Strategy: Pulling it all Together

What is a Statement of Strategy?

The strategy is the bridge between your mission and your vision. It’s how you are going to get there. It takes you from where you are and what you are doing to where you want to go and what you want to become. You know what you ought to be doing (mission). You know what you want to become (vision). Now, write out a brief plan for getting there. Something pithy, that’s easy to remember. It should only be long enough to convey the key thoughts. Think about the how of getting there. My firm’s strategy is:

Concierge Service, Real Diversification, Complete Management

Concierge service refers to the extra special care we give to making every client appointment or event memorable. Real diversification regards our university endowment model approach to portfolio allocation. Complete management encompasses all our in-house professional services, including investment, tax, risk, and estate planning, which are provided by licensed or certified financial advisors, tax preparers, risk managers, and attorneys.

What are the key strategies you will employ to bring about the realization of your vision? Will they work? Are they working now? Is someone else modeling these strategies for you to follow, or are you blazing your own trail? If the latter, be flexible. Constantly compare your strategy against your results. Make adjustments, experiment, and take risks until you find your unique profit formula. Then, keep refining it and refining it. Remember the longest journey begins with the first step. Keep taking steps toward your vision and you will eventually get there.

A Final Word on Communication

“The best laid plans of mice and men oft go astray.” – John Steinbeck

Prepare your mission, vision, and strategy statements, and then live and breathe them. Become so in tune with them, that they begin to permeate every action, plan, and decision you and your staff make. Communication is the key. Not only must you become immersed in your mission, vision, and strategy, but your staff and your clients must as well.

First, your staff. Review your statements at every staff meeting. Teach them to your staff. Have them memorize each statement and reflect on them. When making plans or decisions with staff, ask, “How does your suggestion help us conduct our mission?” Probe further with, “Explain how this decision will bring us closer to realizing our vision.” Or, “Does this action coordinate with our strategy or work against it?”

Finally, your clients. Share your mission, vision, and strategy with your clients. Not only will they appreciate being brought into your trusted inner circle, they will also be better positioned to explain your practice to other affluent investors who may wish to become your clients. The better a satisfied client understands your business, the more effective he or she will be in recommending you the right people from their circles of influence. Lastly, when you share your mission, vision, and strategy with your clients, they will be equipped to let you know when you are not measuring up to your own standards and objectives. They will become your allies. Clients are the best source of constructive criticism at your disposal. Take full advantage of them for your sake and theirs.