WE needs to be financially fit too
The financial wellness of any business is vital to its survival.
Being a for-purpose organisation, it can be easy to lose sight of that fact, and in my recent open letter to our community, I filled you in on some of the challenges we faced last year which also ended up having an impact on us financially.
We all hit crisis points at one time or another in our journeys, however, I believe what really matters is the action you take, and how you rally. My team of Gladiators have certainly rallied over the past few months, and the results are starting to show.
Here are some of the things we’ve done:
Expanded our offering
We have a background in high-net-worth private wealth management. We know how to deal with complexity and we know how to build and manage wealth.
Also, we know how to get people who are stuck in a debt cycle, out of it.
Last year we launched our WEadvance membership to cater for some of our long-time members who were starting to get pretty darn wealthy! As a result, we’re now attracting more of these members into the business. We also launched a baby offer in January this year, called our Financial Possibilities Program, designed for those on slightly lower incomes who are just starting out. The best thing is, we are not deviating from our target market at all (high-achieving and motivated millennials), we’re growing and expanding with them.
Simplified the way we communicate
For members, April is your woman now. We tried to be clever over the years and have all our different specialists handle different parts of the process in an attempt to make things happen faster for our members. Fail. It just frustrated people, so we listened and we cut it. All communication now flows through April and your Financial Coach. So far, so very good.
We’ve always been pretty methodical about vision, values, planning and daily and weekly meetings to keep everyone on track and accountable.
We didn’t have to change our structure here, we simply used what was working to keep us laser focused on our goals and what we’re trying to achieve as an organisation. 100% of our team answered ‘agree’ with the question ‘As an organisation, we have a higher purpose than just profits’ in last week’s Tiny Pulse survey (we survey the team each week to get a feel for how they are feeling).
Learnt how to sell
We’ve never been very good at this, and previously just hung our hats on the fact that if we did a great job, the business would grow automatically.
Well, that’s only partially true, and resulted in our initial growth really slowing down. As much as none of us like the thought, we had to get better at discovering people’s needs, and demonstrating what we can do. It turns out people actually like to be taken through this process. They want what we got – now that we can explain it better! Our community has grown by 32% this year already.
Got rid of some staff
As hard as it is to let people go, sometimes you’ve just got to do it.
About 18 months ago, we were positioned for growth that we just didn’t achieve. As a result, the team was becoming less and less effective. This is an unexpected phenomenon and the opposite of what you may think would happen. As people have more time on their hands, they tend to get distracted easily and achieve less each day. The balance shifted between those who were working hard and those who were being carried. Ultimately, we need Gladiators if we’re going to be the BEST at what we do, and achieve our vision, so it was bon voyage and good luck to the under performers.
I believe in the power of sharing, and in being transparent.
Our community is just as much a part of WE as I am, or as any of our team are. This really is a journey we are all on together, so I’ll continue to share some of the successes and (inevitable) failures that we encounter along the way. Feel free to share your successes and failures with me in the comments or by email. We can only grow together as a result!
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Disclaimer: all information contained within this article is of a general nature. Do not rely upon it when making financial decisions. Please consult a professional financial advisor or planner (like us!) before acting.