15th November 2011

Aegon: Don't lose your good ideas

Every one of us has great ideas, but how many of us actually do anything with them? The average human brain produces 70,000 thoughts a day. As there are 86,400 seconds in a day that means we have a thought every 1.2 seconds. Now not every thought is a great idea but be honest what did you do with you last great idea?

Did you act upon it, did you make it real? Did you write it down? Or did you put it to the back of your mind and carried on as normal dealing with day to day events and over time that great idea erodes and evaporates into the ether.

For some reason when I ask an audience of advisers who has a written action plan even with only 13 months to go until the biggest change to ever hit our industry sadly not many hands go up. When I delve deeper I find the usual myths of plans stopping effective action: 

• All business plans are in business speak
• They must be long to be good
• Their primary purpose is to obtain finance
• It’s easier for others to do business plans
• You should do it all yourself
• It takes six months, a significant amount of time and expensive consultants
• It sits in a drawer
• My business is too small; business plans are for big businesses.
• I know where I am, I know where I am taking my business I do not need a written business plan.
• Someone else will do it!

An effective action plan can help you:

• Harness your great ideas
• Build the business you want
• Achieve your goals
• Maximise the profitability of your business
• Ensure your business transitions into RDR

There are many sources of help now available to help every business do this; one of these is our free business transition website www.aegon.co.uk/bsuinessbrain

Here you can find help and support for:

• A segmentation model that identifies the profit potential in your business
• A clear client proposition that delivers excellent ongoing service for your clients
• Robust processes that deliver this service in a profitable manner
• Clear understanding of the most appropriate remuneration options for the client and your business
• A simple, clear, concise and transparent RDR action plan.

If you have not already done so make sure 2012 is your year for great ideas and a written action plan.

John Joe McGinley Business Consultancy Manager Aegon

RDR