While the vaccine rollouts have filled everyone’s heart with hope and optimism, the pandemic has already done a lot of damage. Beyond that, COVID-19 continues to adversely impact citizens – and therefore – the economy.
By now, everybody is probably sick of the “uncertain times” mantra bandied about the past 12 or 13 months. But – realistically – nothing is certain in life. Throw a pandemic into the mix, and the heightened unpredictability isn’t going anywhere for years to come.
The above notion applies to almost everything, from mental health to lifestyle. However, universally, finances are going to feel the brunt of this chaos.
Given these challenges, financial firms are trying to adapt to these tricky circumstances. Finding steady footing when the landscape is this unsettled means many sleepless nights for industry leaders.
This blog will offer some guidance on growing your financial firm in 2021:
Transform Investments into Digital Assets
Challenging times often lead businesses toward alternative approaches.
Something like cryptocurrency has been knocking at the door for over a decade. But it’s gaining more of a stronghold in these unstable times. No more are these shifting tides evident than Goldman Sachs offering digital investments to wealth management clients.
Note that Goldman Sachs isn’t alone in this. Their move in this direction was on the heels of Morgan Stanley doing the very same thing.
Furthermore, Tesla Inc, BNY Mellon Corp, and Square Inc. are all leaning into Bitcoin.
Keep in mind that – yes – there is promise in crypto–but it’s volatile. All the same, after Tesla bought $1.5 billion of bitcoin, it’s eclipsed the $1 trillion in market capitalization.
Yes, digital assets are 100% a space worth investigating–but tread with caution.
Hone into a Niche
Trying to offer services for all types of clients means you’re trying to compete with almost every other firm on the market. Unless you’re a massive brand name, you’re fighting an uphill battle with this approach. The Goldman Sachs of the world are far too dominant to compete with.
Conversely, finding a niche streamlines your marketing approach. Plus, it personalizes your services for specific types of clients. You’re competing with fewer agencies, and you’re the “go-to” firm for one need.
Thriving on the market is all about standing out from the pack.
However, you do need to find the niche you can actually tap into. Catering to real estate builders in Texas who build igloos wouldn’t really make sense. Conversely, focusing on retired actors or active athletes (provided you have connections in those spaces) makes sense.
Know Your Worth
When the economy is in a state of uncertainty, unemployment tends to spike. With reduced household incomes comes the urge to decrease pricing.
In fact, with your current clients, you might feel uncomfortable about increasing prices for fear of losing them. After all, times are tough, and you don’t want to scare off your loyal base who’ve stuck with your firm.
Of course, don’t jack up prices on current clients if you aren’t giving them more. But if you’re building on your services and providing more value, it should be reflected on their bill.
Clearly outline to your current clients what you’re doing that justifies any hikes in cost. Show how you’re helping people/businesses reach their long-term goals and illustrate the overall value. Clarify how by spending more now, your clients will reap the rewards in the future.
Hire Difference-Making Talent
Tapping into growth opportunities often comes down to having the right people on your team. For instance, top performers figure out the industry trends that help you carve a niche and stand out from the pack.
Contact Preston & Company to access this high-impact talent who’ll take your firm from uncertainty to profitability.