With all the technology options, will my practice still need staff?
How do we balance people and technology?
I just spent a couple of days here in Evergreen, Colorado with my old and dear friend, Tim Kovar. Tim has been out of the business for a while now (about two years). He left a company as they added outside management. As the company grew by leaps and bounds, they brought in several million in outside venture capital. It was fun and exciting to catch up with my old friend. It was also interesting to hear his take on the current state of the business industry. And a few private thoughts on business development.
Tim shared ideas about alternative income sources as a business owner. In his case, he has become very experienced in real estate development as well as complementary businesses. Let me relate a conversation I had with Tim many years ago.
He told me his brother Dave, with whom he ran a business. Was concerned that something trending in the business world would be the death of traditional businesses generally. When I asked what Dave meant. Tim explained that as people began to rely on technology more, the less they require people or members of staff to do it for them.
At the time, as you may imagine, I told Tim I thought it was crazy.
Despite the advancement of technology, I told Tim businesses are always going to need employees to help manage things. Tim believes if the advancement of technology that doesn’t need any employees becomes the norm, some of his businesses won’t be needed, won’t make money, and then close.
People vs Technology
I said to him if they thought it was true, they should do a test and survey their customers to see if they preferred interacting with humans during the transactions or deal with technology.
In terms of marketing your practice, we encourage automations–technology–to ensure frequent and fluid communication with both prospects and clients. But when it comes to converting a prospect to a client, that requires human interaction. And not just any human, you need someone who is highly competent, motivated, and personable.
Having a person who can follow up on leads, appointment scheduling, and gathering info from prospects, frees you as the advisor to focus on the two most important areas of growing your practice: providing your clients with excellent service and growing the practice.
People AND Technology
For example, it’s easy to automate booking appointments using technology such as OnceHub or Calendly. However, you’ll gain the maximum benefit by having a person to follow up on those appointments. Someone who can not only confirm the time and date, but who can also make the prospect feel valued. And encouraged about the appointment they’ve scheduled. Someone who does some preliminary research and information gathering with the prospect so that you can be truly prepared to meet this prospect. Having someone doing cold calls is a less efficient use of time. Utilizing a marketing campaign that encourages people to raise their hand and connect with you. Then having a person to follow up with them is the ideal use of both technology and people to create an optimum environment for you to sell them your products and services.
This is one specific example within the business industry, where you have to be aware of the changes within the industry. And how they affect your business. If there is a decline in one of the services you offer within the industry, running surveys and tests can help to determine whether you should remove that service or product from your business.
If you need help building a marketing campaign, utilizing technology, or developing your team, we’re here to help. You can easily get started by calling our team at 303-808-8719. Or experience for yourself the marriage of people and technology by requesting more information at https://advisorwealthmastery.com/ and click the “Get Started Today” button.