Reimagine Your Advisory Business
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I’m glad I’m not running an advisory firm. The challenges are immense. It was a difficult business before the pandemic. Now it’s much more so.
Some of my clients are concerned and are asking for advice.
Focus on what you can control
I’m giving you the same advice you give your clients: Focus on what you can control. You don’t control the spread of COVID-19 or the timeline for when an effective treatment or vaccine will be available.
You can control your expenses.
Make this temporary change permanent
What I’ve learned from the shutdown is that the world doesn’t come to an end when we can’t travel. We’re remarkably adaptable. We are also aided immeasurably by technology.
Pre-pandemic, many clients resisted communicating by videoconference because they were intimidated by the technology. Today, it’s hard to find someone who hasn’t figured out Zoom. It’s ubiquitous, along with Skype, FaceTime and many other options. Your clients probably are using a videoconference service to stay in touch with family and friends. Using it to communicate with you is a logical extension.
Make this temporary change permanent.
Slash your travel and entertainment budget and substitute videoconferences for those clients who are amenable.
How will you know?
You are likely to find any reluctance they previously had no longer exists.
The savings could be considerable. You may also find your meetings are more focused. Because you aren’t traveling, you’ll be more productive.