Imagine a world where your business thrives without limitations, allowing it to grow more freely.
This is the story of a client who dreamed of running their own business unhindered by others. They wanted to develop their own company culture, manage expenses wisely to maximize profits, and deliver an exceptional client experience.
Here’s how we helped turn that vision into reality.
Initial Challenges
- *6-months timeline to create company and migrate clients to avoid loss in revenue
- *Move to new office space
- *Provide attractive compensation to support person to join them
- *Implement new technology automation
- *Create new client experience and profitable fee structure
- *Create new legal, client servicing, and business development processes
- *Design company brand and marketing
- *Determine growth projections and business development targets
The Transformation Journey
Developed a Transition Roadmap: We created a clear plan for our project that outlined what we wanted to achieve, the benefits of doing it, who was involved, and the schedule we would follow. This helped us ensure we reached all our important goals within six months.
Implemented New Technology: To enhance operations and improve client experiences, we assisted in evaluating and implementing technology solutions tailored to the needs of both the client and the company. We prioritized the implementation of tech that was essential to the transition and to support surge meetings immediately following.
Created an Employee Onboarding Plan: We helped the business owners bring their current employees on board more effectively by offering examples of job contracts, descriptions of various roles, and information on salary ranges. We also established clear career paths and plans for employee growth. Additionally, we organized training sessions and projects and had them utilize their CRM for follow-up tasks.
Crafted a New Brand Identity: We refined communications and website messaging for clarity, voice, and timing. We ensured consistency across all platforms before the announcement.
Vendor Management: We developed and tracked compliance, marketing, custodian, and contractor tasks and progress in our project management tool and pushed, when needed, to move things along to meet the 6-month transition goal.
Client Service Model: Through our CXOX™ exercise, we clarified how they would service clients in the future and by whom. A new minimum fee structure was introduced as part of the transition to make lower-level clients more profitable while also incorporating new self-service technology.
Growth Projections and Business Development Targets: Created a 5-year growth projection and refined business development targets post-transition.
Processes and training: All transition processes were documented and incorporated into the CRM. We also created training videos and visuals to help the team understand the changes and support them in implementing the new processes.
Jump to Today
Right from the start, the team experienced a lighter client workload, more revenue and more time by:
- *Not inviting 10 undesirable clients to their new company
- *Shifting 45 clients to higher minimum fee plan, which led to an average increase of over $1,200 in revenue per client.
- *Eliminating work through automation that allows them to schedule surge meetings 3 days a week, twice a year and leave all other time for breaks, working ON the business and business development.
- *Provide DIY tools that allow clients 24/7 access to answers to their questions, which lowers servicing time.
- *Most importantly, the team feels extremely happy with their transition to independence and is excited about their greater control over their business.
Takeaways
Our accelerated progress enabled us to successfully meet the goals for their independent RIA launch. By the time of the announcement, they were fully operational and well-prepared to embrace their newfound autonomy. Key takeaways from this transformation journey include:
- *Successful RIA launch within the desired timeline
- *Improved operational efficiency through new technology and automation
- *Enhanced client service model and revenue growth
- *Streamlined processes and a more defined company culture
Looking Ahead
Stay tuned for part two of this story, where we will focus on succession planning, refining the new client journey—including technology, processes, and automation—and developing the people and culture for this next phase of scaling the business.
Will You Be Next?
At My Virtual COO, we help service-based Health, Wealth, and Advocacy business owners optimize talent and systems to accelerate business success by improving the most important parts of the business, including:
- *Growth, Profitability, and Impact Projections
- *Organizational Design
- *Lean Process Design
- *Client Experience Documentation
- *Productive Collaboration and Change Acceleration
- *C-Suite Training
Ready for your own success story? We would love to speak with you.
