Although lockdown is officially ending on Monday next week, most brokerages will find themselves in the same position as the were before under level three - working from home, and worried about a reduced pipeline of business.
Times are undeniably tough, but business growth expert Keith Abraham is encouraging advisers to use this time to step back, reassess their goals and make improvements to their business, and perhaps do some of the things they never had the time or energy to do before. Speaking to Financial Advice New Zealand members, Abraham says that there won’t be a ‘back to normal life’ after coronavirus - there will be a new normal, and businesses need to think about how they will sit within that.
“I believe there are three phases that we’re going to go through - what now, what’s next, and what’s necessary?” Abraham explained.
“A lot of people say ‘when I get through this crisis’, but it’s not about getting through the crisis - it’s about growing through the crisis. That’s growing the platform your business is on, growing who you are, and not just getting through to the other side and catching your breath.”
“You need to have the ability to rebound when the lockdown and the restrictions start to come off,” he continued.
“I talk a lot about having the ‘business of your dreams’ as a financial planner, adviser, broker, etc. And right now, I’m saying - don’t worry about the business of your dreams. Your long-term vision is the next 30 days, because that’s all we can control in the chaos, the crisis and the confusion. You’ve got to control the controllable.”
Abraham said that for those who don’t have a steady stream of business coming in, or for those who have been in the industry for a short while, it’s going to be a hard year. But during that time, it’s vital to set goals, have a business plan and identify some key points of focus.
“What are you doing to lay a foundation to capitalise on this opportunity?” he asked.
“What do you need to put in place? There’s an opportunity now to spend some time on your business, and to improve, fix and enhance what you need to do, but you need to have a mindset about that.”
“For me, my purpose over the next 30 days is to reconnect with clients, and go through my list of project to fix, plan, improve and enhance my business,” he added.
“If you want to get back control, then you have to have a plan, and if you have a plan, you make progress.”