As an advisor, you understand that the success of your practice is largely determined by your ability to generate revenue. However, generating revenue is not enough to ensure long-term profitability. You must also manage your time and expenses effectively to increase your net operating income (NOI) and ultimately, your bottom line. In this entry, I’m discussing how to increase NOI in your advisory practice, so you can work toward the eight-figure exit. Follow Along With The Financially Simple Podcast! This week on The Financially Simple Podcast: (1:13) The Productivity Paradox (4:27) Define Your Success (6:34) Resources Allocated Per Service (8:34) Concentration Risk (10:05) Lifetime Value for Each Offering (12:11) Average Revenue Per Client (13:11) Direct Cost Per Service (14:52) Time Per Service (23:02) Begin Implementing Defining Your Services When we first set out in our firms, we’re often willing to work with anyone who can fog a mirror for […]
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