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Background A
5-Partner firm which had been trading for nearly 20 years Established
name in local market, steady arrival of new business – but profit growth
beginning to stall Specialists
in estate planning, and also involved in mortgages, pensions and investments,
but with a plethora of low-value and time-consuming clients Partners
finding their time entirely taken up with administrative tasks, with increasing
awareness that client time was becoming less focused and less profitable Sales
and business development activity almost exclusively reactive (order-taking),
with very little proactive promoting of the business to the local client base
and potential referral sources Messy
management information, making proper evaluation of profit and
cost-effectiveness impossible Concern
at the lack of profit growth: should they exit some activities that had been
historically successful?
Should they look for a more efficient way of working?
Should they explore new areas of activity? Strategic
concern as to whether they should remain in their mortgage network, or be
regulated directly through the FSA We
were asked to evaluate the current activities and modus operandi and recommend
changes to the working practices and commercial strategy of the Partnership
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Mungo
Dunnett Associates Home Page |
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