When developing the vision and purpose for your firm, consider the following questions:
- Why do you do what you do?
- Why does your organisation exist?
- What type of firm are you now?
- What type of firm do you want to be?
These are powerful questions and where your value-added journey must start. Without a North Star, the journey will be that much harder to navigate. Get clarity on your Vision and Purpose and build a strategy and a legacy that's right for you.
We found the Ted Talk with Simon Sinek, "Start with why -- how great leaders inspire action", to be very useful in this regard. We have also provided a 'Finding your Purpose - 10 point check list' which you can find at the bottom of this article. It's a great way to help you establish your starting point for your team and Advisory business plan.
Once you are clear on your vision and purpose, it’s time to put your strategic building blocks in place. It’s time to flesh out the business model and make important decisions.
Resourcing your Strategy:
- Attract the right people
- Skill set building
- Providing the right tools
- Partner up
- Review your process
Process Creates the Plan
Just as every good strategy has some key elements, every good plan needs a process; in fact, the process is often just as important as the plan itself.
Key Elements in a Good Strategy Normally Incorporate:
- Vision
- Values
- Objectives - short and long term
- KPIs
- Actions
- Owners
- Deadlines
It doesn’t need to be much more complicated than that, but do invest time and effort in doing this right.
Make sure your objectives are clear and specific. Include actions, responsibilities and deadlines.
