Busy is not always the same as moving forward

Most IFAs I speak to are very busy. There are meetings, emails, urgent tasks, clients to look after, staff to support, regulatory requirements to meet, compliance work, technology to manage, opportunities to consider and the inevitable day-to-day issues that need attention. In a growing business, the list can feel endless.

The problem is not busyness itself. Much of that activity is necessary and important. However, being constantly occupied does not always mean that a business is moving forward at the pace it could.

One of the challenges for many business owners is distinguishing between productive activity and simply being busy.

It is easy to spend time on tasks that are familiar, straightforward or enjoyable. They may need doing and completing them can give a real sense of achievement. However, they do not always address the decisions or priorities likely to have the greatest impact on the future of the business.

This is where external consultancy can genuinely help.

It may involve reviewing the firm’s strategy, considering what growth looks like and how it will be funded, improving profitability, developing the leadership team, strengthening systems and processes, addressing succession planning or preparing the business for an eventual sale.

These are often the more difficult conversations. They can feel less immediate than the latest client query or operational issue, but they are usually the areas that determine where the business will be in two, three or five years’ time.

This is also where a good Non-Executive Director can add real value.

A NED brings an independent perspective and the benefit of experience, while remaining outside the day-to-day running of the business. They can ask the questions that may otherwise be postponed, challenge assumptions constructively and help provide clarity. Furthermore, they will monitor and ensure that agreed items are completed on time.

The role is not to interfere with management or create additional layers of process. It is to provide clarity, focus and support around the decisions that matter most.

For IFA firms in particular, there are many demands on an owner’s time, I know, I have been an IFA and run my own business and have witnessed it firsthand. My continued work with IFA firms shows me that this has not decreased in recent times.

A well-run business will always be busy. The difference is whether that activity is directed towards the things that genuinely move the business forward.

At Harrison Spence, we understand the challenges of owning and running an IFA business. Through consultancy, and Non-Executive Director support where appropriate, we help business owners focus on the decisions that can strengthen their firm, support sustainable growth and build long-term value.