What am I doing, talking about 2022 already? Well I’m not asking you to wish your life away, but quite a number of financial advisers have observed that August and early September are quieter times for them. And this quiet time offers an opportunity to do some planning for your business.
You should always be thinking short-term about your activity planning and how you are strengthening your relationships with every existing and potential clients, particularly as you are back out now re-engaging with clients after Covid. However now you also have an opportunity to do some longer-term thinking and more strategic thinking about broader areas that will stand your business in good stead over the next few years. While it’s not an exhaustive list, here are a few areas to think about now.
Make sure your team are with you
When’s the last time that you gave structured thought to the development needs and engagement of your team? Now might be the time to consider their coaching needs that will help them improve, grow and ultimately benefit your business. And how well are you managing the return to the office? Good people are in very short supply at the moment, so make sure you are bringing your team with you.
Make sure you are fit for purpose yourself!
How are your own skills as a business leader, mentor, manager, business generator, client executive and everything else that you do? Now is also a good time to give some thought to gaps that you might have in your own toolbox and to look at how you might close the gaps. Have you trusted people, either staff members or other business contacts who will candidly help you to identify any areas that it might be useful for you to work on? Getting help and coaching shows a desire for improvement rather than an admission of shortcomings!
Make sure your clients are with you
When did you last review your Client Value Proposition? It’s important to ensure that you continue to deliver the appropriate levels of service to different groups of clients at the right price. And this is an ever-moving target. So even if you previously segmented your clients, are clear about who you are targeting and have your positioning identified, this needs to be regularly reviewed. The world of financial advice is constantly changing. Your business needs to change with it, particularly in this post-Covid world.
Review your communications
How good are your communications to your clients? Now is a good time to stand back and look at the quality of what you produce, your client meeting inputs and outputs, your other individual communications to clients and also your (hopefully) regular marketing communications. Are your messages getting a bit tired, or are they really engaging your clients? Seek feedback – both from any analytics that are available to you, and also from people who are on the receiving end of what you send and say.
Review your processes
Give some time to picking apart everything that you do within your business. Could you be easier to do business with, is there an opportunity to really wow your clients? At this stage, look to identify the gaps in your processes. Then put a plan in place with your team to overhaul the processes and set your business up to deliver a much better client experience in the future.
There are many other areas that you can think about during these quiet months – the key is to make sure that August & September don’t just slip by without much work being done. If you can make a start on some of the areas identified here, you’ll thank yourself when 2022 eventually comes around.