Streamline Efficiency with a Solid Practice Management Plan

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Before you close out of this blog because you believe that you already know everything there is to know about managing your practice, ask yourself, “When was the last time I really looked at how my practice operates on a daily basis? Are my day-to-day operations helping me achieve my goals or hindering my ability to perform?”

During that review, you may have pinpointed more than a few problems in your practice. To solve those problems, you need a strategic plan to increase the effectiveness and efficiency of your business.

But, like most advisors, you have more important things to worry about — like helping clients retire on their terms — which takes up the majority of your time, causing your day-to-day work to suffer.

This is why you need a system in place to help you implement processes and find solutions to your issues.

A strong practice management plan can take your practice to the next level and alleviate the daily stresses and time-consuming obstacles that come with running your own business. It will also address 4 key areas that can hold your practice back if not properly handled:

  1. Hiring

To properly grow your business, find people you trust to help you. Figure out which roles should be put in place to maximize efficiency and hire employees who fit well in those roles as well as the company’s culture. Since most advisors don’t have time to wade through a sea of resumes on their own, consider seeking assistance to help with the hiring process. 

  1. Training

You treat your clients well, and your staff must live up to the standards that you’ve set. As your practice grows, your new hires will require training and your current employees will need refresher courses to make sure they’re delivering the best service to your clients. Having the most knowledgeable and professional office in the area is a key component to standing out amongst your competition. 

  1. Processes

Stop searching through stacks of paper whenever a client comes into a meeting. By developing a consistent and solid system that removes uncertainty and makes your business run like a well-oiled machine, you can save time and money. Easy-to-follow processes and procedures give your business the ability to expand easily and create an excellent client experience.

  1. Consultations

The most successful advisors share a common thread: They seek outside help and mentoring to achieve their goals. If you have any questions or aren’t sure where to take your practice next, Impact’s Practice Management team is happy to jump on a call with you — or even a plane — to evaluate your practice. During an on-site consultation, we’ll shadow your staff throughout the day and offer suggestions on how you can improve all areas of your practice, from staffing and training to technology and processes.

Ready to craft a plan for your practice? Call Impact and ask for your sales expert.

Want to see our expert Practice Management team in action? Check out their interview on our Facebook page.

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Stephen Odom, CEO of The Impact Partnership


Chief Executive Officer

Stephen started in the insurance marketing business in 2001 as a new business consultant. In 2002 he was promoted to Director of Sales and built a 200 million book of business from scratch. By 2005, he was one of the top wholesalers in the country, working with some of the top financial advisors and insurance agents across the USA. In 2008, Stephen was promoted to Co-President of one of the largest IMOs in the country.

In 2011, Stephen continued his entrepreneurship path and co-founded The Impact Partnership, an INC 5000 company. Stephen is responsible for the strategic vision of Impact and is laser-focused on creating a culture of growth for both internal teammates and our amazing customers.

Stephen lives in Kennesaw, GA, with his wife of more than 20 years, Kendra. They are blessed with three beautiful children Katie, Tyler, Anna Brooke, and Laya, their German Shepherd and Luna, their BernieDoodle.