Of course, once the reputation of a firm has been tarnished, it can be very difficult to change the preconceptions businesses have and growth becomes increasingly unlikely.
Businesses should therefore take advantage of the technology available to them to remove the ever increasing burden of compliance. Manually ensuring compliance can feel like a constant firefight, yet software can make sure accounts are compliant with the latest HM Revenue & Customs regulations without additional time needing to be spent.
Removing the avoidable mistakes compliance work brings, while cutting the time spent on this activity, will directly support business growth – time can be put into adding further value to clients, while spending less time than traditionally set aside for such activity.
3. Strengthening the brand
I think it’s clear firms are facing ever-increasing competition. There is pricing pressure from every angle; from lower-cost firms or individual practices to top networks and large nationals.
Clients also have access to improved alternative platforms which let them do DIY investing. In order to keep their business, I think financial advisers need to interact more with clients online to add the value which showcases exactly why they are a pivotal element of the business.
It is this which creates an environment in which the financial adviser is an irreplaceable element within the business, rather than a necessary expense. Once practices have positioned themselves in this light by using the technology available, they can take on increased workloads and therefore, push ahead with their growth plans.
Businesses should want to add value at all possible junctures while working as proficiently as possible, while the practices should be aiming to hit these highs for each and every client.
Only then will firms be facilitating growth, for both themselves and their clients, increasing marginal gains at every opportunity.
Steve Cox is product director at Iris Software