You’re Actually In Four Businesses: 7 Ways To Keep Them All Running Effectively

I regularly meet professionals who are technical wizards.

They know everything there is to know about their area of expertise in financial services, whether it be accounting, finance, actuarial services or risk management. Even so, many of these same professionals and firms are struggling to grow their businesses because they know hardly anything about marketing.

In today’s marketplace, technical expertise is no longer enough. You must be able to market and sell your expertise to prospects in order to bring in new business.

Here’s something you might not realise: as a financial services professional, you are actually in four types of business at the same time.

First, you are in the expertise business. This is about the value you bring to your clients and what your business is known for.

Second, you are in the marketing business. Your value must be marketed to prospects so they can benefit from your expertise.

Third, you are in the service business. This is how you differentiate yourself from competitors in the marketplace; it’s what you are really marketing.

Fourth, you are in the people business. It’s all about people: your prospects and clients, your strategic partners and influencers and your staff.

7 ways to keep your businesses running effectively

Here are 7 things top professionals consistently do to keep their four businesses running smoothly:

They clearly identify and define what a great future client looks like and continually focus on marketing to this group

They carefully select the products and services to address their clients’ needs, issues, problems and challenges

They craft a value proposition and a marketing message that will package their expertise and knowledge and gain the attention of prospects

They focus on delivering a great client experience – from prospecting to client service – that differentiates their business from their competitors

They understand where they stand in their chosen niche markets and have clear goals for penetrating and developing these markets

They use their time productively, balancing client work and business development. They spend 80% of available time on sales related activities

They focus on expanding their value to existing clients, to drive organic growth, gain new business and increase retention.

To maximise your success, you should do the same. In today’s fast paced markets, being a technical wizard is no longer good enough.

Focus 80% of your time on your four businesses: expertise, marketing, service and people. Do this and you will continually produce superior growth.