As more and more people receive the COVID-19 vaccine and various states begin re-opening and lifting coronavirus restrictions, you might find yourself a little stuck on how to move forward. Look at this as an opportunity to explore exciting new ways to improve your practice and better support your colleagues and staff. Here are three ideas to get you started!

1. Clean House

It’s hard to focus on what matters most if you are bogged down with subscriptions and software that are expensive, hard to use, and time-consuming. Take inventory of each technology you're using (or not using) and ask yourself if it meets your needs, adds value, or increases your efficiency. If not, get rid of it.

Identify the technology that will be most beneficial to your firm and then find the top 3-4 providers in the space. Evaluate each product so you can confidently select the one you believe will work best for your practice. Usually, you can sign-up for a free trial to test drive the software. Once you’ve decided on the best solution, commit and implement. No one likes change, so the transition to new technology might be challenging. To make the switch as smooth as possible, make sure you provide plenty of training opportunities for your team and that you have a few internal champions who will avidly support the transition.

Technology that will boost your financial planning game include:

  • A superior CRM
  • Powerful financial planning software
  • A robust reporting tool
  • An effortless billing or fee collection solution
listen up yall
Photo by NeONBRAND / Unsplash

2. Invest in Your Team

Company culture plays a major role in the retention and productivity of employees. Whether you choose to invest in your team monetarily or with various appreciation programs, you will be investing in and building a team primed for success. Since there are countless ways, you can invest in your company culture and staff, we’ve picked a few worth exploring!!

Performance Reviews

If you don’t have any sort of performance review in place, now might be a good time to implement one. It doesn’t need to be anything extravagant but making sure everyone is aligned on expectations and individual responsibilities is a great way to unite your team. There are several ways you can accomplish this -- one being a performance software system.

Below are a few to check-out:

  • 15Five
  • Lattice
  • Betterworks
  • CultureAmp

Education Reimbursement

Offering an education reimbursement program is a wonderful way to encourage employees to level up their skillset while making them feel valued. Education reimbursement doesn’t have to be for a traditional 2 or 4-year college degree; It can be continuing education of any kind. Employees can earn a certificate in a work-related skill through a short program at a local college or an online course through a credible educational website like Udemy.com. There are several benefits of offering education reimbursement to your employees, but there are also benefits to your firm, including employee acquisition and retention, a highly skilled workforce, and worthwhile tax breaks.

Appreciation Programs and Monetary Incentives

If you are a small or new firm it may not be possible to offer education reimbursement, and that’s okay. Instead, you could consider an appreciation program or other incentives for your staff. Not only are these programs necessary for keeping morale high within your current team, but they also factor in to compensation packages when recruiting new talent. To keep your staff engaged, happy, and productive you need to make them feel appreciated, it’s the key to a thriving workplace. Here are a few ideas to highlight their value and to emphasize your gratitude for all of their hard work:

  • Summer Fridays/birthdays off
  • Happy hours or catered lunches
  • Bonusly - monetary employee reward program based on peer recognition
  • Tickets for an exclusive event

3. Look for New Ways to Provide Value to Your Clients

Client retention and customer loyalty are important in growing your business. Just a 5% increase in customer retention can lead to a 25% increase in profit. This is why it’s so vital to nurture and maintain your client relationships. Providing value beyond your regular services or simply making clients feel special from time to time, goes a long way. Get creative with your offers and be sure to stay genuine in your approach. Happy clients will share their experiences with others, but more importantly, will remain clients for the long haul.

Here are a few low-cost ways to provide added value to your clients:

  • Start a blog - Provide relevant and informative content on a regular basis
  • Post updates or engage with clients on social media
  • Curate industry articles and news stories to share on social media or directly with clients
  • Partner with industry experts to offer access to educational webinars
  • Rewards program – Gift/card for milestone clients, birthdays, or holidays

As we navigate the next phase of coronavirus, let’s focus on a few things we can control. Identifying new or better technology for your firm, empowering the people helping you grow your business, and nurturing your clients so your practice can flourish. Hopefully, these ideas will help make this year your most successful one yet!