Regardless of where you live in the UK I suspect you were, like me, caught up in the whole Olympic experience and enjoyed every second – in my previous article I suggested there would be doom-merchants disparaging the whole event but these dissenting voices seem to have been drowned out by the euphoria. The reality is however that, even with the Paralympics on the horizon, most of us are now caught in that post-Olympic malaise and, quite frankly, not particularly relishing the fact that we all have to get back to reality.
Many are trying to make the link between the Olympic effect and business improvement but it is a very difficult thing to judge this close to the event. Perhaps of more importance to individual advisers and practice owners at present is the individual impact of the Games and how the enthusiasm and motivation that the Olympics has provided many of us with can be translated into our everyday work and personal lives.
London 2012 of course promised to be about legacy and I believe much of the success of the Olympics has been down to this vision that they were planned, designed and implemented with a long-term view in place. If it was just a short-term job then what kind of Olympic Park would we have had? Would we have had any permanent venues? Would the athlete’s village ever have been earmarked for affordable homes? It’s very doubtful.
Advisers should focus on the legacy they are hoping to provide for themselves, their business, employees and clients. It seems a rather crude analogy but the RDR has been designed with this legacy focus – it is not about a quick commission ‘land grab’ but the idea of fees for ongoing advice; and in this same way advisers should think about their business legacy in opting for recurring income rather than taking their income up front.
Similarly, what about the legacy of the business as a whole? Where does it move on to if, for example, one of the Principals leaves? Is there a succession plan in place that can be easily adopted and followed if this happens? The point is that tomorrow soon arrives and this should always be a consideration and one that must be prepared for, particularly where there may be Principals who have been in the business for a number of years and who might be considering their options.
In a way this seems like an opportune time to take stock of such issues. August I believe is a month for reflection; a month to enjoy the last remaining Summer period (if we get one) and to prepare oneself for the big push towards the end of the year. Now is the time to think about where the business is going, how can it move towards that position, are the processes, structures and plans working? All big questions that require some considerable thought.
So, try not to let the post-Olympic blues get you down. Instead focus on the positive thrill the Games provided, the extra motivation they delivered and make sure you use that extra energy to establish how you can achieve your goals. You may not get the gold medal at the end of it but you will have achieved what you wanted to and that should be reward in itself.
David Hesketh is Group M&A Manager at Perspective Financial Group Ltd
