There are three key roles a practice needs to fill to grow, become efficient, and achieve profitability.
That was one of the main insights I gained from my discussion with Angela Laughlin of BBB Partners, in the context of what she does as a Practice Manager.
You can check it out here.
She shared many lessons I believe are high-value to any adviser considering hiring a Practice Manager or interested in improving efficiency, systemisation, and team motivation.
In the meantime, let me outline what those three roles are.
The first is the Entrepreneur/ Creator.
In most advice businesses, this is the principal adviser, and this person’s role is all about giving the business direction or, to quote Dan Sullivan, “Making stuff that hasn’t happened yet, exist.”
This person is the spark that creates opportunities, driving the business forward by creating plans, generating leads, and identifying the right clients to work with.
This is where most businesses start. After all, without this, it’s unlikely you’ve actually started a business.
The second role is the Organiser.
People who succeed in this role are usually systems thinkers.
They excel at taking a strategic plan or an idea around the direction a business needs to go in and turn it into a series of steps to get there.
It’s a key role most practices need sooner or later. Without it, most practices hit a capacity issue.
Very few people can wear this hat and others as well. More on that later.
The third role is the Doer.
These are people who are very capable of undertaking the task needed to deliver advice and usually best equipped to identify ways to improve things as well.
Give them things to get through, and they’re off, until it’s complete.
Every business needs Doers, but Doers need clarity of what needs to be done.
Which is exactly what Creators aren’t good at.
Which means that any business without Organisers ends up with a big, fat hole.
Some of you might notice some synergy with Michael Gerber’s e-Myth.
It’s true, there are similarities.
However, this isn’t about the evolution of an individual entrepreneur. It’s the growth strategy for a business and how to avoid a common mistake many practice owners make.
Most practices lack Organisers.
Often it’s because their first hires are usually Doers – their admin person or junior adviser.
This is often because there are many options when it comes to handing off the “doing” – offshore, onshore, automation, and more.
But they won’t always be able to manage the workflow, help document the systems, manage you and bring order to what needs to happen.
A better hire early on is an organiser – someone who can organise things and help you develop the system – who will be worth hundreds of thousands in the long run.
