The start of a new year is a great time to review, but it’s also an ideal opportunity to look forward and make plans. You might like to consider your staff. Are they the right people for the right job? Just because they’ve been in a position for years, might not make them more valuable than someone new to the post. Apply the 80:20 rule and ensure you love your top 20% but invest also in training and reward the 80% to help them improve. There’s always the risk you train someone and they leave, but imagine not training them and they stay!
You may also like to consider a cost review exercise. It might take a day to complete, but the return could have a surprising impact on your profit. Similarly, it also makes sense to get your practice valued if you haven’t done so in the last two years. As an asset, you should know its worth. You probably have a pretty good idea of the value of your house, car, shares etc., so why not your business?
Frank Taylor & Associates can give you an honest assessment, without any commitment. We’re one of several agents who’ve signed up to a voluntary code of practice, the Practice Sales Promise. The code itself has fifteen separate promises and is designed to create an environment of openness and transparency, i.e. no hidden fees and terms agreed prior to engaging in any formal work.
