Working to a rigid system creates uniformity, it creates a decent outcome but never an exceptional client result.
Why?
Because it only replicates a previous result that someone has already achieved.
OK, your system workers will build to your standard but where is the on-going improvement or genius?
Yes, the growth can be scaled, multiplied and leveraged through the system but it’s always a product of previous best practice. It’s set solid.
For your staff, the motivation and job satisfaction deteriorates alongside the level of systemisation people have to follow. Systemisation breeds conformity whilst killing creativity and genius.
Principle or value based business building on the other hand breeds further creativity and harnesses the ability of your technicians. Naturally, it always delivers less conformity in the result.
The result the client receives depends on the skills of the artisan- this does not regulate well!
Perhaps the hardest thing for a growing business owner is knowing whether to put a rigid system or a highly skilled technician in place.
When and where will your client’s accept a decent financial service in return for a low price?
When will they happily shell out a premium for something special, something built with creativity and love?
On a sector level, it is only when we stop this regulation that we will stop killing genius and progress.
Surely some regulation is needed to keep things on track, however, some free rein is important to let ideas develop and to let those with creative sides be creative.
Great blog, however I do think that regulation works it just needs a little flexibility at the top level of any decision making tree. That way when something a little out of the ordinary…but good can still be encompassed and loved. I liken it to speed limits we know that we need them, some should NEVER be broken but getting a surgeon to a hospital with a police escort at 100 mph may be an exception of regulation
Good article, the thing it reminded me of was the book, “The EMyth Revisited” by Michael Gerber, which in essence is about standardisation of a business and how things have to fit into a system.
It gives the client/customer a predictable outcome, which may not tie in directly with how most small IFA firms works.
Compliance is killing the client experience though, but unfortunately it is a necessary evil in the current ambulance chasing world.