So here we are on the cusp of Victoria coming out of an extended COVID-19 lockdown, opening the door and coming back into the light. So what happened while we've been behind closed doors, staring into our screens? And what needs to be happening in the coming months as we emerge like butterflies into the summer sun?
What I've learned during the lockdown
I've been coaching and training professionals for 17 years this year, through wars, GFC's and now pandemics. I'm continually impressed with the firms that can adapt in difficult times and not only keep the lights on, but keep their client's lights on too. There is no doubt that the immediate concern of the potential for impacted businesses to fail to pay their bills was valid, but no provider I'm now talking to has seen this as having more than a moderate effect on their cash flow. In some respects, it has brought a well-needed focus to managing poor payers.
It is more apparent that many firms have been doing a great job of helping their clients access the capital, the savings, the advice and the grants that have seen them through (and possibly made them clients for life).
Most importantly from a business development perspective, it seems there have been fewer clients looking for new providers in these dark days. It might be that the existing providers have been doing a great job (see above) or it might be they just needed any life raft they could grab in stormy seas.
While I have also heard of some firms beating their revenue targets it remains my view that the next twelve months will bring continued volatility and uncertainty. After the government withdraws its support structures, where does growth come from - for clients and for their professional advisers?
So what would I recommend you focus on now?
I'd be recommending firms get ahead of the curve and quickly invest in Client Listening programs. Get out / Zoom in / Take a Walk with your best clients and ask them what their plans are between now and Christmas, and for the first 6 months of 2021. Understand the mindset of the 20% of your clients that deliver 80% of your revenue.
Consider introducing a Client Relationship Program to support point 1. Cement those clients for life. And invest in your Client Relationship Partners skills to ensure they are not just servicing, but guiding clients to the other side of the pandemic. It's not enough that you just take their calls. It's incumbent on you to be bringing ideas to the table too. This is the perfect time to take a holistic view of a client and offer services in new areas to consolidate your relationship. Use January as a time to run workshops with key clients to assess the risks and opportunities that their 2021 business goals generate. Create a Risk Map using a frequency-impact scale as auditors use.
Be ready to pivot away from government clients if that has been your fall-back or safety net during the pandemic. While governments will always be there, if anything the competition will only increase as others who didn't have a seat at the table realise they want to get in and vie for space. That said, don't let any Government relationships wither. In fact they should absolutely be part of the CRP in point 2.
To make that pivot, you probably need to take stock of the BD skills of your lead Partners and perhaps your Marketing/BD team. Have they been in their 'happy place' doing the work brought on by the pandemic, but have a skills set that is too narrowly focused? Are they capable of bringing in new work? Make sure you're using the butterflies in the stomach brought on by the pandemic to try harder, and try better, to win new work. Consider upgrading the model with targeted training and coaching.
Ask yourself, what do your work-winners need to do better in 2021 to succeed in the new environment?