Entrepreneurs need to shift their strategies constantly as client needs change and expectations evolve. However, business owners also must be aware of how the political climate or court rulings can impact their clients. One recent example that comes to mind is the ruling that struck down a key feature of the Defense of Marriage Act.
New Rulings Mean Changes for Clients and Their Advisors
Under DOMA, same-sex couples were denied many of the federal benefits that are granted to heterosexual couples. The Supreme Court’s recent ruling has extended financial benefits to same-gender partners in states where gay marriage is recognized and will permit the Obama administration to enhance benefits in areas where these unions are not legal.
When new legislation or regulatory changes take hold, advisors must be aware to make any adjustments to the financial and investment strategies of their clients to ensure they have all the protections necessary and remain satisfied with the services.
Being Flexible and Adjusting Strategies
The shifting political and regulatory climate demonstrates how important it is for entrepreneurs to remain agile and be ready to offer different client solutions at the drop of a hat. Remaining malleable and able to accommodate all clients will serve as a business builder and can potentially help a firm lure in new prospects, particularly if it offers new solutions while competitors are still figuring out how they can adjust to a new market or laws. There are ways for an enterprise to stay on top of any potential changes that could force it to alter strategies and ensure clients are served optimally:
• Remain aware. Advisors should always be up to date on any news that could impact how they do business. But while current events are one thing that can change company strategies, there are other things an entrepreneur needs to pay attention to. Taking into account social movements or demands can also prove important for companies that want to remain aware of social changes and adjust client solutions accordingly.
• Prepare in advance. You want to be prepared when any decision goes through to roll out changes immediately and begin to serve clients immediately, rather than taking weeks or months to adopt new policies and determine how to change business offerings. Advance planning is key for any entrepreneur, and this is even true when a company is waiting to see if it will need to adjust strategies to better accommodate evolving client needs.
• Organize appropriately. As business demands change, companies must ensure they are organizing files appropriately and managing client needs correctly. It is important to understand the different needs of your clients and ensure you have the most update to date data to serve them most effectively. By implementing a system that allows a company to accurately track varying requests and information, a firm can more effectively serve their clients and offer the best client solutions.