learnt over all the years of supporting business leaders and owners in financial planning and wealth management to help you get this right — for you, your business and your overall outcome.
When hiring for growth it is important to maintain the focus on creating a sustainable future for your business, your employees and the clients you are working with.
So, let us start by looking at how you can make sure you are creating the right culture to attract the right people to your business and to retain those people.
What do you, as a business leader, need to consider in your growth strategy?
Formulating a growth strategy
It is imperative that all leaders within any business are clear on what the business is trying to achieve. What is your purpose and/or your mission?
Be really clear on what your purpose is. That could be, for example, to grow to 250 advisers and maintain owner-managed status as a network for advisers.
It could be to change the face of advice and close the gender investment gap; it could be to close the advice gap in the UK by providing as many people as possible with affordable advice; or it could be to become the go-to financial adviser business in your local town to help build wealth in the community.
That is for you to decide, but I implore you to make sure you are clear on it.
Once this purpose is clearly mapped out, you should ask yourself: what is the business's identity? Your corporate or business identity is key — it plays into all branding, marketing and targeting the right market and hires.
It is also important that all leaders fully engage with and embrace the business's mission, purpose and identity to be successful at leading the business in the direction it truly wants to go in.
This then feeds into defining your company values.
Being clear on the values across the business ensures that a solid culture can be formed, and this is imperative to successfully recruit and retain the right people for the business — hires who align with the business's values.
If you need help with this you can always speak with a trusted consultant or coach.
