Three ways you could be stifling your practice growth

Alex Burke,  Senior Writer,  No More Practice Education

Have you heard of the “hot hand fallacy”? Often applied to sports like basketball, it refers to the idea that if a player scores once, they're more likely to do so on the second attempt.

Debates continue as to whether the concept of a “hot hand” is actually absurd on its face, but it's nonetheless true that when things are going well, people think less about the possibility of failure. But as per a discussion with Forte Asset Solutions managing director Stephen Prendeville, when you're running a business it pays (literally, in some cases) to consider future setbacks.

To illustrate, he highlighted three advice businesses he'd worked with:

The go-getters

The first business was the youngest: in just seven years, with owners in their early-to-mid-30s, it had amassed 470 clients, $72 million in funds under management and $690,000 in recurring revenue (excluding GST).

The majority of clients were in the 25-40 bracket, the business had

Continue Reading
Liked this article? Let us know

Want more of the latest in opinions, expert insights and training?

Subscribe to our free eNewsletter now

/ Related content

Are your clients paying hidden fees?

It’s become a major talking point during the Royal Commission and amid....

What does the great wealth sell-off mean for you?

Recent research reveals a massive upswing in financial services M&A ....

Leave a comment /

Related content /

12 September, 2018

Alex Burke,Senior Writer,No More Practice Education

Are your clients paying hidden fees?

It’s become a major talking point during the Royal Commission and amidst ASIC’s disclosure reforms – but what are hidden fees and do your cli....

Read now

06 September, 2018

Alex Burke,Senior Writer,No More Practice Education

What does the great wealth sell-off mean for you?

Recent research reveals a massive upswing in financial services M&A activity - who's selling their businesses and what does it mean for the ind....

Read now

WordPress Lightbox Plugin