In today’s business environment, it’s all about being proactive. Most wealth managers know they have to gain a competitive edge. To do that, they have to use one of their most effective tools that, to be quite frank, is underutilized yet highly effective. One of the most highly effective tools is to implement business growth strategies for their clients.
Small businesses, in particular, most of the time don’t have a clue about how much money they waste each year for business growth that does not occur. So, please don’t give up on your wealth strategy yet!
If you put the below strategies for your small business owners, you and your client will begin to witness the positive changes. Small businesses begin to experience new levels of professionalism and performance. In addition, financial advisors will reach new levels of growth and development in their wealth strategy programs.
Business Growth Strategies to Get More Clients
Sometimes wealth managers overlook some of the most productive steps that would help business owner clients. One of the steps is helping business owners differentiate their businesses from competitors.
1. Differentiate Your Client’s Small Business from Their Competition
Every small business has one or even a few unique products or services only they provide. You can find the differences between your business and your competitors when you’ve taken your first step to differentiate. Then, if you go a step further and advertise those differences to targeted markets, you also gain customers.
Financial advisors and business owners sometimes think it’s too hard to research and find targeted populations. The truth is by creating a SMART campaign that’s based on products and services a targeted population uses. But, of course, you also need to research and find the target price, location, and your people promotion strategy.
A solid business growth strategy often involves differentiating your business infrastructure. In fact, strengthening a business’s infrastructure is vital if you’re trying to differentiate your business and make a name for yourself. That’s why a small business’s infrastructure has to be of the highest standard.
2. Initiate a Marketing Growth Strategy That Grows Adjacent Opportunities
It’s important that you keep up with and try to deploy a marketing growth strategy that grows adjacent opportunities. If you are skeptical about that, think of Netflix. Netflix read the writing on the wall of their adjacent market opportunities. What did Netflix do?
Netflix tapped into streaming services and then went into another adjacent market. They started their own content production program. Growing adjacent market growth strategies is powerful and helps you tap into a whole new revenue source.
It can even give you a layer of protection against competition. That’s because while someone may rise up above you in one area, they usually cannot take you on in all of them.
3. Focus Your Growth Strategy Framework on Customer-Focused Solutions
Customer-focused solutions for growth start with building a customer culture with policies. These policies make it easy for staff to build relationships with customers. That’s as true in wealth management as it is in selling products in a retail store.
It’s always about building a positive customer experience that inspires customer loyalty. But, if a company wants to put a framework of customer-focused solutions, they also need leadership to make that happen. No business in today’s marketplace should be without customer-centric strategies and processes.
Wealth managers use this strategy when providing information to clients so they can be a part of their own lucrative future. To provide your customers a way to become part of their own financial optimization journey, you need the right tools. Whether it’s wealth management or a small business, every industry can put into place analytics that helps.
4. Projecting Future Profitability for Your Small Business Customers
Often it’s in projecting future profitability that causes the most angst and unknown for companies. Everything from the economy to a good financial forecast system can make a difference in the path ahead of them. The one consistent fact that is true is that no matter what industry you are in, you must have a plan.
Small businesses need to become proficient at financial forecasting if at all possible. If you don’t know how to do financial statements, balance sheet accounting, or profit and loss statements, you need to hire someone who does. These financial pro forma budgets help a business find out more about what’s working or not working so they can grow strategically.
You want to be sure to provide customers with future profitability if you’re a wealth management advisor. If you a business owner, you want to solve problems for customers.
5. Market Growth Strategies With Solid Executions
If you have a small business client with a solid infrastructure within their company, you can help them from another strategy angle. These strategies need to include a way to keep track of the strategy executions and how well they are doing. You can do this through a management-performance scorecard.
The scorecard needs to focus on the drivers of growth as well as when and how to proceed with a new strategy. All of the above are paramount to executing successful market growth strategies.
6. Fine-Tuning Business Processes
When you are on the path to stronger finances, you want to use every business growth strategy tool you have. That means you try out a variety of business processes to help you grow stronger. In addition, it often includes quantitative metrics that fit stock screening which is found in your operating margin.
It may include analyzing your return on invested capital or your compound annual growth. Businesses have to review their organization’s capabilities and processes. That way, they can successfully move into other markets.
Business owners also want to have the products or services customers needs and want.
7. Success is Rooted in Processes
Good wealth managers or business owners understand that there are different winning combinations to success. It helps them to commit to future growth. Every company has capabilities that are rooted within its business processes.
Success is often attributed to the companies that come up with the best business processes. Processes that bring them a competitive edge in their organizational capabilities.
8. Growth Investing Strategy
More and more people are starting a small business. They hear about all the great things you can get from owning one and decide to join in on the lucrative financial futures. Unfortunately, some businesses overlook the steps they need to take so they can become successful in their new venture.
It requires stepping outside the company and making a no-holds-barred evaluation of the company. Then, compare the no-holds-barred evaluation to the competition.
Guideline Capability Assessment
There is a steadfast rule in conducting an effective guideline capability assessment. Your business growth and development depends on you executing this guideline capability assessment with clear standards. Many times measurability for growth and wealth includes your sales or your profit.
In the measurability assessments, you need to include repeat customers, a name brand that is recognized, or even loyal suppliers and service users. Then you’ll be able to provide exceptional value to your customers. Then it is almost impossible for their competition to replicate it.
Business Owners Make a Difference
You are the difference in your business. Whether you are running a business or managing wealth there are very specific disciplines that must be mastered to beat your competition. Discipline is the key difference between a successful business or a business that stays the same.
Many people think they have discipline just because they arrive at their office in the morning. A wealth management strategy can help clients see the possibilities in achieving their business goals. Every wealth management strategy involves the above combination of multi-level success.
It includes the steps where you explore, experience, and accomplish your goals. After all, success stories start by checking emails, text messages, return calls, while reading and responding to blogs. It also includes setting up conference calls on Zoom and sending out tweets and updates every day.
Your Next Best Step
Stephen Oliver’s Advisor Wealth Mastery has been the guiding light for professional business owners for more than 15 years. He continues to provide next-generation customers a way to get to new levels of professional growth. A way to grow in a manner that rewards business owners and wealth advisers.
Oliver’s business growth strategies system combines hard work with 24/7/365 real-time performance. The only mandate is a person must have a burning desire to succeed. They should want to win in a competitive world where every second counts.
Stephen Oliver’s Advisor Wealth Mastery system includes proven business strategy, development programs, and events that empower attendees. Attendees gain ability and knowledge that will build a successful career as an advisor or business owner. The only question that remains is: When do you plan to attend?