Improving the productivity of your practice can increase your profitability and competitiveness.

The benefits of productivity can be classified into three broad categories, says Brett Strano, financial advisor with Edward Jones in Mississauga, Ont. Those categories are personal, business and clients. At the personal level, Strano says, an increase in productivity can translate into higher income. At the business level it means increased efficiency and enhanced sustainability. And at the client level, it translates into better service.

Increased productivity allows you to “keep up with the speed of changing business demands,” says William Piggott, vice president, international money movement, with ADP Canada in Toronto.

Here are five tips to help you improve the productivity of your practice:

1. Assess your current situation
Take a step back and review where you are and assess what you are trying to achieve, Strano says. Identify what you are doing well and where there is room for improvement. For example, you might find that you need to be more efficient at prospecting or serving your clients.

Alternatively, says Aiman Dally, CEO of Copia Financial Solutions in Toronto: “You may find that the growth of revenue in your practice is not in line with your expectations.”

2. Set goals
Once you have identified areas in which you need to improve, establish “performance goals” and set “productivity standards,” Piggott says. Then, determine the gains you will achieve by increasing your productivity in the areas identified.

For example, Dally says, “Assess the revenue gains you can derive from converting each new prospect and the resulting impact on your bottom line.”

3. Plan and prioritize implementation
You may come up with a long list of areas for improvement. You will then have to prioritize your tasks and implement them “one brick at a time,” Strano says.

“In some cases,” Dally says, “you may find the changes you want to make overwhelming. Take a hard look at what you can do first, or what would have the greatest positive impact on your practice, and implement those tasks first.”

4. Standardize your processes
Standardized processes can dramatically improve your efficiency and that of your team, Dally says.

When your procedures are predictable and routine, you can schedule meetings, phone calls and client communications at predetermined times, Strano says. This type of policy can improve the client experience, as your clients will know what to expect from you — in terms of services and communications — and when. And you will know what should be delivered ahead of time.

As well, your staff can deal with tasks such as completing relevant forms for clients, which reduces the time you spend dealing with these administrative issues. That, in turn, increases your productivity.

5. Make better use of technology
“Technology is an enabler,” Piggott says.

It can enhance productivity in a number of ways, such as, maintaining your agenda, scheduling meetings and helping you stay in touch with clients. It also enables you to vary the ways in which you communicate with clients, by facilitating methods such as video conferencing.

Technology can be used to better manage client relationships, Strano says. For example, it allows you to review client accounts, provide more efficient reporting and maintain client profiles. These benefits allow you to work more efficiently, enhancing your productivity.

This is the first part in a two-part series on improving your productivity.

Next: Getting your team involved.