Next year is going to be a good one. Sentiment has lifted, post-FOFA jitters are soothing, and with this year coming to a close, it is time to start planning for 2014 growth.
The much publicised growth of the SMSF market is encouraging more consumers to seek advice, as such; all advice professionals should be looking at new ways to get their message out to market.
Here are three things you can do to start that process:
1. Set a marketing budget – and stretch yourself
While many small businesses find themselves looking at where to cut costs rather than increase them, in a bullish market we all need to look at worthy investments in our own business. Marketing, often seen as a tactic for larger groups only, should be a key part of your business strategy. Have a good look at what you spent this year and identify what worked, or better yet, what didn’t. If you don’t feel the things you have done in the past have gotten you as much as you need, it’s time for a new approach. How much do you spend on social media? Do you do any publicity such as public speaking or media participation? Can you afford to host an event with key clients, their families and friends?
All these initiatives cost money – but a marketing plan executed effectively should generate returns of three times the initial spend. Meaning, if you have a 50k spend – you should expect to get at least 150k in new business back.
2. Look at your staff with new eyes.
Sometimes it is easy to take your staff for granted in their current job role. However, with a set of fresh eyes take a closer look at their capacity, willingness to grow and skill set. Can they do more? Can they be trained to do something different?
The best way to keep staff engaged is to present them with new opportunities. 2014 could be the year your staff get the opportunity to learn and be challenged with a new responsibility – be it social media or event management. While this is not for everyone, it is worth asking key staff who may be interested in adding a new dimension to their role.
3. Make new professional friends
The best way to learn new techniques is by watching and sharing ideas with other professionals. If you need inspiration then you need think a little differently and get networking.
Your own industry is a good place to start searching for new, inspirational friends. Attend conferences that feature an array of best-of-breed speakers. Don’t be afraid to pipe up and get in front of these people. Secondly, look outside your immediate peer group to interesting and innovative professionals. Whether it is advertising, marketing, hospitality or media – any industry or company that your feel is ahead of the game.
Make a point of meeting some of the people you notice in these arenas. Buy them a coffee. Ask them questions. Most people are happy to share their learnings. It does not have to be one way either, tell them about you, share your experience and see what you can give back to them.
These are just three ways to look differently at your opportunity next year. It is going to be a good one so the sooner you start planning the better!
Vanessa Stoykov is the creator of No More Practice, and founder of the parent company, evolution media group. She has over 20 years’ experience in financial services as both a journalist and business owner. She is an award winning chief executive who is passionate about creating education and communications to help the wealth industry and consumers fulfill their prosperity potential.
