In the hustle and bustle of running your practice and dealing with immediate client demands, you may be making common mistakes that can lead to dissatisfied clients or a loss of business.

These mistakes are often made because of a lack of adequate processes or systems, says Raymond Yates, senior partner with Save Right Financial Inc. in Mississauga, Ont. “You might simply overlook certain aspects of your practice,” Yates adds, “until you get a wake-up call.”

Here are five common practice management mistakes — and how to avoid them:

1. Failing to delegate
Your team members are your most valuable resource, says Brett Strano, financial advisor with Edward Jones in Mississauga, Ont. A healthy work environment is one that is based on mutual trust and a clear delegation of roles and responsibilities.

“You should not spend too much time on things that are not generating revenue,” says Heather Holjevac, certified financial planner with TriDelta Financial Partners in Oakville, Ont.

When you make effective use of your team, Yates adds, you will find more time to do what matters and to bring in more business.

2. Working without a comprehensive client-service model
Different clients have different expectations. For example, some may want more face time, while others might be content with less frequent meetings.

“Establish your service model with each client at the beginning of the relationship,” Strano says. And be sure to build in some flexibility. “Clients do not expect perfection,” Strano says. “They expect good service.”

A client-relationship management (CRM) system is key to managing a client-service model, Holjevac says. A CRM program allows you to establish a systematic process to deal with your clients. You should also have a process to follow up with leads, she adds.

3. Taking too long to respond to clients
Clients expect you to respond to their questions or concerns within a reasonable time frame, Yates says. Failing to meet their expectations can lead them to seek answers elsewhere.

Be sure to establish up front how soon each client can expect a response from your office. You do not always have to respond to clients yourself; let your team respond when appropriate.

4. Neglecting to prospect existing clients
Strive to know everything you can about your clients, Strano says, including what assets they might have with other advisors. He recommends that you continuously ask about their other assets. If you’re doing a good job, you might be successful in attracting these assets.

Some clients are often speaking to other advisors, Holjevac says. In these cases, you run the risk of another advisor offering a better value proposition if you are not at the top of your game. Therefore, you should ask your clients frequently about life changes and how you can be of further assistance.

5. Failing to revisit client expectations
“Review your service on an ongoing basis,” Strano says.

Holjevac suggests conducting client surveys to determine whether you’re meeting their expectations.

Adds Yates: “If the client experience exceeds their expectations then you’re doing a good job.”