Practice Management

Nick Della Vedova, President of RPAG and flexPATH Strategies, took the stage to share his knowledge on practice management and tips on sustainable growth. Regardless of if you're a business owner or part of a larger organization, his insightful presentation mapped out the road to success. We will continue to break down the key takeaways and discuss how they can assist in your journey to building a successful business.

Sustainable Growth: The Core Principle

The central message in this presentation revolved around the idea of creating and maintaining sustainable growth. In order for a business to thrive, it is imperative that they invest continually in their growth. Success rarely happens overnight. Della Vedova reflected on this by sharing the journey that flexPATH has taken and the necessary relationships and assets needed for success, as well as the importance of maintaining a long-term perspective being imperative when building businesses.

The Evolution of Business in a Changing World

Della Vedova also spoke on the vast differences that have been made to the business world with the way we engage after experiencing the COVID-19 pandemic. We now see the way communicating with clients has evolved, with virtual meetings and increased flexibility becoming the new normal. Because of these changes, we have to learn to adapt and use these new ways to increase efficiencies in our operations. While the costs of human capital have increased, finding ways to engage more effectively with clients can ultimately lead to growth.

The Business Structure: The Key to Success

One key aspect of business growth is the structure of your organization. The presentation highlighted the importance of a variety of building blocks, including marketing, sales, operations, and service. One point that Della Vedova touched on was about how many advisors typically focus primarily on sales and overlook other important aspects. While this may work in the beginning, it can lead to a decrease in growth. In order to achieve sustainable growth, using all of these components is crucial.

Hiring and Building Your Team

Della Vedova addressed a very critical question often asked as a business grows, and that is: Who should you hire as your business grows? The answer is that the right members depend on the specific needs of your business; whether it's a salesperson, serviceperson, or operations expert, having the right people in place is crucial. He used an example from his own experience, explaining how the best salespeople in his organization were given dedicated operations support to maximize their effectiveness.

Milestone Revenue: A Roadmap to Growth

During his presentation, Della Vedova offered a revenue roadmap that every business owner can follow. Broken down into different revenue milestones, for example, $500,000, $1 million, and $3 million, he detailed the expected margin percentage and the number of team members that will be required. For any business owner looking to scale their operations, this roadmap can be a very helpful guide.

Human Capital Management: Recruiting, Motivating, and Retaining

When it comes to business growth, there are three crucial components: recruiting, motivating, and retaining. The presentation shared insights into these areas and how business owners to seek out talent through various channels, including third-party recruiters and industry reputation. He emphasized creating advancement opportunities for employees and making the business's success personal to them. And he acknowledged that not every team member will stay, but this should not deter you from your growth path.

Mutual Respect and Transparency

An overall key point made throughout this entire presentation was the topic of respect, both from the business to its employees and vice versa. He encouraged businesses to foster a culture of mutual respect and transparency where employees see their role as integral to the company's growth. When building a motivated and successful team, the company should have transparent communication about their goals and transparency about new opportunities.

Having Fun

Nick Della Vedova ended his presentation by stressing the importance of having fun while building a successful business. The journey of creating and maintaining a successful business should not be a joyless experience; both you and your team should enjoy the journey, interactions, and challenges along the way. A positive, fun work environment can drive success and employee satisfaction.

The key takeaway is that success is a continuous process, and with the right approach, it can be achieved. Regardless of where you are in your timeline, these principles can help guide you; building the right team, encouraging mutual respect, and enjoying the ride as you go are just as crucial as the strategic aspects of business management. Success is a continuous process that takes time and effort to achieve.

To view the presentation slides, click here!

________________________________________