If you have already tripped up with your resolution for the New Year, we’ve got a new one for you: create a continuity plan. This should be the number one priority for all financial advisory business owners in 2017. You should evaluate what you have been doing previously, and look for more effective ways to do things in the year ahead. Below, we will take a look at the reasons why this is so important.
Living without a plan is risky
There is only one place to begin, and this is by looking at the risks associated with not having a plan in place. You are breaking a cardinal rule of business management if you are currently in operation without a business continuity plan. There are many serious risks linked to this. For example, you could cause severe damage to your business’ reputation. No doubt, you have worked hard to get to the point you are at today. Do you really want that to disappear within the blink of an eye? This could happen if you don’t have a business continuity plan, as you won’t know what to do when disaster strikes, and this means that the impact of the situation will be much bigger than it would have needed to be. You won’t be able to react quickly, and things can easily spiral out of control.
You owe it to your clients
Your clients rely on your business for their monetary futures. And, let’s not forget, that your clients have got you to where you are today. They deserve a detailed and well thought out continuity plan – a plan that will ensure that their needs are always catered to, even if a disaster strikes. Remember, protecting your clients means that you are protecting yourself. After all, if something does go wrong, trust will erode, and business relationships will suffer. An effective continuity plan will reduce the impact of this considerably; ensuring most of your clients stay on board.
Old dangers and new threats
Last but not least, financial advisory firms have new threats to consider, but there are also old threats that don’t seem to be going anywhere. Let’s deal with the former first. New businesses are entering the market all of the time and competition is rife. Moreover, cyber attacks are growing all of the time, with hacking, ransomware and like proving a big problem. A continuity plan will not only reassure your clients, but it will enable your business to continue in the face of these threats while protecting the company’s owner and the financial investments of the clients. Don’t overlook old threats either; they aren’t going anywhere, from petty thieves to disgruntled employees stealing contact details.
As you can see, having a business continuity plan is a must. If this is something you don’t have at your business, or you have not addressed your plan for a while now, make sure this is one of your main priorities for the year ahead. Otherwise, you may live to regret it.