This month I will continue the theme but from a different perspective with an emphasis on service.
I have often said that we can learn a lot from other industries and countries and I reflected on this while on my recent holiday to Peru and Ecuador. When my partner and I were planning our trip to South America I conducted an enormous amount of research, largely on the internet. In the end I booked the trip through Llama Travel, a specialist UK travel company. As you will see later, this proved to be a good choice but even as I completed the selection process, it made me seriously question my own business model. As readers know, in addition to being a non-executive director of the Beaufort Group of Companies, I also run a small consultancy business. Like many readers I have built up my business by reputation and word of mouth and in my two years of trading I have attracted more business than I really wanted (I am supposed to be semi-retired).
Clearly it is nice to be in demand but I only ever take on cases or clients where I am confident that I can add real value and while I am not cheap (but as the only doctor of financial planning in the UK you would not expect me to be), I have never lost a client because of price.
Looking back on the past two years I realise that some of the initial inquiries that I subsequently turned down could have been avoided had the potential clients had a better understanding of my business and the services that I could provide. This would have saved considerable time for both the potential client and myself in meetings or conference calls – time that I do not charge for.
The above revelation takes me back to Llama Travel and my South American holiday. In the same way that I used the internet to help me decide who to use, my firm, Williams Goddard Consulting, probably needs a web presence. I am not talking about an all-singing and dancing interactive website, but a simple website that clearly sets out my firm’s philosophy and expertise. While there is a danger that having a website will increase the number of inquiries, it may also filter out cases that are non-starters. Certainly something to think about going forward.
Our trip to Peru was fantastic and I would particularly recommend Machu Picchu to readers. It is a breathtaking sight. The Peruvian people are also friendly and helpful. Peru is rich in natural resources and while there is real poverty there, it is genuinely a developing country with Lima, the capital, being a thoroughly modern city. Meanwhile, Cusco (the gateway to Machu Picchu) is an enchanting city that thrives on tourism. Throughout Peru I witnessed a yearn and passion for self-improvement. People work hard and they see education as an enabler. Both state and private universities advertise in newspapers, on television and even on the airlines between the in-flight entertainment. Indeed I saw more university advertising in my few weeks in Peru than I have seen in the UK in the past year.
However this drive for standards is not restricted to university education. I noticed that Peruvian Rail is proudly proclaiming its ISO credentials (assessed by the United Kingdom Accreditation Service which polices the financial planning ISO 22222 in this country). The local tour firm, Condor Travel, that represents Llama Travel in Peru, has its ISO accreditation woven into their staff’s T-shirts and fleeces. They are ‘standards mad’ in Peru.
Incidentally we did have one slight hiccup with our trip. While visiting Lake Titicaca we were informed that there was a general strike planned for the following day in Juliaca. This industrial city has the nearest airport to Lake Titicaca and we were due to fly out on the day of the strike. To avoid the anticipated riots we had to leave the lake at 4am and arrive at the airport at dawn. The riot police kept the gates open for us. This change of plan meant that we missed a scheduled morning excursion.
We were pleasantly surprised when we arrived at Lima to find a personal letter waiting for us from Llama Travel. It had been informed of the problem and was writing to apologise and advise that a cheque for compensation was being sent to our home address. When we arrived home, the cheque was there.
Now that’s what I call service.
Dr Peter Williams is an independent business consultant and chartered financial planner
