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Eight principles to make your business fit for the purpose

By Mark Battersby, 1 Jun 16

In the first of a series of three articles, Michelle Hoskin, founder and director of Standards International, will be exploring eight principles that promise to help financial advisers redesign their businesses so that it delivers the rewards they deserve.

In the first of a series of three articles, Michelle Hoskin, founder and director of Standards International, will be exploring eight principles that promise to help financial advisers redesign their businesses so that it delivers the rewards they deserve.

Back on track

Over the years, we have helped many firms take their business back to basics and redesign how they do what they do from the ground up.

Through a simple process we have brought their focus back to the areas of their business that matter the most by formulating the eight principles of Woww (see below).

Over the next three months, we shall break down each one of the eight principles so you too can build your business by design rather than by accident.  

The eight principles of Woww

1 Purpose Why do they exist as a business and why should anyone care?

2 Plan What are they trying to achieve as a business, and what is the plan to achieve it?

3 Financials What is their number, how do they track it, and how do they share this information with the team?

4 Proposition What are they doing, for whom, and what does it look and feel like once it has been delivered?

5 Protection What are the rules of the game, how are things done, who is responsible for what, and what is the process to ensure the ‘best way’ of doing something always stays?

6 Pitch What is the message, how are they communicating, to whom and when?

7 Platform What tools and systems are they using and how do they know they are, and remain, more than fit for purpose?

8 People What roles do they need in their future business, who do they have in their business now? Are these people the right fit in every way for what the business needs and where it is heading?

Pages: Page 1, Page 2

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International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.