There will be many challenging times during your journey as an independent financial advisor. Some of those may be related to the economy or the market, while others, such as the recent pandemic, will be crises we never really see coming. The most successful advisors (and other entrepreneurs) are the ones who understand that challenging times are full of opportunities for growth both personal and as a business owner. Are you ready to grow your business, even if times are deemed ‘bad’? Here are five tips that will help.

1. Turn Situations to Your Advantage

Even though times may be bad in the economy or other sectors of the business world, there are always some silver linings or opportunities. We already discussed how advisors could use social distancing to their advantage during the pandemic. What are some other ways you can grab new opportunities? Can you recommend certain investments with good growth opportunities? Buy another advisor’s book of business if he’s ready to throw in the towel? When you take action while your competitors are either hunkering down or being beaten down by fear and uncertainty, you can grow while others stay stagnant.

2. Give Added Value to Your Clients

Your clients may not want financial advice during tough times and may prefer to wait out the economy before they make any decisions. If this is the case, find other ways to help them. You may have clients struggling with being empty-nesters, or you could discover that some are dealing with family discord they can’t figure out how to resolve. By acting as a counselor to these clients without trying to provide them financial advice, you increase your value and deepen the relationship. Other ways to give value is to put out helpful content through social media, a newsletter, or a vlog, or simply call to check in on clients to see how they’re doing.

3. Improve Your Marketing and Your Business Plan

Many of us have had some extra downtime in the last couple of months. Instead of spending this time being bored or getting antsy, successful business owners have taken the opportunity to revamp their marketing or business plans. This internal work often gets put to the side during busier times, but it is absolutely essential to your business growth. If you haven’t gone over these strategies for a while, now is the time to do so. You can even take it a step further and meet with a business coach or attorney who can help you develop new ideas for growth.

4. Maintain a Growth Mindset

You are the result of your thoughts as an independent advisor, and when you go into protection mode, you shut down. Maintaining a growth mindset during challenging times helps you see every roadblock as an opportunity. This not only helps your business thrive, but it also makes you a more resilient person and innovative thinker. If you’re having trouble adopting or keeping your growth mindset during bad times, consider talking to a mentor or coach. They can tell you what works for them in situations like these and/or help you develop habits and beliefs that lead to improvement.

5. Improve Your Education

Lifelong learners are always the most successful entrepreneurs. During difficult times, investing some time and money into self-improvement and education is always money well-spent. Read business or self-help books, watch informative videos, and consider taking a course such as our Evolved Financial Advisor to learn more about what success means to you and how to achieve it. Investment in yourself is always a good way to spend time and money and will pay dividends far into the future.

Business growth is possible no matter what the economy, environment, or current crisis. Do you have tips on what has helped you grow during the pandemic? I’d love to hear them!