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How To Grow A Business In A Recession

Ready for a market downturn?

Whether we like it or not, history tells us that a recession is inevitable.  Advisors cannot put their heads in the sand and pretend it will not happen.  They need to prepare their businesses for an eventual slowdown.

Check out a Financial Advisor article written by Mike Byrnes, national speaker and President of Byrnes Consulting, for advice on how to be better prepared.

Mike interviewed a dozen advisors that have been successful at keeping clients and growing their businesses in down markets.  Here is what they shared:

  1. Prepare clients for declines
  2. Keep clients happy
  3. Communicate proactively
  4. Hold the client’s hand and be accessible
  5. Prospect before the bear market starts
  6. Diversify and don’t chase returns
  7. Consolidate existing client assets and get referrals
  8. Be even more visible when others are hiding
  9. Use marketing to let the prospects hear advice
  10. Double marketing efforts
  11. Be out in front of it
  12. Prospect individuals and retirement plan sponsors

Need help preparing for a future down market?  Hire Byrnes Consulting to try and ‘recession proof’ your business.

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