Change: a threat or an opportunity?
I work with a number of clients within Financial Services
and it’s one of those sectors that always seems to have
change being imposed upon it. The regulations have altered
many times over the years and certainly over the next few
months there is going to be more with significant changes
to mortgage regulation and disclosure requirements.
The businesses that cope best with external changes are those
that actively seek to change from within. They have an environment
where change and innovation are part of the culture and consequently
any outside influences become far easier to deal with. In
working with my Financial Services clients we have focused
on a number of key development areas which make a good starting
point for any business. Which of the following areas could
you focus on within your business?
Re-visit your values, vision and goals. Why are you in business?
What does your business ideally look like? How are you going
to get there? What is your strategic plan? Are you moving
forward on a daily basis? The clearer your vision and the
more regularly you visit and hone it the more likely it is
to happen. A clear vision and direction will help you really
focus your activity and maximise profits.
Review your marketing strategy. Who is your ideal client?
Where will you find them and how will they find you? What
methods of approach will you use? Do you have several ways
of generating business? How can they be systemised into routine
activity? Your ‘ideal clients’ are the ones who
you get on best with and generate the right amount of revenue.
The ideal strategy will bring a steady stream of new and existing
‘ideal’ clients and be flexible to inevitable
changes in market conditions.
Review your sales process. Is your process systemised to
get predicable results? Does it appeal to your target market?
How is your closing ratio? How good are your sales and influencing
skills? Are you getting plenty of referrals? Closing more
deals will up your profits with no corresponding increase
in time and marketing costs. A system that thoroughly vets
leads to ensure minimum wastage in terms of resources will
also be of great benefit.
Consider the internal processing systems. Is business processed
in the most efficient and cost effective manner? Are all processes
streamlined? Are there any ‘log jams’ that need
sorting out? Is the pipeline regularly ‘flushed out’?
The more efficiently that work is processed the more room
there is for more business. This equals more profit in the
same or less time.
Do you have a fantastic support team? Do you have great relationships
with your staff, your suppliers and in fact anyone who comes
into contact with your business? Have you shared your vision
with your team? When was the last time you had a staff meeting
and really listened to their views? How do you show your appreciation
for the work that they do? Many successful businesses consider
their staff to be their most important asset. It is said that
in most businesses staff work at only 60% of capacity. What
would happen to profits if that figure was increased to 75%?
How nourishing is your working environment? Is your office
a calm and organised place or like the scene of a recent hurricane?
Does it impress or depress? Is your hardware fully functional
and up to date? How are you going to improve it and when?
By creating a fantastic environment in which to work and where
people enjoy being it’s amazing how this will positively
impact your business.
Consider yourself. Are you an asset or liability to yourself?
Do you really love your work? Are you as fit and healthy as
you can be? Do you take plenty of time off? Are you clear
on your areas of personal development? Remember, your business
is there to serve your life not completely control it. Also,
people buy ‘you’ so it pays to be in the best
shape possible.
If you were going to choose just one of these areas to begin
with then which would it be? Once you have chosen what will
be the very first step you will take and when will you do
it?
If you would like to conduct an appraisal of your business
please contact me. You will be able to complete one of our
business assessments so you can take an objective view of
your business and focus in on how quickly you can improve.
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