To see how an MBA professional apply their concept to the business, let's look at the analysis done by an MBA professional, we helped to develop a strategy.
The planning team evaluated the firm's internal strengths and weaknesses and external opportunities and threats in relation to the agreed-on vision.
Internal strengths
• Caring attitude toward clients
• Passion for business
• Experience of professional staff
• Investment process
• Documentation of client information
• Compliance history
• Comprehensive nature of advice
• Internal weaknesses
• Organizational design
• Client satisfaction
• Practice management
• Time management
• Fear of growth
• Staff turnover
According to online MBA professional practices makes perfect:- This, you need to break down the process into its essential components. For example, your client process may look something like this:
• Initial promotion
• Prospect responds
• First meeting
• Relationship defined
• Information gathered
• Analysis performed
• Recommendations developed
• Internal quality control review done on the recommendations
• Recommendations made to the client
• Recommendations implemented by the adviser
• Actions confirmed to the client
• Follow-up meetings held
Of course, this process has countless variations, depending entirely on your philosophy and approach. Over time, you find the way that works best for you. For example, if all of your new business comes from referrals, it's possible you would include a step about how you communicate with the sources of referral. Or you may have a more aggressive business-development initiative that requires multiple contacts with prospects before they become clients. Whatever your process is, isolate it, document what makes it successful, and train your staff in the protocol.
Beyond the process, there is also your philosophy of client service to consider. For example, if you require that all new clients have a financial plan, then what will be the components of that plan? Or if you insist that you are made aware of your client's total financial picture, including any investments with other advisers, then define how and why this is being done. Although these considerations may seem elementary, we find that many advisers approach their clients as if it's their very first experience at advice giving. There is no need to be tentative. If your logic is sound, your approach consistent, and your fees are reasonable for what you're delivering, then make it clear to your prospect or client how you do business.
For getting more information about online MBA visit our site distance learning MBA also and your goals should support your strategic positioning and may be related to efforts to enhance market position, reduce staff turn- over, increase productivity, or expand referrals from specific sources.
