Technology

You're burning too much cash on bad technologies

you were oversold and they underdeliver | you're trapped in a long-term contract | chaos ensues from too many logins | software fixes are always "almost done" | platform isn't user-friendly and involves a steep learning curve
Author:
Forrest Tuten
3 min to read

Thesis

Gain time, simplicity and money by streamlining your tech stack

Struggling with any of the above frustrations?

You work so hard building your brand while striving to keep clients, employees and team mates happy, right? And you have to deal with problems that come from 'the best available' advisor software solutions, yea?

Wouldn't it be easier if you could just streamline your stack and improve your satisfaction ratings across the board, all while saving time, money and improving compliance? HINT: It isn't a pipe dream...keep reading.

Your business needs to consolidate. Start thinking about how many technologies you currently use, actually use...

May not be everything you're paying for, right? In fact, you may have a lot of tools that you haven't even logged in to or have forgotten about since signing up. This is a problem.

Formula 1?

We're huge Formula 1 fans here at Bitsy. Wait, what does that have to do with anything? Well, let's think about it, what's the point of a Formula 1 car?

Get around the track as fast as possible, as consistently as possible, right?

Shouldn't your business have a similar cadence? Grow as quickly as possible, as consistently as possible. That approach would quickly provide for the life you set out to achieve when you established your firm and/or place in your current firm, right?

So, again, what does F1 have to do with anything?

Well, how does an F1 team make it possible to go fast consistently?

By having as little fat on the car as possible right? An F1 car only ever has exactly what it needs to accomplish it's goal, no more, no less. Your business needs the same. Yet, too often advisory practices have all the excess that makes for a large investment that doesn't produce commensurate returns. The goal should be:

  1. Have as little tech as possible to go as fast as possible
  2. Have an automated, streamlined process that works consistently
  3. Because 1 & 2 are set, growth becomes automatic

Time to re-evaluate your stack...

"Sometimes in order for change to be made in a positive fashion, we must force ourselves to look unblinkingly at painful realities and reevaluate." - Jeffrey Bowyer-Chapman

Pull of the band aid and take a good look at your existing tech stack. What's working? What's not?

If something isn't working, is it because you and team haven't spent the required amount of time to make it work or is it just because it doesn't, and never will, work for your practice?

  • Make it work if it's going to benefit you or get rid of it
  • Double down on what is working, in the world of stocks the most successful traders add to winners, not losers...do the same
  • Do what you have to, to go fast like an F1 car, no second-guessing

You're taking the risk to build your business, right? Then help yourself understand the reason you're keeping bad tech in place, an employee that's sub-par in place, your own bad habits in place.

The tech in your life should be a source of reducing stress, not causing more of it.

What's working > double down

What's not > cut it

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