To all our highly valued clients and acquaintances:
Growing Your Business in the Current Economy
Hope you are well. For this month’s newsletter, I have been speaking with a variety of people, from both within and outside the financial services industry, to gain greater perspective and to glean the best suggestions I can access. Here is the essence of what I have found.
Where we are:
Just as we are heading into a different season of the year and just as the clocks are about to change, we are obviously in a much different world than just a few short weeks ago. Forever changed, we need to settle down, for who knows how long, and set ourselves up accordingly.
In this type of economy, we are more likely to be called on in these uncertain times. We have to have a process for our clients that makes sense for them. We also need an ability to quickly adapt to multiple changes and determine what we can do and what will we do, going forward.
Work smarter than ever before, especially paying attention to your mindset. This is likely to be your first priority, at the outset. Negative external circumstances tend to trigger "Constrictive vs Constructive” mindsets. That is, we risk buying into just bad news and then we start to panic, avoid taking action, and retreat to a place of worry and paralysis. Those who are innovative and proactive in their thinking (and in their marketing) do better in both good times and in bad.
Associate with successful people who are grounded, optimistic and in productive action – if you have questionable relationships that seem to be dragging down your morale and energies, either make them work or abandon them – you don’t need any additional stress right now.
What’s our purpose?
We have all heard this timeless, look-to-the-future advice from hockey great, Wayne Gretzky:
“I skate to where the puck is going to be, not to where it has been.”
A couple of other perspectives about our business life for us all to consider?
E-Myth author Michael Gerber encourages us to have “our business be a vehicle for more life”.
Renowned Consultant Alan Weiss (www.summitconsulting.com) describes “wealth as discretionary time” and suggests “we adjust what we need to earn to the life we want to live”.
We suggest that we think in terms of being a go giver and a value maker. People still have real needs out there and there are likely less options for them to look at – your competition is probably not as active as at most other times. So now’s the time to be assertive, not reckless, and work so you can pick up more market share. You are likely to be stronger in the end.
The need for support:
Fully reactivate all your support networks – be in great communication, especially in this kind of economic environment. There seem to be two scenarios occurring – either we don’t have time to talk right now (possibly in the grip of fear?) or we need to now more than ever before. (fueled by a desire for professional, confidential, strategic, advisory conversations and clear headed, long term, trustworthy leadership) It’s important to be attentive for our opportunities.
We all can benefit from additional support, as can our clients and potential prospects as well.
On stress reduction strategies? We need to optimize our productive stress levels and minimize our imbalances. We all need a moderate amount of stress to be productive – too little isn’t good and too much stress paralyzes us. Two leading causes of stress in the work place are not knowing what’s going to happen tomorrow and feeling we don’t feel you have control over it.
When we have times like these, when we have these vast cycles that we have no control over, be they global or economic or political, the more people feel they have some control over their lives, the more stress is relieved. So I think that is helpful that we focus on what we can control.
If you have any taxing relationships, we suggest that you make them work or that you abandon them – you don’t need the additional stress right now. Get your life into a routine – get plenty of sleep – organization creates a sense of control – be methodical in your marketing and business management – streamline your working life – make a priority list – have note cards everywhere to catch fresh inspiration – we often get our best ideas when we least expect it.
Keeping a Value Add Approach:
During this environment, many clients are concerned about immediate needs and are going to want help ASAP – be easily and readily accessible – most times, confidence is a key need – and it starts with us – do whatever you have to do to be that - perception is everything these days.
Now is the time to call every single client, current and past, with new value – it is incumbent upon us - focus on thriving, not surviving – be bold in marketing because competition won’t be.
Given that you are sincerely looking for ways to provide value, now is the time to blow your own horn and blow it louder – take wise risks and subordinate your ego – shamelessly seek referrals and ask regularly – do whatever you have to do to get in front of movers and shakers.
Have to focus on those people who offer the course of least resistance – make the point that the help that you bring is almost like an insurance policy – we can’t sit back and hide behind a desk until this is over – we have to continue to take action so that we emerge stronger in the end – we need to brand ourselves a bit differently - let’s face it, when the light starts to shine again, when the sun shines through the clouds again, people who maintained and built their business and kept productively occupied are going to be in best shape to profitably go forward.
Over the last few weeks, about 35-40 % of the people we are working with are opening up all kinds of new relationships and bringing in net new assets because their prospects find that they are getting care and attention that they are not getting elsewhere – proving that amenability for exploring other professional perspectives and advisory relationships is more than normal.
The key to marketing in tough times is to work at adding more value. Communicate about your services in more depth and with more clarity. These are things we best do anyway, but when the economy is suffering, these marketing approaches are now more important than ever.
Time to deepen existing relationships, meet new people, make new friends, to re-invigorate yourself and this process – as we are heading further toward the Holiday Season, this is a great time of year for connecting with people – for whom could you be a breath of fresh air?
Why wouldn’t you vigorously continue to do something you’re good at, hopefully that you still love to do and something which your clients and prospects still need, as essential to thrival?
As they say in baseball, keep swinging – fight your way forward by utilizing and building further upon your strengths – find people out there who need you more than ever and can respond.
People still need outside guidance to craft their decision making and to help move through this landscape – there are always opportunities out there, in one form or another. We may have to look at different relationships in different places – open all the proverbial doors and windows.
Get in the game to make a difference - ask your clients what they feel they most need and want and let them talk, full out – find ways to help them take more control of what’s really the most important in their lives, regardless of what is happening in the greater, external world.
Again, tell all your professional colleagues who may provide referrals, the value that you provide – don’t be reluctant or reticent. Do pro bono work in a cause you believe in – see if you can rub elbows with the best people in your locale – go to meetings, so you can be face-to-face.
Contact every past client and prospect – make sure you do it – we are not at the mercy of the winds and the tides. Ask for referrals monthly – don’t be bashful – what image do you want to have out there? Find people who don’t know you - take civic association leadership positions.
Get fired up in your gut or go do something else – we’ve got to focus and be prepared to work smart, not just hard – ask, what can I do to be effective? What do I have to accomplish today?
Disciplines to put/keep in place:
It takes great courage to keep building strength and to keep taking action – it requires great balance, resilience and energy – not just a false, pollyanna, positive attitude – a key investment you can consistently make is in your self-development – schedule regular times to do just that.
Interact with your colleagues on a regular basis to compare notes, to improve techniques - steer clear of victims, downers, commiserators – break that cycle and stick to your healthy support systems, relentlessly – get your personal life and relationships in the highest order – be not afraid of darkness but guided by what light we do have – we can only grow by building on our strengths – we need to be resilient – if we are rejected, it is not personal – it is simply part of the game – be innovative – try new things – control what you can, for the sake of your loved ones and your own growth – as the famed Brooklyn Dodgers Baseball Coach, Branch Rickey, once said many years ago, “luck is the residue of design” I’m lucky to work with you and I appreciate it – let’s keep our chins up – the light ahead is not another train - I’ll see you there.
We appreciate our relationship and we thank you for keeping us engaged and allowing us to do our best to be of service – til the next time we speak, meet or connect, we are…
Always looking to serve you with productive and revenue generating ideas.
Enthusiastically yours,
Best – Coach Don |
