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The positive side of FOFA


positive side of fofa

A lot has been said about FOFA and it"s proposed rules and requirements and why they are useful, but very little was said on how

to operate and fulfill these requirements.

Are they operationally manageable?

While FOFA might be a great concept in theory, the idea is difficult to implement in practice unless you have the right systems in place to carry things out efficiently.

Plenty of uncertainty and ambiguity have reigned when it comes to these proposals. It is hard to tell what could be the final decisions

going forward, but despite the outcome you should always strive to make your practice and your business as efficient as possible for a great number of reasons.

One of the positive things about FOFA is that it is an efficiency reminder. Now is possibly a good time to revise your operations given the surrounding circumstances.

Making time is perhaps the biggest challenge for FOFA implementation, but leaving FOFA aside efficiency is crucial. Whether FOFA changes in the near future or not, there are great rewards in becoming more efficient.

I personally consider that if time is money efficiency is compound interest.

I’m sure you have heard before that time is precious and in my opinion time is the most valuable asset of all and the biggest reward you can ever get.

If your employees are wasting minutes every day with repetitive tasks, slow systems, inefficient frameworks or processes that could be automated and you and them have been avoiding fixing the issue because it only takes a couple of minutes to get past the hurdles.

It’s probably time to bring these minutes into the spotlight and do the maths.

With or without FOFA, you should aim to increase your asset base and you can do so by getting more minutes under your balance sheet.

Conducting an efficiency check-up and running process improvement initiatives might do and mean so much more for your business than

just a compliance tick box.

If time is money and efficiency is compound interest. The sooner you invest in efficiency initiatives the faster your business will be able to grow and compound over time.

At the same time you can consider your customer strategy to enhance the customer experience for your clients.

Clients can tell a lot about how much you care about them by how efficient your processes are. Efficiency can be the best marketing ally and retention program you could ever have.

BIZNEX Consulting looks to aid practices and advisers get the most productivity out of every minute through its process improvement consulting program.

Consider us as part of your business resources and as a creative hub to grow and boost your business.

Strategic View Point by

Carlos Mauleon

Senior Manager of Strategic Business Initiatives

at BIZNEX Consultig

www.biznexconsulting.com.au

#positivethingsoffofagoodthingsaboutfofa #FOFA #financialplanning #businessimprovement

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