At the beginning of 2020, many financial advisors were excited for a laid-back busy season after successfully dealing and improving the financial health of their clients. The end of the decade was on course to be one of the strongest in the history of financial markets and everything appeared to be smooth sailing.
And then COVID-19 has turned the world upside down.
The impact of this once-in-a-generation pandemic also took a tragic toll on the accounting business and caused instability in the global capital markets.
Furthermore, coping with shelter-in-place orders, helping business clients unlock many sources of government and other financial relief, and providing valuable advice on how to stay afloat through this uncertain time only added to the stress.
What core accounting services have been changed? How do we manage a virtual office and suddenly a remote workforce? What strategies we have adopted to reopen safely? And what opportunities are emerging for the future? As the global coronavirus pandemic continues, many financial experts are wondering how to keep the lights on.
Here are the top 5 strategies accounts/financial advisors need to know for thriving after the pandemic.
Possess a Positive Attitude
The choice is yours!
You may get bogged down by unfavorable circumstances and worried about the future, or feel optimistic and confident that you can make the changes and add value to your clients.
First and foremost plan to rebuild your accounting/advisory business is to check your mindset. Make sure that what you’re thinking matches what you actually want to achieve as a financial advisor post-pandemic.
There is no denying the fact that this extraordinary time has made all things a bit negative, but redirecting and focusing your mind on positive experiences can help you bring the best out of your accounting profession in a tough situation.
Practice gratefulness, avoid spreading rumors & gossip, crack more jokes, do things that make you really happy and practice exercise and meditation to take care of your physical and mental health,
Evaluate Your Offerings
It’s no surprise that when the going gets tough, things get creative. In these difficult times, the financial industry is also showing its creativity in many ways. Many financial professionals across the world are already working hard and experimenting with different strategies to keep their business running and growing during this time of economic downturn.
As some of the accounting services have been drastically affected by the COVID-19 outbreak and won’t be in the same level of demand as in the past, it’s the right time to evaluate your offerings. You can wisely analyze your existing services and start making decisions as to what you do with those. Also, you can create new offerings that are in demand or will be in demand during the eventual recovery, like cash flow forecasting, alternative funding, risk assessment, and more.
Understand and Adopt New Workplace Changes
Fear is a part of human DNA and we always respond to unknowns with fear and anxiety. But with time, we try to understand our fear and eventually overcome it.
As many aspects of the modern workplace are bound to change after the pandemic, an important step toward overcoming the fear of workplace change is adopting and understanding it: what is happening, why, and how.
From marketing services and building trust, financial advisors will need to do a lot more than embrace virtual working. Adaptability and ability to grasp change will make you an increasingly valuable financial expert of your industry—one who can dependably manage a wide range of chances and conditions. Also, it will be a great idea to identify digital workflow shortcomings to help avoid future disruptions.
A Strong Relationship with Clients
Getting close to clients and understanding their expectations are going to be one of the most important aspects of your accounting professional after COVID-19.
Besides, you will need to understand and manage your client’s expectations by giving special attention to their true wants and demands.
It’s super important to communicate frequently, collect feedback about their needs and priorities, and listen to their goals and concerns. Moreover, you will need to educate, keep their best interest the top priority, and show them how you can add value to their various financial equations.
Build Your Skills and Keep Learning
In this period of disruption and transformation, skills also become obsolete. For adopting the new changes successfully, it’s important to identify your skill gaps and build as many skills as you can before their use becomes essential for your survival.
You will need to take responsibility to educate yourself to maintain your value as a trustable financial advisor post-pandemic,. Doing so will assist you in keeping your skills up-to-date, and it will demonstrate an initiative for personal growth that makes you a sought-after and suitable financial experts.
The accounting industry has been severely impacted by the novel coronavirus. If you want to rebuild your accounting/financial advisory business beyond COVID-19, you require strategic planning, careful execution, and a lot of hard work. The 6 tips above can help financial experts to prepare for a post-pandemic world and build financial stability once again.
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