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“Great” is so subjective isn’t it? Having a “great practice” is a subjective assessment too…what is great to one adviser might be considered ordinary to another. But the true measure for each (I think) is:
“When it is delivering the income and lifestyle that you imagined.”
However, that outcome is potentially misleading. The reason for that is that a practice may be great at delivering this result at a point in time only…not on an ongoing basis. Simply obtaining the lifestyle and income that you want from your business today does not necessarily mean that it will be sustainable….and continuing to achieve the outcomes you want is perhaps even more important than simply achieving them at this moment in time.
To have a great practice that continues to be a great practice
(or rather, a practice that continues to deliver great results) you need 4 things in alignment:
- The customers perception of value exceeds what you charge them
- The culture within the business is consistent with your personal values
- The practice has a purpose beyond profitability
- Every Stakeholder feels they are valued
A great business is more than just a money-making-machine. As well as making good money the business must be doing something you feel worthwhile which supports your own values and aspirations, as well as delivering something which customers feel to be great value, as well as having a culture internally that creates engagement, pride and a sense of purpose.
You can create a good business that makes money without one, or perhaps 2, of these elements. But when all 4 come together, you create a great practice which is highly likely to continue delivering great results.
Related: Why Don’t You Roll the Dice and Ask for Referrals Anyway?