Refining your business model
At some point during your transition you should review your business model. Most public practitioners find it easier review their business model once they have written a few Statements of Advice (SOAs) so they know what is involved. When you do review your business model, consider the following:
Practices can’t expect to embark on their licensing journey and absorb the additional work into current operations. It’s essential to plan ahead, so you can reap the rewards down the track. Work smarter, not harder by:
- Re-allocating the roles of existing staff
- Outsourcing compliance or operational functions so you can allocate more of your own time to the valuable task of advice services
Referrals are not mutually exclusive and will be required, even if you become licensed – unless you go the whole way and take out a comprehensive authority.
Our Referrals Guide will help you to navigate the elements you will need to consider to ensure a seamless, transparent, mutually beneficial and successful referral relationship.