A Powerful Formula to Increase Success: People + Process = Performance™
For any business to perform at its highest level and achieve maximum profitability there must be an ongoing commitment to invest in developing both its people and efficient processes. Know No Bounds and Paragon Resources structure many of our programs and services around this powerful formula: People + Process = Performance™.
First and foremost, whether a corporate leader or individual advisor, one must understand the gaps and responsibilities required in order to find the right PEOPLE to fill those specific roles. Teams are comprised of INDIVIDUALS who are all driven and motivated by different elements and are gifted with varying talents. Ensuring that the right people are engaged in the right roles and have the right developmental opportunities and environments is essential in maximizing talent and retaining your most important resource.
PROCESS is the second key ingredient to success. In today’s more complex world, with increased rules, regulations, and administrative requirements, time has become a most precious commodity. Systematizing one’s business is essential. Individual advisory teams and firms need to have simple and executable processes in place in order to maximize their time and resources.
In working with our corporate and individual clients, we use the powerful diagram to ensure we help create both Return on People and Return on Process within all areas of the business.
The Building Blocks of Business…FIND-GRIND-MIND®
Finding involves all rainmaker activities and functions. Here we focus on properly positioning the business, proven marketing strategies, and an effective sales process. Finding is everything it takes to uncover new prospects, relationships, assets, and business. In the early stages of any business, this is where most of the effort and time is usually spent.
The two functions within the finding building block include:
- Marketing – All activities related to getting in front of qualified prospects.
- Sales – All activities related to converting qualified prospects into ideal client relationships.
Grinding involves all the technical, detailed work of the practice. Examples include analyzing data, putting together proposals, developing and executing investment and wealth management strategies, performing research and due diligence, account documentation, executing performance analysis, and reporting along with administration and operational activities. Here we focus on ensuring that the practice has efficient processes established so that these activities are as systematized as possible. After establishing a strong client base, this highly time-intensive function is generally the cause for a business to stop growing or to hit a production plateau.
The functions within the finding building block include:
- Financial Solutions – All activities needed to address financial and/or more holistic wealth management issues.
- Administration & Operations – All activities related to processing account documentation and responding to all requests from client relationships.
- Ongoing Performance Analysis and Reporting – All activities needed to demonstrate that the portfolio/plan continues to be in alignment with the client’s overall goals and objectives.
Minding involves all activities that relate to taking care of your relationships and your practice. Minding is everything you do to proactively service your most important relationships so that you deepen client loyalty, build advocacy, and increase qualified referrals. Minding is also everything you do in the area of taking care of your business, or what we call practice management. Here we focus on effective team meetings, business planning, and team development. This area of the business is usually most neglected in a business that has hit a plateau because so much time is being spent on Grinding. But, if time is well spent in this area, the business will be taken to new heights and profitability will increase.
The two functions within the finding building block include:
- Client Management – All activities relating to the development of the client’s personal and business relationship.
- Practice Management – All activities relating to managing the business, developing the team and evolving for a changing environment.