Changes in How Business Advisors Are Working With Clients
Business advisors who effectively market their practice & use Exit Planning to expand the scope of client work will give you an effective competitive advantage.
The work of business advisors has become increasingly complex, and this reality is that it's unlikely to change anytime soon.
Business owners have a lot of difficult decisions to make and the pressure is on them to make the right ones for their business, their employees, and their families. Owners consult with business advisors to align their goals and create value in their organizations. But how do they choose who to work with? It can be challenging to find the right advisors, especially when there are so many that claim to offer the same services to business owners.
Business advisors face the obstacle of finding new clients and engaging with existing ones in an ever-changing and increasingly competitive business marketplace. This is largely because owners aren’t thinking about their exits as early in the process as they should be, and they don’t consider asking their existing advisors about their plans. Owners don’t know who to turn to for advice, and don’t know what questions to ask to figure that out.
That’s where being an Exit Planning Advisor comes into play. Since all business owners will one day leave their businesses, approaching owners about Exit Planning can give you a competitive advantage over your competition. Additionally, you’ll have the means to improve client acquisition and retention, engage in more fulfilling work, streamline your processes, and increase revenue. By designing a marketing strategy that highlights Exit Planning as an added solution to your existing offerings, you’ll be able to stay ahead in this competitive industry.
Consider some strategies to differentiate and attain new clients while maintaining and expanding work with your existing clients.
Promote Your Niche
To reach the largest potential market, many business advisors offer their clients a wide range of services. While this method may be effective in attracting a lot of prospective clients, you're in direct competition with every other business advisory firm in the market.
By adding Exit Planning to your existing offering to clients, you are showing your clients and prospects that not only can you perform the services that other advisors in your market do, but you can also facilitate long-term planning by bringing in the necessary experts to reach the owners exit goals.
Exit Planning will help you:
- Stand out from the crowd of advisors in your industry,
- Face less competition as most advisors aren’t working in a niche area,
- Increase client loyalty as you expand the work you do into new areas that involve planning over longer periods of time,
- Set up your clients to reach their short- and long-term goals, making the most out of their lives’ work
Build Strong Client Relationships
Another effective way for business advisors to generate new business is through referrals from existing clients. By providing exceptional service to your existing clients, you'll be able to develop a good impression of your offerings and the success you bring to clients. Since Exit Planning is a service that spans several years, you’ll get to know your clients on a personal level that can only strengthen your relationships and increase loyalty.
Your clients will become brand advocates for your organization and make referrals if you go above their expectations. That starts with asking the right questions to determine what those expectations are and then maintaining communication with them throughout the process. Word-of-mouth can go a long way when your clients are able to reference you as the person they call first when they need help.
Develop Your Digital Brand
Clients might have more faith in you as a business advisor if your digital presence is up-to-date and consistent. Advisors who use traditional methods find that their efforts are time-intensive and ineffective.
There are several easy ways to market your solutions to bring in more clients and drive brand awareness. Advisors using BEI’s marketing tools can reach hundreds of thousands of business owners every month by implementing tactics like newsletters, social media posting and prospecting, and branded one-sheets and guides.
Talk About Other Topics
As discussed in previous blog posts, there are many hesitations that business owners have when broaching the topic of Exit Planning. Joining your clients in conversations about business topics relevant to them may be an excellent approach to engage with them. Especially because Exit Planning objectives correlate with many other business functions, some they might not even know about. It’s a common phrase to meet your customer where they are at; same goes with your services pitch. Be sure to follow up with them regularly to share additional resources about what's likely to be on their minds.
The Bottom Line for Business Advisors
Business advisors can encounter a lot of competition, but nothing drives engagement quite like connection. It's crucial to concentrate on your clients’ needs above all, and to be open to changing the way that you work with them in order to execute a successful Exit Plan. Exit Planning provides a perfect opportunity to differentiate, strengthen client relationships, as well as capitalize on established relationships in new ways.
If you'd like to learn more about how Exit Planning can provide you with the competitive advantage you’re looking for, schedule a meeting with us today!