How To Grow A Business In A Recession
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:
- Prepare clients for declines
- Keep clients happy
- Communicate proactively
- Hold the client’s hand and be accessible
- Prospect before the bear market starts
- Diversify and don’t chase returns
- Consolidate existing client assets and get referrals
- Be even more visible when others are hiding
- Use marketing to let the prospects hear advice
- Double marketing efforts
- Be out in front of it
- Prospect individuals and retirement plan sponsors
Need help preparing for a future down market? Hire Byrnes Consulting to try and ‘recession proof’ your business.