In a perfect world we would all like to be experts in everything related to our business but, quite frankly, this is not achievable; in fact in the great scheme of thing it’s probably not desirable either.
After all, if you were an expert in everything (or at least thought you were) you’d probably be attempting to do everything and (probably) failing to hit the heights in all areas.
For most small business owners it’s far better that you spend most of your time doing the things you have real expertise in. I’m not saying neglect all other areas – after all, you can’t do this anyway – but the important thing is to recognise where your strengths lie, focus mostly on these, and either employ, utilise or bring in the necessary expertise to cover off those parts of the business which require it.
Let’s be blunt, advisers are experts in providing advice. This means that you’re probably not the world’s greatest living compliance officer, the best marketeer, the most incredibly qualified accounts clerk, the list goes on. However, what we have these days which can help in all these areas is technology. The advances in today’s systems mean that you can – should you wish to – secure expertise, or as close to it, via the technology that exists. Plus at the same time keeping the necessary costs down.
When we were developing our Revolution system, we wanted to give its users technological expertise across as many parts of an adviser’s business as possible. This wasn’t simply about having a sourcing system, or a compliance checker, or business development tools – it was about having all those things and more, all under one ‘roof’.
One of the key areas for any business is marketing however – particularly for one/two-man bands – finding the time and money to spend on top-quality marketing materials is difficult. This is especially the case when you have a busy marketplace to work within – all the time seems to be taken by the delivery of advice and getting applications into lenders and providers. The pipeline might seem healthy but marketing the business effectively, publicising its successes, developing new relationships, adding new introducers, targeting specific client groups, will make it even healthier and should set strong foundations for long-term growth.
But again, it comes back to having the time and the expertise to design, produce and issue such material. While we all want to issue the right type of marketing, with the right messages in the right format, this is easier said than done. And, after all, no-one wants to be marketing their business in completely the wrong way. A quality reputation can take years to develop but this can be destroyed in days simply through shoddy marketing.
Which is why we felt it was up to us to develop a marketing toolkit, called Revolution Touchpoint, which would take the pressure and strain off advisers, allowing them to design and personalise their marketing materials, knowing they were always going to be of the best quality. Add into this is the fact that financial promotions come with very strict compliance requirements and we knew if we could effectively automate much of this, we’d be placing our users in a very strong position. Everything would be available to design and develop, plus they could get the necessary sign-off, secure any printed materials quickly, and be able to issue in the necessary timescale. Which is exactly what we did.
It all means that advisory firms need not neglect their marketing needs and they can continue to develop and issue material which should hopefully keep existing clients with them, and help develop new relationships. Technology has delivered them an expert right into their office – one they can call upon time and again, and one which can deliver consistent and quality marketing. We believe it’s a win-win and, given the growing demand for quality advisers, it will be those that are able to market themselves effectively who will be able to secure considerable growth and volumes.
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