In the fast-paced and ever-evolving landscape of financial planning, having a structured strategy for the next 12 months could be the key to long-term success. A comprehensive plan helps you stay on track, achieve measurable goals and ensure continuous improvement.
So, how can Xplan help? As one of the leading financial planning platforms, Xplan can be a powerful tool for streamlining and enhancing your business operations. but its true potential is only realised when you take a proactive and methodical approach to using it.
Here’s why creating a 12-month "Xplan plan" is essential for your business:
1. Visualising your business in 12 months: where do you want to be?
Start by looking ahead. Ask yourself: where do you want your business to be in the next 12 months? This might include growth targets like acquiring new clients, expanding service offerings or improving operational efficiency.
Your Xplan system can play a key role here, as it allows you to centralise your client data, streamline compliance and optimise client communication.
2. Setting short-term goals: breaking down the 12-month plan
Next, set both long-term and short-term goals to ensure that you are on the right path. These should include 12-month goals, six-month goals and monthly goals.
- 12-month goal: This is your ultimate target for the end of the year. Examples could include achieving a specific revenue target, ensuring all processes are streamlined through Xplan or ensuring full client adoption of the Client Portal.
- Six-month goal: This serves as a checkpoint to evaluate progress. It could be implementing new workflows or finalising your SOA presentation templates to meet client needs.
- Monthly plan: Your monthly goals will feed into the larger goals. Each month, break down your objectives into bite-sized actions. Consider elements like client onboarding, data review, and software feature utilisation.
For instance, January could focus on reviewing data entry for key dates, ensuring your ongoing service agreements (OSAs) are set up correctly and preparing for upcoming regulatory changes.
3. Quarterly check-ins: monitoring your progress
A 12-month plan needs to be flexible and adaptable – that’s where quarterly check-ins come in. These reviews will help you ensure that your strategies are working as planned and give you the opportunity to make course corrections as necessary. Your quarterly check-ins could include:
- Reviewing how your goals are tracking and whether you're on schedule
- Conducting a comprehensive review of each Xplan module in use
- Identifying any new features or updates within Xplan that can improve your processes
These reviews also help to foster collaboration with your team and key stakeholders, ensuring everyone is aligned toward common objectives.
4. Identify key stakeholders and set accountability milestones
One of the most crucial components of your 12-month Xplan strategy is accountability. Who are the key stakeholders responsible for different areas of your business? It’s important to outline roles clearly and ensure everyone understands their responsibilities.
Consider stakeholders like:
- Advisers: responsible for ensuring that clients are receiving regular advice reviews and service
- Compliance officers: Ensuring that you are following all regulatory guidelines and using Xplan to track compliance-related information
- Marketing team: Leveraging Xplan data for marketing strategies to attract and retain clients
- Operations managers: Overseeing system processes such as data entry and ongoing service agreements
Set clear milestones for each stakeholder group, including progress markers for the completion of tasks or the achievement of specific targets.
5. Examples of key topics to address in your 12-month Xplan plan
Here are some critical areas to focus on during your 12-month Xplan strategy, with practical examples of where to begin:
- Data entry and key dates: Given the January 10 changes to fee disclosure statements, this is a good time to review your data entry process and ensure that key dates are captured correctly.
This will allow you to meet compliance requirements while ensuring your data is accurate and up-to-date. - OSAs and renewals: Review your process for managing OSAs and renewals. In Xplan, this could mean automating reminders or ensuring that the relevant information is available for each client. The goal is to simplify renewals and ensure nothing falls through the cracks.
- Client onboarding process: Create a seamless onboarding process for new clients. This includes automating initial data collection through Xplan and ensuring all steps in the onboarding journey are clear for both clients and staff.
- SOA production and presentation: Streamline your SOA production using Xplan. Review existing templates and ensure consistency in your communication and ensure you are using all the latest functionality. Review your SOA presentation process and identify areas for improvement.
- Review process: Ensure that your review process is efficient and comprehensive. This includes setting reminders for regular client reviews and automating processes to track progress.
- Compliance: With frequent changes to regulations, staying compliant is a priority. Use Xplan's reporting features to monitor regulatory updates and ensure that your processes remain aligned with legal requirements.
- Practice management: Manage your practice more effectively by using Xplan's features like workflow management, reporting and automation. Regularly assess how each tool is being used to its fullest.
- Marketing: Utilise client insights from Xplan to enhance your marketing strategy. Look at trends in client behaviour, identify opportunities, and use this data to create targeted campaigns.
- Review of Xplan modules: Regularly review the Xplan modules to ensure you are using all available features. This can boost both operational efficiency and client satisfaction.
- Client portal communication: The client portal is an essential tool for engagement. Assess how clients are receiving communications and interacting with the platform.
Consider ways to improve user experience and ensure users find the portal intuitive and useful.
A well-thought-out 12-month Xplan plan is a powerful way to drive your business forward. By setting clear, achievable goals with regular reviews and accountability milestones, you ensure that you stay focused on both short-term wins and long-term success.
With Xplan's robust tools, there are countless ways to streamline processes, engage clients, and stay compliant while growing your business. Start now, set your goals, and make 2025 the year your business reaches new heights!
Want to learn how to build an Xplan strategy that drives results? Download this guide, free to all Advisely members: