We are living through an unprecedented time in history. With thousands out of work and millions staying at home unless they have an essential errand to run, our world has changed. Business owners – especially small business owners – are facing challenges like they’ve never experienced before. However, it’s up to you to decide if you want to view this as a disaster or an opportunity. As an entrepreneurial advisor, you have the freedom to serve your clients as you see fit. That means you can stick your head in the sand and allow your business to suffer–or you can take this time to make sure you’re serving your clients to the best of your ability. Fall into that second camp? Here are some areas to focus on.
Retool and Restructure
One of the perks of being your own boss is that you get to be flexible. Now is the time to put that flexibility to work and take a good look at your business plan. Do you have a strong model with a fee structure that is easy for your clients to understand? If not, this is the time to overhaul it. For example, you may want to change to a different payment schedule or re-write your onboarding material to be more transparent and understandable.
Discover What’s Essential—and What’s Not
As our worlds are being turned upside down, many people are discovering what’s really essential in their personal and professional lives and what’s not. For example, you may find that meeting clients in person is not that important while having a robust video-conferencing platform is. When you know what you can and cannot live without to keep your business running, you can put resources where they matter most.
Improve and Refine
Have you taken a look at your business plan and found it’s adequate? Don’t stop there. You may not need to overhaul it, but now is the perfect time to improve and refine it. This may be as small as changing the wording on your introductory emails or altering your messaging when you take part in conferences or networking opportunities. Do whatever you can to address weaknesses and further strengthen the already strong parts of your business.
Connect With and Talk to People
Even though you may not be able to talk to clients and prospects in person, you can still reach out to them. Schedule Zoom meetings, send emails, and get on the phone. Check on your clients to see how they’re handling the crazy market emotionally. Find new groups that are meeting remotely and get involved. Reach out to new segments of the market via social media marketing. The more you can keep your name and face in front of people, the better you’ll be able to move forward once it’s business as usual.
Look for New Ways to Serve
Now is not the time to sell to your clients or prospects. But that doesn’t mean you can’t continue serving them. By providing value to those you work with, you’re strengthening your relationship and your brand. Send out regular communication on what the market is doing, how it affects them, and your advice on what they should do with their money. Post tips on how to stay active and mentally engaged to your clients who may be stuck at home by themselves. Whatever you can do to make your clients feel safe, a little bit happier, or more at peace during this time will be welcomed with open arms.
You are the result of your thoughts as an independent advisor. It’s up to you to decide if you want to view this is a crisis to be endured or an opportunity to take your business to the next level.
What are you doing to improve your business in April 2020? Leave a comment below!