Business Ideas for a Bad Economy

Whether or not you believe we are in the midst of a recession, there can be little doubt that people are feeling an economic pinch at the moment. At times like these, it can be easy for a sense of panic to set in for business owners. It can also be very tempting for producers to spend a lot of money to try and draw in new clients in this economic climate. With a little ingenuity though, you can recession-proof your business without breaking the bank.

Simply the Best
An easy place to start is by taking a look at your best clients. Figure out who your best clients are—these are generally the 20 percent of clients who tend to bring in 80 percent of your business, as a rule of thumb. Then, simply give these people a call. Your main goal here is just to check in with your best clients and find out how they are doing. Be a voice of calm and reason in a difficult time. You don’t need to talk business during this call, but chances are some of your clients will want to talk about the economic situation and how it relates to their retirement strategy. This can naturally lead to appointments.

And New Clients Too
More importantly, these calls can also lead to referrals. As a natural part of the conversation, you should remind your client that you are available to answer any questions friends or family members might have about their retirement strategies in this economy. Present it as a value-added service and emphasize the fact that these meetings are complimentary. In a bad economy, people always love to hear that they don’t have to pay for a service.

Once the seed is planted, your clients will remember your conversation as they go through their days and interact with their network of friends and family. When the subject of the bad economy comes up in their personal conversations—and it seems to come up often these days—you and the solutions you can provide will spring to mind.

It is always advantageous to stay in touch with your best clients. But during the tough times, your top clients can provide the efficient, economic boost you’re looking for.

Managing Your Greatest Business Resources One of the greatest challenges to small business owners is the task of managing a staff of employees. Even if your office only has one or two employees, there is a great deal to consider. The federal government and all states have specific legal requirements regarding how you, as an employer, must handle everyone in your employ. Issues like proper documentation, liability, unemployment insurance, hiring and firing procedures and more can make your head spin. But you don’t have to be alone when it comes to managing your employees. Some FMOs, including AMS, offer Human Resources support to producers. Experienced Human Resources professionals can help you understand all of your responsibilities as an employer in your state. They can offer valuable insight on the finer points of recruiting, hiring, reprimanding, rewarding, paying, firing and insuring employees. With a little Human Resources support on your side, you can focus more of your time on growing your business and helping your clients. Need an FMO? If you’re interested in learning more about working with Asset Marketing Systems and how we can support you as your FMO, visit our web site or just reply to this e-mail, and we’ll get in touch.