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Business Tips - Back to Basics - Surviving and Thriving in Tough Times

Matthew A. Treskovich, MBA, CLU, FLMI

By all accounts, 2009 is going to be a year for small and midmarket businesses. With a sluggish economy and uncertain outlook, consumers are  reluctant to spend and businesses face challenges that we haven’t seen in years.

Surviving and thriving in tough times is possible, and easier than it seems! The key for businesses of all types and sizes is to get back to basics.

Everything starts and ends with the client! In a world where life products are a commodity, it pays to focus on your competitive advantages. Your competitors can bring the same products, quotes, and spreadsheets, but what they can’t bring is the personal commitment to excellence that you and your staff embody.

2009 will be the year of the client-centric enterprise. The most successful businesses will commit themselves to building relationships and standing out as an island of stability in the economic storm. Go back to the basics of good customer service: make sure everyone in your organization is returing phone calls and answering emails promptly, and make sure your clients understand that you are committed to them.

Remember to say “thank you” to your clients! Every contact event should start with “thank you”. Start every appointment with “thank you for coming to meet with me”, “thank you for taking my call”; don’t forget to say “thank you for your business”, and most importantly “thank you for the referral!” For in-person meetings, use your client’s name five times in the first five minutes of a conversation. This habit will reinforce the personal nature of the discussion your discussion. After the greeting, when you start to talk business, lower your voice! This technique reinforces the perception of confidentiality sets the correct tone for a private discussion of important financial matters.

Check back soon for more Back to Basics tips, and feel free to call if you have questions or need some help turning your organization into a customer-focused enterprise.