How will we deal with our clients going forward?
It’s very rare that an event has a lasting influence on the lives of both businesses and private individuals; but this current “Lockdown” will no doubt affect us all for years to come. I’m certain that somethings will never be the same again.
We could view this current situation as the ultimate “Black Swan” event even though some experts have been predicting it may happen for years. However, outside a few of the large industries and perhaps some governments; who actually had a plan beyond the normal business continuity/disaster recovery standards?
Yes, we can all work from home but what COVID-19 does illustrate quite clearly is that the risk of an unpredictable event is always there and can affect any and every business. This current threat may remain for the foreseeable future and no one can predict with any real confidence what will happen in even the next two years.
Firstly, though, I believe that when we return to our offices we will find that many of our own staff will be effected not only by the “Lockdown” but by the working at home experience; there will need to be a period of re-adjusting and some firms may encounter staff that now feel working from home is a better option; some firms may even consider this to be sensible if productivity can be maintained.
A knock-on effect of this may mean that offices may become something very different from what they were beforehand.
What about our clients, who, having had an enforced period of buying everything online, may choose to remain in their “Safe haven” and opt to re-evaluate how they engage with their professional service providers in the future?
Having been forced to accept the need to deal with most tasks online, many clients may decide that “Online” is very convenient and cost effective. How this affects client- IFA relations remains to be seen but one thing is certain, this relationship will have changed.
Imagine how these unprecedented recent events will change your business- Have you enacted or thought about a plan to deal with your clients changing needs or habits?
Whilst I believe it’s important to focus on what’s happening here and now and to maintain as much normality as possible, we will all going forward need to learn how to engage with a post Coronavirus client bank as this will be vital to ensure a business continues to thrive.