It is a seriously interesting time to be in the industry, with significant regulatory change, adapting technology solutions and increased talk around a focus on the consumer. While all the issues and bad news about the planning industry has been done to death, there is also plenty of good news for advisers and accountants to help improve the bottom line.
By talking to service providers, I have come across some good ideas that you can choose from, that will improve your bottom line. I have always found the only way to change things is to change the way I am thinking – so this may get you started on thinking differently about your business. Maybe an extra phone call can lead to a conversation about helping you improve your bottom line.
For example, try talking to a non-banker to talk to your bank. If you are trying to buy a new book of clients or another practice, you need the bank onside. This means you need a good advocate for you to the bank, who understands banking requirements, which can significantly increase your chances of obtaining finance.
Using social media can expand your reach and help you find you new clients. Yes, everyone has been talking about this for a while, but there are people who can actually do this for you. I am not sure if you heard Robbie Bennetts speak at our live event, but his new business is right into social media and it is worth taking a look at if you are looking to find new clients.
Try offering new services; mortgages are an obvious one while another option might be high interest cash accounts. These kinds of services may not mean dollars through the door for you, but your great advice to clients in this area can lead to other opportunities, and more importantly, referrals.
I will keep connecting you with new ideas as our marketplace expands – remember, things only change when you do.
